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.
Income contribution from K-REIT Asia’s one-third interest in One Raffles Quay in YTD Sep 2009 amounted to $34.7 million, comprising income support, interest income and dividend income. This was 5.3% higher than the $32.9 million achieved in the corresponding period last year.
The average gross monthly rent of K-REIT Asia’s portfolio registered $7.91 psf in September 2009, easing slightly by 2.7% from $8.13 psf in June 2009. It would have been $8.22 psf if not for a lower level of income support from K-REIT Asia’s one-third interest in ORQPL. The lower income support was due to higher net property income arising from lower property expenses.
Distribution per unit for YTD Sep 2009 was 22.1% year-on-year higher at 7.67 cents while third quarter 2009 (3Q 2009) DPU of 2.69 cents was 15% higher than that in the corresponding period in 2008.
Source: The Edge, 13 Oct 2009
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