K-REIT Asia announces 86.5% rise in Q2 DPU

K-REIT Asia has announced that its second-quarter distribution per unit (DPU) rose 86.5 per cent to 1.94 cents, up from a restated 1.04 cents in the same period last year.

Distributable income for the quarter ended June rose 89.5 per cent to S$49.8 million.

The strong performance is due primarily to the income contribution from the 87.5 per cent interest in Ocean Financial Centre, acquired on December 14, 2011.

K-REIT managers added that strong occupancy for its portfolio of properties in Singapore and Australia also contributed to the better performance.

For the first half, K-REIT has announced a DPU of 3.84 cents, a 92.0 per cent increase on-year. Distributable income for the first half came in at S$98.4 million, a 94.6 per cent jump compared to a year ago.

Unit holders can expect to receive the DPU payment for the first half of 2012 on August 27, 2012.

K-REIT has also announced that it will pay distribution income on a quarterly basis from the financial quarter ending September 30, 2012.

Going forward, K-REIT Asia has maintained a positive economic outlook for Singapore and Australia. It said it will continue to selectively pursue opportunities for strategic acquisitions so as to deliver long-term growth.

Source : Channel NewsAsia – 16 Jul 2012

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