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First Reit posts record DPU of 2.06 Singapore cents for Q1

FIRST Reit on Tuesday reported a record distribution per unit (DPU) of 2.06 Singapore cents for its first quarter ended March 31, 2015, compared to the 1.99 cents it paid a year ago.

Gross revenue rose 10.1 per cent to S$24.7 million, while net property income rose 9.3 per cent to S$24.2 million.

Its improved performance was mainly due to the full-quarter contribution from its latest property, Siloam Sriwijaya, a hospital in Palembang, South Sumatra, Indonesia which the Reit acquired in December 2014.

Step-up rental income from its existing properties also helped, it said.

First Reit is a healthcare Reit with a portfolio consisting 16 properties - mostly Indonesia hospitals, plus three Singapore nursing homes and one rehabilitative and nursing facility in South Korea. The only other healthcare Reit in Singapore is Parkway Life Reit.

The book closure date is April 22 at 5pm; distributions will be paid on May 29.