K-REIT Asia reports 12.7% rise in Q1 DPU to 1.33 cents

K-REIT Asia said its first quarter distribution per unit (DPU) rose 12.7 per cent to 1.33 cents compared to a restated DPU of 1.18 cents recorded in the same period last year.

Distributable income for the three months ended March 31 rose 13.8 per cent to S$17.8 million from S$15.7 million in the previous year.

K-REIT said this was due mainly to higher net property income and income contribution from One Raffles Quay.

Meanwhile, net property income for the group increased 28.4 per cent year on year to S$13.9 million, mainly due to higher rental income from the additional six floors of Prudential Towers and the George St property in Brisbane, Australia.

The Keppel Land sponsored REIT attributes its steady performance for the first three months to the successful acquisition of a 50 per cent stake in the Brisbane commercial property and the stabilisation in the office rental sector.

The group intends to pursue opportunities for acquisitions in Singapore and other growth cities within Asia.

Source : Channel NewsAsia – 19 Apr 2010

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