First Reit posts 1.5% rise in Q1 2022 DPU to 0.66 Singapore cents

Paige Lim

Published Fri, May 6, 2022 · 10:24 PM

FIRST Real Estate Investment Trust (First Reit) posted a distribution per unit (DPU) of 0.66 Singapore cents for its first quarter ended Mar 31, 2022, up 1.5 per cent from 0.65 cents a year ago, its manager said in a business update on Friday night (May 6).

Rental and other income grew 32 per cent on the year to S$25.5 million for the first quarter, up from S$19.3 million. Net property and other income grew 34.9 per cent to S$25.2 million, up from S$18.6 million a year ago.

The year-on-year increases in rental and other income, as well as net property and other income, were largely due to the 1-month maiden contribution from the acquisition of 12 Japan nursing homes on Mar 1, 2022, as well as the accounting treatment under the Financial Reporting Standards 116 Leases, the Reit’s manager said. In addition, the rise in net property and other income for the first quarter was also a result of lower property operating expenses “due to the absence of impairment on receivable for Sarang Hospital made in Q1 2021”, the manager added.

Distributable amount for Q1 2022 rose 13.3 per cent to $11.7 million, up from S$10.4 million a year ago.

After the issuance of consideration units, a distribution rate of 0.23 Singapore cents per unit for the period Mar 1 to 31, 2022 will be paid out on Jun 24, after books closure on May 18.

Units of First Reit closed flat at S$0.31 on Friday, before the results release.