REIT Financial News - Q2 2010 Quarterly Earnings Report for K-Reit

Second quarter 2010 results for K-Reit:

• Press Release
• Financial Statements
• Presentation Slides

Key Points

• The DPU for the quarter (2Q 2010) was 1.64 cents. 
• Total DPU for 1H 2010 was 2.97 cents.
• Distributable income rose by 20.0% year‐on‐year to $39.8 million due mainly to higher net property income (“NPI”) and lower interest expense.
• NPI increased 39.5% year‐on‐year to $32.3 million due mainly to contribution from the 50% interest in 275 George Street and the additional 29% interest in Prudential Tower. 
• Distribution Per Unit (“DPU”) for January to June 2010 amounted to 2.97 cents.
• 97.9% portfolio committed occupancy as at 30 June 2010 was higher than Singapore Core CBD occupancy of 93.3%.
• Aggregate leverage level as at 30 June 2010 post debt repayment of $230 million was 15.2%.
• The  Transfer  Books  and  Register  of  Unitholders will be closed at 5.00 pm on 28 July 2010 for the purpose of determining unitholders’ entitlements to distribution. 
• The distribution that will be paid on 26 Aug 2010.

Author's Note
The semi-annual DPU of 2.97 cents, which includes the DPU of 1.33 cents for Q1 2010 and 1.64 cents for Q2 2010, will be paid on 26 Aug 2010.