New acquisitions drive First Reit's Q1 growth, DPU up 2.4%

Singapore

NEW acquisitions helped lift healthcare trust First Reit's (real estate investment trust's) distributable income by 6.2 per cent year-on-year to S$16.2 million for the first three months of the year.

In a filing to the local bourse on Monday, Bowsprit Capital Corporation Limited, the trust's manager, said this translates to a distribution per unit (DPU) of 2.11 Singapore cents in the first quarter, up 2.4 per cent year- on-year. This will be paid on May 30.

Based on an annualised DPU of 8.49 Singapore cents and closing price of S$1.23 on March 31, the trust maintained a healthy annualised distribution yield of …