Keppel Reit declares Q1 DPU of 1.68 Singapore cents

KEPPEL Reit declared a distribution per unit (DPU) of 1.68 Singapore cents for the first quarter ended March 31, representing a 1.2 per cent dip from a year ago due to an enlarged unit base.

This translates to an annualised yield of 6.8 per cent based on the market closing price per unit on March 31.

The office Reit posted a 0.8 per cent increase in income available for distribution to S$54.4 million, buoyed by a gain on divestment of investment property 77 King Street on Jan 29.

But net property income for the quarter slipped 4.8 per cent to S$32.9 million given the absence of contribution from 77 King Street. Excluding the contribution from 77 King Street and other non-recurring income and expenses, property income for the current portfolio would have improved by 2.5 per cent, while net property income would have improved by 1.6 per cent, the Reit manager said.