REIT Financial News - K-REIT Asia Financial Results for 4Q FY2009/10

K-REIT Asia - Financial Results for 4Q FY2009/10 ending 31 Dec 2009. Related reports:

• Press Release
• Financial Statements
• Presentation Slides
• Notice of Book Closure

Key Points

• DPU for the quarter at 1.45 cents.
• The upcoming semi-annual distribution is 2.77 cents.
• The Trust’s net asset value (NAV), after adjusting for the 2H 2009 distributable income to unitholders, is S$1.47 per unit as at 31 December 2009.
  
• Latest gearing is at 27.7%.
• Portfolio’s committed occupancy was 95% as at 31 December 2009, down from 99% last year .
• Books will be closed at 5.00 p.m. on Thursday, 28 January 2010 at 5.00 p.m for the purpose of determining unitholders' entitlements.
  
• Distribution will be paid on Thursday, 25 February 2010.

Author's Note
Based on the closing price of 1.18 on Jan 19, the semi-annual DPU of 2.77 cents represents an annualized yield of 4.69%. Gearing is at 27.7%. Latest NAV per unit is S$1.47.

The cash raised in the latest rights issue has not been fully utilized. K-Reit currently has about S$575,549 million in cash and cash equivalents. We will have to wait and see whether this will be used in repayment of debts or further acquisitions or both.