First Reit reports 14.5% rise in Q4 distribution per unit

First Real Estate Investment Trust (First Reit) has recorded a 14.5 per cent increase in distribution per unit (DPU) to 1.97 cents for the fourth quarter.

This takes the total annualised DPU to 7.52 cents, up 14.3 per cent over 2012, excluding the gain on divestment of the Adam Road property.

Based on the unit's closing price of $1.045 today, this works out to a distribution yield of 7.2 per cent.

Total distributable income to unitholders for the three months to Dec 31 rose by 26.2 per cent to $14 million.

Gross revenue and net property income grew 48.2 per cent and 41.6 per cent to $22.8 million and $21.7 million respectively during the quarter.

The growth was mainly attributable to contribution from the two newly acquired properties, Siloam Hospitals Bali and Siloam Hospitals TB Simatupang.

For the full year, gross revenue and net property income rose by 44.5 per cent and 40.1 per cent to $83.3 million and $80.2 million respectively.

Total distributable income climbed by 24.9 per cent to $52.1 million.

Dr Ronnie Tan, chief executive of Bowsprit Capital Corporation, which manages First Reit, noted that the completion of the five-storey extension to Lentor Residence in Singapore and the acquisitions of two new properties in Indonesia last year helped the trust to achieve a target asset value in excess of $1 billion.

"Moving into 2014, we will continue to look at our sponsor's strong pipeline of hospitals for acquisitions, opportunities in other parts of Asia as well as potential asset enhancement initiatives with existing properties," he said.

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