Its definitely diluting further, last I roughly calculated its 20-30% dilution. Hence you should expect only 6% dividend yield in FY2025 from the enlarged no. of shares despite dividend distribution increasing from more NPI. One may argue the drop in DY% is temporary, but if the REIT continues to expand via more private placements (which they have been doing since 2022), we should almost never expect a growth of DPU (i.e. share price to stay constant). Private placements only benefit the institutions, never small kacang like us. If they sincerely care about us retailers then a DRP should be proposed soon, but ive never seen DRP in MY REITs before.

Anyhow. ~6% is a somewhat good return for a very stable (for now) REIT like KIP REIT, which attracts risk-averse investors. You basically sleep well every night without all the clown fiestas that you can see in YTLP i3 forum. They know that and hence is why I believe private placements and share dilution will still continue in future. I do hope I'm wrong, we'll see.

From past history looks like they will only announce dividend in this coming Aug. If they can continue to pay dividend by then the price should go up a bit

Placements (assuming this is private) at discounted share price is to attract institutional investors, not really a fan of it. Basically means dilution and retail investors always lose out. Short term share price should drop a bit and dividend distribution as well until DPulze starts contributing to the NPI. Likely to expect something similar to 2022 when they acquired the 3 industrial properties, dividend dropped to 6.2 sen/unit for FY23. But KIP's strength has always been giving out consistent dividends. Safe to still expect a after WHT tax of 6% DY. This counter is always about stability. Bought in 2022 and share price is still ~0.89