Keppel Reit's Q1 DPU falls 13.7%

SINGAPORE - Real estate investment trust Keppel Reit said its income available for distribution for the first quarter slid 2 per cent to $54 million.

Net property income for the three months to March 31 fell 12.4 per cent to $34.6 million compared with a year ago while property income fell 9.4 per cent to $42.4 million.

The difference in net property income and property income were mainly owing to the sale of Prudential Tower on Sept 26 last year, said Keppel Reit, and this was partly offset by higher property income from Ocean Financial Centre and Bugis Junction Towers, and higher net property income from the latter.

Its distribution per unit (DPU) fell 13.7 per cent to 1.7 cents.

Keppel Reit also reported a high tenant retention rate of about 96 per cent for the quarter.

It noted that selling its 92.8 per cent stake in Prudential Tower and buying a one-third stake in MBFC Tower 3 greatly enhanced Keppel Reit's portfolio.

Keppel Reit units closed down half a cent to $1.22.