Keppel REIT's property in Singapore, Bugis Junction Towers. (Photo: REITsWeek)

Keppel REIT has reported a distribution per unit (DPU) of 1.42 Singapore cents for its 2Q 2018, which is unchanged from what was reported in the corresponding period of the previous financial year.

The REIT’s gross revenue and net property income (NPI) for the period came in at SGD51.7 million (USD38 million) and SGD43.2 million, representing year-on-year increases of 11.8% and 11.3% respectively.

However, the increase in NPI was mainly contributed by one‐off income from early surrender of leases, said the REIT.

Keppel REIT’s DPU for 2Q 2018 brings its for 1H 2018 to 2.84 cents, which translates to an annualised distribution yield of 5.2% based on the market closing price per unit of SGD1.10 as at 30 June 2018.

The REIT’s committed portfolio occupancy at the end of 2Q 2018 was at 99.3% with a weighted average lease expiry (WALE) of 5.2 years by gross leasable area.

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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.