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Keppel REIT’s 1H DPU rose 5% y-o-y to 2.94 cents

Jeffrey Tan
Jeffrey Tan7/27/2021 05:58 PM GMT+08  • 2 min read
Keppel REIT’s 1H DPU rose 5% y-o-y to 2.94 cents
Amid Covid-19, Keppel REIT has posted a positive set of results for 1HFY2021 ended June 30.
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Keppel REIT has announced a positive set of results in the first half period ended June 30, 2021.

Its distribution per unit (DPU) rose 5% to 2.94 cents, from 2.8 cents a year ago.

Its income available for distribution jumped 11.5% y-o-y to $105.7 million from $94.8 million.

Keppel REIT’s property income also leapt 40.2% to $105.8 million from $75.5 million a year ago.

See also: UOBKH ups Keppel REIT's TP to $1.49 on office market recovery

Meanwhile, its net property income surged 43.1% y-o-y to $84.4 million from $58.9 million.

According to Keppel REIT, the higher property income and net property income were due to contributions from Victoria Police Centre, Pinnacle Office Park and Keppel Bay Tower.

These came as Victoria Police Centre had achieved practical completion on July 9, while the latter two properties were acquired on Dec 31, 2020 and May 18 this year, respectively, it notes.

The higher property income and net property income were also enhanced by a stronger Australian dollar and Korean Won on the back of contributions from its foreign assets, such as 275 George Street, 8 Exhibition Street and T Tower.

This is despite a lower contribution from Ocean Financial Centre recorded in the current half-year period compared to a year ago.

For more stories about where the money flows, click here for our Capital section

Looking ahead, the manager of Keppel REIT says it remains focused on ensuring stable and sustainable distributions to unitholders, including achieving long-term growth.

The manager says it will continue its portfolio optimisation strategy and proactive tenant engagement to build a robust portfolio that meets diverse tenant needs.

On July 27, Keppel REIT closed flat at $1.20 with 3.9 million units changed hands.

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