K-REIT Asia's distributable income up in 1Q2012

Unaudited results show it increased from the previous quarter to $48.5 million due to contribution from Ocean Financial Centre.

The Directors of K-REIT Asia Management Limited, as manager of K-REIT Asia, announce the unaudited results of K-REIT Asia for the quarter ended March 31.

In a release, the results show that annualised 1Q2012 distribution per unit increased 96.4% to 7.64 cents

Distributable income for 1Q2012 doubled from the previous quarter to $48.5 million due mainly to the contribution from the approximately 87.5% interest in Ocean Financial Centre that was acquired on December 14, 2011.

Net income increased 113.0% year-on-year to $34.1 million due mainly to the contribution from the OFC Interest, and the increase in the share of results from BFC Development Pte Ltd and One Raffles Quay Pte Ltd.

Average portfolio committed occupancy rose to 96.1% as at end-1Q 2012 from 94.1% as at end-4Q 2011.

96.3% Singapore portfolio committed occupancy remains well above the average Singapore Core Central Business District occupancy of 90.7%¹.