K-REIT Asia said its distribution per unit (DPU) rose 20.6 per cent on-year to 6.37 cents for its financial year ended December 2010.
The commercial property investor said its distributable income for the year amounted to S$85.6 million, up 21.4 per cent from S$70.5 million one year ago.
Net property income grew 37.7 per cent on-year to S$67.3 million.
The trust said net property income expanded as a result of lower property tax expense and income contribution from three acquisitions.
This included the 29 per cent additional interest in Prudential Tower completed in November 2009, the 50 per cent interest in 275 George Street completed in March 2010, and the 77 King Street office tower completed in December 2010.
For the fourth quarter ended December 31, K-REIT Asia said it will distribute 1.71 Singapore cents a unit.
The commercial property investor said its distributable income for the quarter totalled S$23.3 million, up from S$19.4 million a year earlier.
K-REIT said net property income rose 30.2 per cent in the fourth quarter to S$17.5 million.
Going forward, K-REIT Asia said it will remain focused on improving operational and capital efficiencies, on attracting new tenants and retaining existing ones as well as managing the rent reviews and renewals that are due in the next 12 months.
Source : Channel NewsAsia – 20 Jan 2011