K-REIT Asia’s Q2 DPU rises 17.7%

K-REIT Asia on Monday said its second-quarter distribution per unit (DPU) rose 17.7 per cent to 1.93 cents compared to a DPU of 1.64 cents recorded in the same period last year.

Distributable income for the three months ended June rose 19.7 per cent to S$26.3 million.

For the first half, K-REIT announced a DPU of 3.72 cents, a 25.3 per cent increase on-year.

Distributable income for the first half came in at S$50.5 million, a 27 per cent jump compared to a year ago.

This was due mainly to the higher interest income and share of results attributed to the recently-acquired one-third interest in Marina Bay Financial Centre Towers 1 & 2 and Marina Bay Link Mall.

However, net property income for the group in the first half fell 9.4 per cent year on-year to S$29.2 million due mainly to the divestment of Keppel Towers and GE Tower in December 2010.

This was offset by contributions from the 50 per cent interest in George Street in Brisbane and the office tower at King Street in Sydney, which were both acquired in 2010.

Going forward, K-REIT Asia said the healthy economic outlook for Singapore and Australia, coupled with the strong Singapore dollar and Australian dollar, bodes well for the REIT.

Source : Channel NewsAsia – 18 Jul 2011

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