There was some confusion about whether Singapore-listed U.S. office REIT operator Keppel Pacific Oak (KORE) did reduce its dividend per unit in its latest first-half financial results. Here is a summary of their latest results: There are two DPU line items. One is a DPU, and another is an adjusted DPU. The adjusted DPU was present because KORE’s number of units outstanding expanded from 947 mil units to 1.04 bil units. The adjusted DPU is a better like-for-like number to compare against. If we go by that, KORE did not reduce their DPU from a year ago. Still, there seems to be something missing because the revenue and net property income did go up, but distributable income is still quite close to last year. Why is that? Here is a table KORE showed to explain the adjustment of their net income to come up with the final distributable income:...