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

Keppel REIT has reported a distribution per unit (DPU) of 1.36 Singapore cents for its 3Q 2018, a fall of some 2.86% from the 1.40 cents achieved in the corresponding period of the previous financial year.

The REIT’s gross revenue and net property income came in at SGD36.7 million (USD26 million) and SGD28.2 million, falling by 9.4% and 11% respectively year-on-year.

Accordingly, Keppel REIT’s distributable income for the quarter came in at SGD46.3 milion, a decrease of 1.5% year-on-year.

The REIT has attributed the quarter’s results to lower property income, and net property income from its Singapore property Ocean Financial Centre, and Australian properties 275 George Street, and 8 Exhibition Street.

These were partially offset by higher property income and net property income from Bugis Junction Towers in Singapore.

Keppel REIT has however cited office Singapore occupancy figures from CBRE, which suggest that it is rising quarter-on-quarter, from 94.1% as at end-June 2018, to 94.6% as at end-September 2018.

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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.