First Reit 4Q DPU up 2.5% on new properties, higher Indonesia and Singapore turnover

SINGAPORE - First Real Estate Investment Trust (First Reit) posted a 2.5 per cent rise in distribution per unit (DPU) to 2.09 cents for the fourth quarter, following maiden contributions from new properties and higher turnover from Indonesia and Singapore.

This brought full-year DPU for the healthcare real estate investment trust to 8.30 cents, a 3.1 per cent gain over the preceding year.

Distributable income for the three months ended Dec 31 edged up 5 per cent to S$15.7 million on the back of a 7.4 per cent rise in gross revenue to S$25.7 million, and a 7.9 per cent increase in net property income to S$25.4 million.

The results for this quarter include the full-quarter contribution from Siloam Sriwijaya Hospital, acquired in December 2014, and maiden contributions from the trust's latest properties, Siloam Hospitals Kupang and Lippo Plaza Kupang.

Net asset value per unit increased to 103.88 cents as at Dec 31 last year, up from 101.81 cents on the same date in 2014.

chiaym@sph.com.sg