Keppel REIT is a commercial REIT that owns nine premium grade/Grade A office buildings located in Singapore and Australia. Its Singapore properties include Ocean Financial Centre, Marina Bay Financial Centre, One Raffles Quay, and Bugis Junction Towers. Since its IPO in 2006, Keppel REIT has grown its assets under management (AUM) from $600 million to over $8.5 billion as at 31 March 2018 — a growth of over fourteenfold!
While its asset growth has certainly been impressive, Keppel REIT’s distribution per unit (DPU) has been falling steadily over the last few years, much to the disappointment of its unitholders, many of whom invest for passive dividend income.
Source: Keppel REIT
So I attended Keppel REIT’s most recent annual meeting to find out more about its past year’s performance and to learn how the management plans to reverse the REIT’s falling DPU.
Here are eight things I learned from the …