K-REIT Asia has booked a higher third quarter distribution per unit of 1.69 cents, a jump of 25.2 percent year-on-year.
Distributable income for the three months ended 30 September rose over 26 percent to S$22.7 million.
K-REIT said this was largely because of higher net property income and lower interest expense.
Meanwhile, net property income for the group increased 42.4 per cent year on year to S$17.5 million.
This rise was largely due to income contribution from the 50 percent interest in 275 George Street and additional 29 percent interest in Prudential Tower.
K-REIT Asia believes its portfolio is well-positioned to take advantage of an improving office sector, which will be riding on a wider economic recovery.
On Monday, it closed unchanged at S$1.37 on the SGX.
Source : Channel NewsAsia – 18 Oct 2010