In its FY2025 results, Keppel REIT’s distribution per unit (DPU) declined 6.6% y-o-y to 5.23 cents while property income and net property income (NPI) rose 4.9% and 6.9% y-o-y, respectively.
Following a series of acquisitions, including a 75% stake in Top Ryde City Shopping Centre in Sydney and the dilutive deal of an additional one-third interest in Marina Bay Financial Centre (MBFC) Tower 3 in Singapore, Keppel REIT (SGX:K71U
) is likely to focus on organic growth this year.
Although Keppel REIT acquired the one-third interest in MBFC Tower 3 at almost full value, it partly financed the transaction by issuing units at 96 cents, when its VWAP was $1.03, and its NAV (as of June 30, 2025) was $1.21.
