First Reit DPU up 3.5% in second quarter

Siloam Hospitals Bali in the resort island city of Kuta, Bali Indonesia.
Siloam Hospitals Bali in the resort island city of Kuta, Bali Indonesia.PHOTO: FIRST REIT

SINGAPORE - Recently acquired Indonesian hospital Siloam Sriwijaya and greater contributions from Indonesia and Singapore properties helped health-care real estate investment trust First Reit boost second-quarter results.

The Reit, which owns properties in Indonesia, Singapore and South Korea, posted on Monday a distribution per unit (DPU) of 2.07 cents for the three months to June 30.

This was 3.5 per cent higher than a year ago, and a record DPU for the Reit, said its manager Bowsprit Capital Corporation.

First Reit's properties in Singapore include the Pacific Healthcare Nursing Home @ Bukit Merah and nursing home The Lentor Residence.

Distributable income expanded 7.2 per cent to S$15.4 million for the quarter.

Gross revenue rose 8.5 per cent to S$25 million for the quarter, while net property income rose 8.3 per cent to S$24.6 million from the previous year.

rachaelb@sph.com.sg