Keppel Reit second quarter DPU falls 9.5%

SINGAPORE - Keppel Reit marked a 9.5 per cent year-on-year decline in distribution per unit (DPU) to 1.72 Singapore cents in the second quarter ended June 30, 2015.

Distributable income rose 3 per cent to S$54.8 million from $53.2 million, a company release said on Monday, while total property income slipped 9.3 per cent to S$43 million.

Keppel's net property income slipped 11.4 per cent year on year to S$34.7 million, following no income from the divested Prudential Tower as well as the lack of rental support from Marina Bay Financial Centre Phase one and the 87.5 per cent interest in Ocean Financial Centre.

Keppel Reit said it has completed all its refinancing requirements for this year and early-refinanced some 70 per cent of loans due in 2016. It also commenced early refinancing for loans due in 2017.

For the half year, DPU was down 11.6 per cent to 3.42 cents, while net property income sank 11.9 per cent to S$69.3 million.

Keppel Reit closed half a cent up at S$1.125.