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Q4 showed 92.4M, but 72.2M is just the malls values going up on paper, not cash, so it isn't money the REIT actually earned. If you take that out, the real profit is about 17.7M. The higher property value is still important because it shows the malls are becoming more valuable over time. But it doesn't tell you if the business made good money this quarter or if the REIT can keep paying dividends. To judge the business, focus on NPI and Distributable Income.
2.10 is EPU, not DPU. The DPU is 2.03, and that's what unitholders actually receive. Second, gearing didn't go down. It went up, from 38.05% to 39.10% (B9), because KIP borrowed another 90M to buy new properties. So the higher property value didn't reduce gearing or remove the need for a private placement. Overall though, I agree. The real profit and DPU both improved from last quarter, so it's a good set of results.
I think for a REIT, the more practical thing to look at is the money distributed to unitholders. FY26 DPU 7.26 sen is their highest distribution since listing, meaning each unit is receiving more distribution than before, good la
@Kate Roh
Yes, I agree. DPU is what unitholders actually receive, so it's one of the most important numbers. The good thing is that this higher DPU is supported by better operating earnings, not just the property revaluation. That's why I think the results are strong.