Tuesday, July 17, 2012

Financial centre purchase boosts K-Reit's income


Straits Times: Tue, Jul 17

REVENUE from the purchase of Ocean Financial Centre helped send second-quarter distributable income at K-Reit Asia up 89.5 per cent to $49.8 million.

Net property income for the three months to June 30 rose 118.6 per cent to $31.3 million. The share of results from associates rose 30.3 per cent to $10.9 million.

K-Reit acquired a large stake in Ocean Financial Centre last December. It had held a rights issue to help pay for the property.

On June 25, the real estate investment trust

(Reit) increased its stake in Ocean Financial Centre to 99.9 per cent with the acquisition of an additional 12.39 per cent.

The purchase of the additional stake was part-funded by a placement of new units.

Distributable income for the first half of the year rose 94.6 per cent to $98.4 million while net property income grew 104.4 per cent to $59.8 million.

The average occupancy for K-Reit's Singapore portfolio increased to 97 per cent at the end of last month, higher than the average core Central Business District office occupancy rate of 91.6 per cent, said the Reit's manager in a statement.

Distribution per unit for the first half is 3.84 cents, up from a restated two cents per unit for the first half of last year.

The units will go ex-distribution on Friday, and unitholders will be paid the distributions on Aug

27.

This will be the last time unitholders receive distributions on a half-yearly basis. K-Reit will pay out every quarter starting from the three-month period ending Sept 30 this year.

Before the results announcement, K-Reit's units gained 1.5 cents yesterday to $1.115.

  
Martin Koh | 86666 944 | R020968Z
Sherry Tang | 9844 4400 | R020241C
Senior Sales Director
Email: marshe_inc@yahoo.com.sg
DTZ Debenham Tie Leung (SEA) Pte Ltd (L3006301G)

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