SINGAPORE - Healthcare real estate investment trust First Reit turned in a stellar set of second-quarter results on Tuesday, lifted mainly by its hospitals in Indonesia.
The reit, which owns properties in Indonesia, Singapore and South Korea, posted a distribution per unit (DPU) of two cents for the three months to June 30.
This was 8.1 per cent higher than in the preceding year. It was also the reit's highest DPU since it listed in December 2006, the reit manager said in a statement on Tuesday.
Its properties in Singapore include the Pacific Healthcare Nursing Home @ Bukit Merah, Pacific Healthcare Nursing Home II @ Bukit Panjang and The Lentor Residence.
First Reit's distributable income expanded 13.6 per cent to $14.4 million for the quarter.
Gross revenue rose 14.5 per cent to $23 million for the quarter, while net property income climbed 15.4 per cent to $22.7 million from the previous year.
The growth was mainly from hospitals in Indonesia such as Siloam Hospitals Bali and Siloam Hospitals TB Simatupang, acquired in May last year, the reit manager said.
It also cited a partial maiden contribution from the newly acquired Siloam Hospitals Purwakarta in west Java, which it bought in May this year.
The trust's net asset value per unit was 97.03 cents as at June 30.
Its units rose 0.5 cent to close at $1.215 on Tuesday.