Keppel-KBS US REIT – Great Hills Plaza, Austin, Texas (Photo: Keppel-KBS US REIT)

Keppel-KBS US REIT has reported a distribution per unit (DPU) of 2.32 Singapore cents for its 1Q 2018, marginally beating forecast made during its initial public offering (IPO) of 2.31 cents for the period by 0.4%.

The REIT’s gross revenue came in at USD36.1 million, exceeding expectations by 1.6%, while net property income (NPI) of USD22.3 million beat IPO forecast of USD21.2 million by 5.2%.

Keppel-KBS US REIT has attributed the numbers to a stable portfolio performance, and a one‐off compensation income of USD1.0 million rom a tenant at Westmoor Center that terminated its lease prematurely in February 2018, ahead of its expiry in mid‐2019.

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By Ridzwan Rahmat

Ridzwan has been analysing REITs and business trusts since 2008, and personally manages a portfolio comprising mainly of SGX-listed REITs. He founded REITsWeek in 2013.