K-REIT Asia said it will distribute 1.79 cents for its distribution per unit (DPU) for the first quarter of 2011.
This is a 34.6 per cent increase from the same period a year ago.
Distributable income for the group grew by 36.1 per cent year-on-year to S$24.3million due to contributions from newly acquired assets, the Trust said.
This brings the annualised distribution of the REIT to 7.26 cents per unit, an increase of 34.7 per cent.
The commercial property investor said that net property income increased 7.6 per cent year-on-year to S$14.9 million as a result of contributions from the two newly acquired Australian assets; 275 George Street and the office tower at 77 King Street.
K-REIT Asia’s assets in Singapore account for 90 per cent of its total assets under management.
Of these, more than 90 per cent is located in the Marina Bay and Raffles Place downtown precincts.
Going forward, K-REIT Asia says it will focus on retaining its existing tenants, attracting new tenants, and managing leases due for renewal in 2011.
Source : Channel NewsAsia – 14 Apr 2011