Tag Archives: K-Reit’s

K-Reit’s Q1 DPU rises 34.6 per cent

Posted on 15 Apr 2011 | Comments Off on K-Reit’s Q1 DPU rises 34.6 per cent

K-REIT Asia will distribute 1.79 Singapore cents per unit for the first quarter of this year, up 34.6 per cent increase from the same period a year ago.

Distributable income grew by 36.1 per cent year-on-year to S$24.3 million due to contributions from newly acquired assets, the trust said.

The commercial property investor said net property income increased 7.6 per cent year-on-year to S$14.9 million as a result of contributions from the two newly acquired Australian assets – 275 George Street and the office tower at 77 King Street.

K-REIT Asia’s properties in Singapore account for 90 per cent of its total assets under management.

Of these, more than 90 per cent is located in the Marina Bay and Raffles Place downtown precincts.

Source : Today – 15 Apr 2011

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K-Reit slides 5.1% after $620m cash call

Posted on 2 Oct 2009 | Comments Off on K-Reit slides 5.1% after $620m cash call

Nomura sees rights issue lowering cost of capital for any acquisitions ahead

K-REIT Asia’s $620 million cash call on Wednesday night caught the market by surprise, and its units fell as much as 6.8 per cent or eight cents soon after trading began yesterday.

The counter recovered slightly to close at $1.12, 5.1 per cent or six cents down. Some 3.58 million units changed hands.

Most investors and analysts did not see the one-for-one renounceable rights issue coming because K-Reit’s gearing was comparatively lower than its peers’.

After conducting a rights issue in January last year to raise $551.7 million, it had cut its aggregate leverage from 53.9 per cent to 27.6 per cent.

K-Reit’s debt-funded purchase of six strata floors in Prudential Tower would have raised its leverage to 33 per cent, but that would have remained close to the industry’s average gearing level. The rights issue would shave its leverage sharply down to 9.1 per cent.

K-Reit also revealed a 6.3 per cent drop in the value of its assets on Wednesday, from $2.1 billion as at Dec 31 last year to $1.97 billion as at Sept 29. Continue reading →

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