First Real Estate Investment Trust, Singapore's first healthcare reit, has posted a 30.4 per cent increase in distributable income to unitholders to $13.8 million for the third quarter.
For the three months to Sept 30, net property income and gross revenue surged 53.4 per cent and 60.7 per cent to $21.7 million and $22.8 million respectively.
The growth was mainly attributable to the full quarter contributions from the four newly acquired properties, Siloam Hospitals Makassar and Siloam Hospitals Manado & Hotel Aryaduta Manado, as well as Siloam Hospitals Bali and Siloam Hospitals TB Simatupang, which were acquired in November 2012 and May 2013 respectively.
First Reit declared a 16.7 per ecnt increase in distribution per unit (DPU) of 1.96 cents, compared to 1.68 cents in the corresponding period last year.
Excluding the gain on divestment of the Adam Road property, annualised DPU gained 12.8 per cent to 7.42 cents.
Based on closing price of $1.105 on Oct 24, its distribution yield remained at an attractive 6.7 per cent.
On a year-to-date basis, the trust's net property income and gross revenue rose 39.6 per cent and 43.1 per cent to $58.6 million and $60.4 million respectively.
"Going forward, we are exploring potential asset enhancement initiatives with three of our properties in Indonesia. This will further enhance our income stream and maximise returns to our unitholders," said Dr Ronnie Tan, chief executive of the reit manager.