Keppel Reit posts 13.7% drop in Q1 DPU

Singapore

OFFICE landlord Keppel Reit posted a 13.7 per cent drop in distribution per unit (DPU) to 1.45 Singapore cents for the first quarter ended March 31, down from 1.68 cents a year ago.

Distribution to unitholders was 11.6 per cent lower at S$48.1 million amid an absence of divestment gains and income from the divested 77 King Street in Sydney, as well as lower income contribution from Bugis Junction Towers.

Based on the closing price as at March 31, the DPU for Q1 2017 translates to an annualised distribution yield of 5.5 per cent. Units of Kep…