Keppel REIT declares 2.9% lower 3Q DPU of 1.36 cents on lower contributions from assets

SINGAPORE (Oct 15): The manager of Keppel REIT has declared a DPU for 3Q18 of 1.36 cents. This is 2.9% lower than the DPU of 1.40 cents for 3Q17 and brings DPU for 9M18 to 4.20 cents compared to 4.27 cents a year ago.

For the three months ended Sept 30, gross revenue fell 9.4% to $36.7 million from the preceding year. These was due to lower contributions from Ocean Financial Centre in Singapore, 275 George Street and 8 Exhibition Street in Australia, partially offset by higher property income and net property income from Bugis Junction Towers.

Property income in 3Q18 fell 9.4% to $36.7 million from $40.4 million a year ago while net property income also fell 11% to $28.2 million. In addition, share of results of associates and share of results of JVs fell to $17.5 million and $7.5 million respectively. As a result, distributable income for 3Q18 fell 1.4% to $46.3 million from $47 million.

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