First Reit Q3 DPU up 1.9%

SINGAPORE - First Real Estate Investment Trust (First Reit) has posted a third quarter distribution per unit of 2.12 cents, up 1.9 per cent from the same period last year.

Total distributable income rose 4.7 per cent from a year ago to S$16.3 million, on contributions from the Kupang property comprising Siloam Hospitals Kupang and Lippo Plaza Kupang, acquired in December last year.

Net property income in the three months ended Sept 30 was S$26.6 million, up 6.3 per cent from a year ago. Gross revenue was S$26.9 million, up 6.5 per cent from a year ago.

First Reit reduced its gearing to 30 per cent as at Sept 30, from 34.4 per cent as at June 30, from the issuance of the S$60 million subordinated perpetual securities in July, which was used to repay existing loans.