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Keppel Reit Q2 DPU flat, but revenue up
KEPPEL Reit on Monday posted distribution per unit (DPU) of 1.42 Singapore cents in the second quarter, unchanged from the same year-ago period.
In a filing with the Singapore Exchange, the group said Q2 income available for distribution edged up 1.9 per cent to S$48.3 million from the year-ago period.
For the three months ended June 30, gross revenue went up 29.6 per cent to S$51.7 million from the year-ago period. The increase was mainly contributed by one‐off income for early surrender of leases, the trust said.
Net property income rose 35.5 per cent to S$43.2 million from the year-ago period.
Keppel Reit units finished one Singapore cent or 0.9 per cent lower at S$1.14 on Monday.
The Reit manager said it intends to initiate unit buy‐backs pursuant to the mandate obtained at the annual general meeting in April this year as part of its proactive capital management strategy.
It currently intends to buy back up to about 1.5 per cent of issued units over six months. In considering the buy‐back of units, the manager will only purchase units when it is accretive to distribution and net asset value per unit, while maintaining the Reit's financial capability for strategic opportunities.
In view of the planned buy‐backs, the Distribution Reinvestment Plan will be suspended.