Keppel Reit Q1 DPU down 13.7% to 1.45 cents (Amended)

KEPPEL Reit reported a distribution per unit (DPU) of 1.45 Singapore cents for the first quarter ended March 31, down from 1.68 Singapore cents a year ago.

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

The DPU for Q1 translated to an annualised distribution yield of 5.5 per cent, based on the closing price per unit of S$1.05 as at March 31.

Net property income for the office landlord was 4.6 per cent lower at S$31.4 million, with the main drag coming from Bugis Junction Towers and absence of income contribution from 77 King Street which was divested on Jan 29, 2016.

Keppel Reit closed 1.4 per cent higher at S$1.07 on Wednesday.

Amendment note: In the original headline, an incorrect figure for the percentage drop for Q1 DPU was given. The headline has been revised to reflect the correct number.