Keppel Reit DPU dips 6.1%

KEPPEL Reit's distribution per unit (DPU) dipped 6.1 per cent to 1 .85 cents for the third quarter ended Sept 30, down from 1.97 cents reported in the year-ago period, due mainly to higher borrowing costs and trust expenses.

It stressed, however, that its fundamentals remained healthy, with strong rental reversions of 32.3 per cent achieved and high tenant retention rate of 92 per cent in during the quarter.

Net property income grew 12.4 per cent to S$38.52 million, thanks to a better performance from Ocean Financial Centre and contributions from its 50 per cent interest in 8 Exhibition Street in Melbourne.