18 July 2014

First REIT 2Q FY 2014 Result

First Real Estate Investment Trust (First REIT), Singapore’s first healthcare real estate investment trust with properties in Indonesia, Singapore and South Korea, today announced a distribution per unit of 2 cents for the 2Q ended 30 June 2014, representing a 8.1% increase over the same period of the preceding year.

Distribution to shareholders for the quarter was $14.4 million, a 13.6% increase from a year ago. Annualised DPU rose 7% to 8.05 cents and at closing price of $1.21 on 14 July 2014, the trust’s distribution yield remained at 6.7%.

It was the highest DPU since listing, hitting the 2 cents mark. First REIT is pleased with how the Trust has panned out, with strong performance from their assets which they have increased to 15 properties on the completion of their latest acquisition, Siloam Hospitals Purwakarta. Going forward, they will continue to strengthen their portfolio and unlock value from their existing assets to enhance the returns to their shareholders.

For the quarter under review, First REIT’s gross revenue rose 14.5% year on year to $23 million, while net property income increased 15.4% y-o-y to $22.7 million. The growth was contributed by Siloam Hospitals Bali and Siloam Hospitals TB Simatupang, acquired in May 2013 and partial maiden contribution from the newly acquired Siloam Hospitals Purwakarta in May 2014.

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