Keppel Reit (SGX. K71U) announced its second half 2021 results today. Most importantly for unitholders, dividend per unit (DPU) drops 1.7% to 2.88 cents relative to 2H 2020, but increases 1.6% Year-on-Year to 5.82 cents. The DPU of 2.88 cents will be paid on 1 Mar 2022. Despite higher net property income (+15.2%) and higher distributable income from operations (+4.6%), DPU still drops due to relatively high management fees and larger number of outstanding units from private placement in Feb 2021. Keppel Reit is indeed a big boys friendly Reit rather than being retail friendly. Portfolio occupancy has dropped from 97.9% in Dec 2020 to 95.4% in Dec 2021, signifying the slight impact caused by WFH and hybrid working culture. It is important to note that the acquisition of Blue and William, a Grade A office building under development in North Sydney, in Dec 2021...