First Reit posts 3.5% rise in DPU for Q2
SINGAPORE'S first healthcare real estate investment trust (Reit), First Reit, on Monday posted a 2.07 Singapore cent distribution per unit (DPU) for its second quarter ended June 30, 2015, a 3.5 per cent rise from the year-ago period. It is payable on Aug 28.
Distributable income for the quarter rose 7.2 per cent to S$15.4 million, from S$14.37 million in Q2 2014. Net property income rose 8.3 per cent to S$24.6 million, from S$22.7 million.
Gross revenue climbed 8.5 per cent year on year to S$25 million, lifted by earnings from Siloam Sriwijaya which was acquired last December, as well as higher contributions from the Reit's Indonesia and Singapore properties.
Ronnie Tan, CEO of the Reit's manager, Bowsprit Capital Corporation, said: "First Reit has today attained assets under management of S$1.17 billion, which has grown at a CAGR (compound annual growth rate) of 20.1 per cent since our listing in 2006. Despite the increase in assets, with prudent capital management, the trust has also managed to keep our gearing at a healthy 32.9 per cent, below the current regulatory limit of 35 per cent.
"The regulatory gearing limit will go up to 45 per cent from next year onwards following recent announcement by the Monetary Authority of Singapore. Moving forward, the trust will continue to grow our assets to maximise returns to unitholders, as well as adopt an active and prudent approach with our capital structure."
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
S&P slashes Boeing credit outlook as rating hovers above junk status
Honda to spend US$11 billion on EV strategy in Canada
GlaxoSmithKline sues Pfizer and BioNTech over Covid-19 vaccine technology
Mapletree Industrial Trust Q4 DPU rises 0.9% to S$0.0336
Nasdaq’s profit falls as shaky economy keeps IPO revival elusive
iFast Q1 net profit surges on ePension unit performance