Healthcare real estate investment trust First Reit has reported slightly higher distribution for its unitholders in the first quarter.
For the first quarter ended March, its distribution per unit or DPU was 1.9 cents, up 1.1 per cent from the year-ago period.
Distributable income came in at S$5.24 million dollars, 1.3 per cent higher than last year figures of S$5.18 million dollars.
Net property income was S$7.34 million dollars, up 0.3 per cent on year.
First Reit says higher rental income from its Indonesia properties was partly offset by the deferment of rental income from Pacific Cancer Centre @ Adam Road.
The Adam Road property is currently under redevelopment.
With the recovery of financial markets, First Reit says it is ready to continue with its acquisition plans.
It adds that it will continue to enhance and value-add to its existing assets in its effort to drive revenue and growth.
As for China, First Reit says while the market offers much potential, it needs more evaluation and restructuring work.
Source : Channel NewsAsia – 23 Apr 2010
Singapore Property
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