K-REIT saw a 21.4 percent increase in distributable income to S$85.6 million for the full year 2010 compared to the previous year.
The increase was mainly attributed to net property income, which jumped 37.7 percent to S$67.3 million, as well as the share of results of associated companies, which climbed 18.1 percent to S$9.7 million.
Net property income also grew due to lower property tax expense and income contribution from three acquisitions, which include the 29 percent additional interest in Prudential Tower completed in November 2009, the 50 percent interest in 275 George Street completed in March last year, and the 77 King Street office tower completed last month.
The distribution per unit (DPU) for Q4 2010 stood at 1.71 cents, up 17.9 percent over the same period in 2009, while DPU for the full year 2010 reached 6.37 cents, up 20.6 percent from 2009.
K-REIT Asia’s portfolio occupancy rate slipped to 97 percent as of end Q4 2010 from 99.2 percent in the previous quarter. The decline was mainly attributed to the inclusion of MBFC Phase One and the 77 King Street office tower, which had an occupancy rate of 96.6 percent and 76.7 percent respectively, as of December 2010.