K-Reit Q3 2010 Quarterly Earnings Report

Second quarter 2010 results for K-Reit:

• Press Release
• Financial Statements
• Presentation Slides

Key Points

• The DPU for the reporting quarter is 1.69 cents.
• Distributable income rose 22.2% year-on-year to $62.5 million due mainly to higher net property income (NPI) and lower interest expense.
• NPI increased 40.5% year-on-year to $49.8 million due mainly to income contribution from the 50% interest in 275 George Street and additional 29% interest in Prudential Tower.
• Distribution Per Unit (DPU) for January to September 2010 amounted to 4.65 cents.
• Singapore property portfolio committed occupancy of 99.1% as at 30 September 2010 is higher than Singapore core CBD occupancy of 95.2%.

Author's Note
The DPU for the reporting quarter is 1.69 cents. There will not be any distribution this quarter as the reit has a semi-annual distribution policy. DPU was 1.64 cents for the previous quarter.