K-Reit Asia’s Q2 DPU up 21% on-year

Singapore-listed K-Reit Asia has reported a second quarter distribution per unit (DPU) of 2.64 cents. This is up 21 per cent from a year ago.

The manager of the property trust says the higher DPU was mainly due to higher rental rates for new and renewed leases.

Net property income for the three months ended June grew 34 per cent to S$12.3 million.

K-Reit says it will pay out 4.99 cents for the period from January to June. This is an increase of about 27 per cent compared to a year earlier.

Looking ahead, the property trust says it will continue to place emphasis on tenant retention and seek to improve operational and cost efficiencies.

It will also make selective asset acquisitions should opportunities arise.

Source : Channel NewsAsia – 20 Jul 2009

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