K-REIT Asia has seen a 22.2 percent increase in distributable income for the first nine months of 2010 at $62.5 million over the same period last year.
The growth was attributed to lower interest expense and higher net property income (NPI) from the 29 percent additional interest in Prudential Tower and the 50 percent interest in 275 George Street. NPI surged 40.5 percent year-on-year to $49.8 million.
K-REIT Asia’s distribution per unit for Q3 2010 stood at 1.69 cents, an increase of 25.2 percent over the same period last year.
The REIT’s portfolio occupancy rate climbed 1.3 percent to 99.2 percent as of end-Q3 compared with 97.9 percent as of end-Q2.
Excluding 275 George Street in Brisbane, the Singapore property portfolio occupancy rate rose 1.5 percent to 99.1 percent as of end-Q3 compared to Q2. The figure is higher compared to the 95.2 percent occupancy rate in the core CBD.
With its portfolio of well-located quality assets and diversified stable of tenants, K-REIT Asia believes it is well-positioned to align itself with the growth of the office sector.