Keppel Reit's Q3 DPU dips on sale of Sydney building

KEPPEL Reit on Tuesday posted distribution per unit (DPU) of 1.60 Singapore cents for the third quarter ended Sept 30, 2016, down from 1.70 Singapore cents in the same year-ago period.

Net property income slipped 5.4 per cent year on year to S$31.58 million for the quarter. Gross rent fell 6.5 per cent to S$37.82 million.

The declines were mainly due to the absence of income contribution from the divestment of 77 King Street in Sydney in the first quarter of this year. These were partially offset by higher property income from Ocean Financial Centre in Singapore.

Keppel Reit's net asset value per unit stood at S$1.42 as at Sept 30, 2016, down from S$1.44 as at Dec 31, 2015.

The counter closed unchanged at S$1.115 on Tuesday.