You are here
Keppel-KBS US Reit posts higher Q1 DPU
KEPPEL-KBS US Reit on Tuesday declared a distribution per unit (DPU) of 1.50 US cents for the first quarter, 23 per cent higher than the forecasted 1.22 US cents.
This was on the back of contributions from two acquisitions, positive rental reversion and healthy leasing momentum. They resulted in a higher gross revenue of US$29.4 million, up 24.2 per cent from US$23.7 million a year ago.
The Reit's DPU for the first quarter was up 30.4 per cent, compared to an adjusted DPU of 1.15 US cents for Q1 2018.
Distributable income rose to US$12.4 million, up 30.7 per cent from the first quarter of 2018.
Portfolio committed occupancy increased to 92.1 per cent as at March 31, with more than half of leasing activities in the quarter being renewals. Demand came mainly from tenants in the technology and professional services sectors, and more than half of the leases signed in the quarter were from the Reit's three properties in Seattle.
The overall portfolio recorded positive rental reversion due to expiring leases that were marked to market, and all long-term leases signed in the quarter included built-in average annual rental escalations of 3 per cent.
KORE makes distributions on a semi-annual basis, and no distribution was declared for Q1 2019.
Keppel-KBS US Reit units closed at 72 Singapore cents on Tuesday before results were released, down 1.5 cents or 2.04 per cent.