First Reit Q1 DPU up 1 cent to 2.15 Singapore cents

DISTRIBUTION per unit (DPU) for First Real Estate Investment Trust (First Reit) in its first quarter of 2018 edged up to 2.15 Singapore cents from 2.14 Singapore cents in the preceding year, the group said in a Singapore Exchange filing on Tuesday evening.

That came as Q1 income available for distribution for the healthcare Reit increased 1.8 per cent to S$16.9 million from the previous year.

Gross revenue increased 5.8 per cent to S$28.7 million, thanks to contributions from Siloam Hospitals Buton & Lippo Plaza Buton and Siloam Hospitals Yogyakarta, acquired in October and December 2017 respectively, as well as higher rental income from existing properties in Indonesia and Singapore.

Correspondingly, net property income rose 5.8 per cent to S$28.4 million from the year-ago period.

Earnings per unit was 1.96 Singapore cents, up from 1.91 Singapore cents in the same quarter a year earlier.

Net asset value per unit was 101.4 Singapore cents as at March 31, from 101.47 cents as at Dec 31, 2017.

Victor Tan, CEO of Reit manager Bowsprit, said: "Our long-term strategy of making yield accretive acquisitions has allowed the trust to grow its returns steadily over the years. We will continue to uphold this strategy, maintain our resilient rental structure and manage our capital resources prudently to further enhance income stability and maximise returns to unitholders."

First Reit's portfolio includes 20 properties located in Indonesia, Singapore and South Korea.

First Reit units ended unchanged at S$1.37 on Tuesday.