K-Reit – BT

By ANGELA TAN

K-Reit Asia, a real estate investment trust, reported on Thursday that the distribution per unit for the first quarter ended March 31, 2011 rose 34.6 per cent to 1.79 cents compared to 1.33 cents a year ago.

Distribution to unitholders increased by 36.1 per cent to S$24.3 million during the quarter compared to S$17.8 million a year ago.

Property income for the first quarter was S$18.7 million, a marginal increase of S$0.5 million or 2.5 per cent over a year ago, due mainly to higher property income from the two Australian properties and Bugis Junction Towers.

Net property income increased by 7.6 per cent to S$14.9 million in the first quarter as a result of increase in assets under management and lower property expenses.

Its manager expects to achieve its DPU forecast of 6.68 cents for the financial year ending 31 December 2011.

K-Reit Asia is managed by K-Reit Asia Management Limited, a wholly-owned subsidiary of Keppel Land Limited.