Keppel Reit's DPU dips in Q1

SINGAPORE - Keppel Reit has announced a first quarter distribution per unit (DPU) of 1.45 cents, down 13.7 per cent from a DPU of 1.68 cents in the same period a year ago.

This amounted to an annualised distribution yield of 5.5 per cent based on the closing price per unit of S$1.05 as at March 31. That compares with a yield of 6.2 per cent a year earlier.

Net property income was S$31.4 million in the three months ended March 31, down 4.6 per cent from a year ago.

Income available for distribution was S$48.1 million, down 11.6 per cent from a year ago.

This was due mainly to the absence of income from the divested 77 King Street in Sydney in January last year and lower income contribution from Bugis Junction Towers.

Results were posted after trading hours. The counter rose 1.5 cents or 1.42 per cent to close at S$1.07 on Wednesday.