Tag Archives: K-Reit Asia

OFFICE trust K-Reit Asia said yesterday that its third-quarter distributable income rose 18 per cent on the back of positive rental reversions.

Distributable income for the three months ended Sept 30 rose to $18 million, from $15.2 million a year ago. Distribution per unit (DPU) accordingly rose to 2.69 cents from 2.34 cents.

The trust, which is a unit of Keppel Land, also reported a 29 per cent rise in net property income to $12.3 million, from Q3 2008’s $9.5 million.

K-Reit’s portfolio – which includes Bugis Junction Towers and a one- third stake in One Raffles Quay – attained 94.9 per cent committed occupancy as at end-September; the trust reported the same occupancy rate at end-June. Continue reading →

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 →