Keppel Reit's Q2 DPU down 9.5%

Singapore

KEPPEL Reit marked a 9.5 per cent year-on-year drop in distribution per unit (DPU) to 1.72 Singapore cents in the second quarter ended June 30, 2015. But this was due to an enlarged base following an issuance of new units to fund Marina Bay Financial Centre (MBFC) Tower 3 late last year.

In fact, distributable income rose 3 per cent to S$54.8 million, helped by stronger performance from Ocean Financial Centre and Bugis Junction Towers.

Net property income (NPI) slipped 11.4 per cent to S$34.7 million, hurt by the absence of income from the divested Prudential Tower as well as the lack of rental support from Marina Bay Financial Centre Phase One and …