K-REIT Asia Q2 distribution per unit jumps 24.2%

K-REIT Asia says its second quarter distribution per unit rose 24.2 per cent to 1.64 Singapore cents compared to a restated DPU of 1.32 cents recorded in the same period last year.

Distributable income for the three months ended June, rose 25.5 per cent to about S$22 million due mainly to higher net property income and lower interest expense.

For the first half, K-REIT announced a DPU of 2.97 cents, a 19.3 per cent increase on year.

Distributable income for the first half came in at S$39.8 million, a 20 per cent jump compared to a year ago.

Meanwhile, net property income for the group in the first half increased 39.5 per cent year on year to S$32.3 million.

This was mainly due to contributions from its additional six floors of Prudential Towers and its George Street property in Brisbane, Australia.

The Keppel Land sponsored REIT says it is well-positioned to benefit from the strong economic growth in Singapore, positive office sector and increased pace of white collared employment going forward.

K-REIT Asia had a portfolio size of S$2.3 billion as at June 30 this year.

Source : Channel NewsAsia – 19 Jul 2010

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