The Directors of K-REIT Asia Management Limited, as manager of K-REIT Asia, announce the unaudited results of K-REIT Asia for the quarter ended 31 March 2012, Keppel Corporation press release said.
The Company's first-quarter highlights are as follows:
• Annualised 1Q2012 Distribution Per Unit (DPU) increased 96.4% to 7.64 cents.
• Distributable income for 1Q2012 doubled from the previous quarter to $48.5 million due mainly to the contribution from the approximately 87.5% interest in Ocean Financial Centre ("OFC Interest") that was acquired on 14 December 2011.
• Net income increased 113.0% year-on-year to $34.1 million due mainly to the contribution from the OFC Interest, and the increase in the share of results from BFC Development Pte Ltd ("BFCDPL") and One Raffles Quay Pte Ltd ("ORQPL").
• Average portfolio committed occupancy rose to 96.1% as at end-1Q 2012 from 94.1% as at end-4Q 2011.
• 96.3% Singapore portfolio committed occupancy remains well above the average Singapore Core Central Business District ("CBD") occupancy of 90.7%
K-REIT Asia is one of the largest real estate investment trusts listed on the Singapore Exchange Securities Trading Limited, with an asset size of more than $6.0 billion as at 31 March 2012.
The Company's first-quarter highlights are as follows:
• Annualised 1Q2012 Distribution Per Unit (DPU) increased 96.4% to 7.64 cents.
• Distributable income for 1Q2012 doubled from the previous quarter to $48.5 million due mainly to the contribution from the approximately 87.5% interest in Ocean Financial Centre ("OFC Interest") that was acquired on 14 December 2011.
• Net income increased 113.0% year-on-year to $34.1 million due mainly to the contribution from the OFC Interest, and the increase in the share of results from BFC Development Pte Ltd ("BFCDPL") and One Raffles Quay Pte Ltd ("ORQPL").
• Average portfolio committed occupancy rose to 96.1% as at end-1Q 2012 from 94.1% as at end-4Q 2011.
• 96.3% Singapore portfolio committed occupancy remains well above the average Singapore Core Central Business District ("CBD") occupancy of 90.7%
K-REIT Asia is one of the largest real estate investment trusts listed on the Singapore Exchange Securities Trading Limited, with an asset size of more than $6.0 billion as at 31 March 2012.