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K-Reit Asia to distribute $18m in 3Q

Posted on 13 Oct 2009 | Comments Off

K-Reit Asia, the office landlord owned by Keppel Land, says its third-quarter distribution to shareholders will be $18 million, up 18.3% compared to 3Q08. This means a distribution unit of 2.69 cents.

K-REIT Asia achieved a distributable income of $51.1 million for the period from Jan 1 to Sept 30, 2009. This was 25.4% higher than that for the same period in 2008, due mainly to higher rental rates achieved for new and renewed leases.

Gross rental income from K-REIT Asia’s initial properties, namely Keppel Towers, GE Tower, Prudential Tower and Bugis Junction Towers, grew by 19.9% year-on-year to $45.1 million for YTD Sep 2009.

Net property income for YTD Sep 2009 was $35.4 million which represents a 27.3% year-on-year increase, due to the higher gross rental income from K-REIT Asia’s initial properties. Continue reading →

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Posted in Funds

Tagged Funds, K-Reit, K-Reit Asia, Singapore REITS

CMA listing won’t hurt CMT, CRCT performance

Posted on 9 Oct 2009 | Comments Off

WE refer to the Hock Lock Siew commentary, ‘Spinoff by CapitaLand: Will Reit units lose out?’ (BT, Oct 8).

We would like to assure investors that the business model and financial performance of CapitaMall Trust (CMT) and CapitaRetail China Trust (CRCT) will not be affected by the listing of CapitaMalls Asia (CMA).

Being real estate investment trusts (Reits), CMT and CRCT offer stable and sustainable distributions, primarily from the rental income derived from their portfolio of properties.

Further, they will continue to enjoy the right of first refusal for CMA’s completed and stabilised shopping mall pipeline in Singapore and China respectively.

CMA, on the other hand, will primarily focus on the development or redevelopment of shopping malls (including greenfield malls) and the management of retail property funds. Its focus will be more on growth and less on dividend payout – similar to other real estate development companies. Continue reading →