K‐REIT Asia says it achieved a distributable income of $21.9 million for the three months ending June 30 (2Q 2010), a 25.5% increase from the same period a year before.
This was due mainly to the higher NPI from the 29% additional interest in Prudential Tower and the 50% interest in 275 George Street, which was newly acquired at the beginning of March. NPI rose 49.3% year‐on‐year to $18.4 million in 2Q 2010.
The DPU for 2Q 2010 was 1.64 cents, 23.3% higher than the 1.33 cents DPU for 1Q 2010.
K‐REIT Asia will distribute to Unitholders 2.97 cents per unit on Aug 26. This DPU is based on 100% of its income available for distribution for the six months from Jan 1 2010 to June 30 2010, net of the foreign‐sourced income that is received after 30 June 2010.
K‐REIT Asia’s portfolio occupancy rate rose 1.9% to 97.9% as at the end of 2Q 2010 compared with the rate at the end of 1Q 2010, buoyed by the sustained economic recovery in the region and the increase in leasing interest in Singapore.
K‐REIT Asia’s portfolio in Singapore comprises five assets, namely Bugis Junction Towers, Keppel Towers, GE Tower, Prudential Tower (73.4% interest) and One Raffles Quay Pte Ltd (33.3% interest). In March 2010, K‐REIT Asia made its maiden overseas investment and acquired a 50% interest in 275 George Street, Brisbane, Australia. As at June 30, K‐REIT Asia’s portfolio size was $2.3 billion.
Excluding the 50% interest in 275 George Street in Brisbane, the Singapore property portfolio occupancy rate rose 2.1% to 97.6% as at the end of 2Q 2010 compared with that at end 1Q 2010, and is higher than the core CBD occupancy rate.
