First Reit – BT

HEALTHCARE real estate investment trust First Reit announced on Friday that its second-quarter distribution per unit (DPU) is 1.58 cents compared to 1.92 cents for the same time period a year ago.

After taking into account the effect of the rights issue made in December 2010, the second-quarter DPU of 1.58 cents this year is up from an adjusted DPU of 0.85 cents in the previous corresponding time period.

First Reit reported an annualised DPU of 6.37 cents, while its distribution yield stood at 7.8 per cent based on its closing price of 82 cents on July 20.

Distributable income for the second-quarter this year rose 86.5 per cent to S$9.89 million, up from S$5.30 million last year.

Gross revenue increased 75.3 per cent year-on-year to S$13.2 million helped by maiden contributions from two of its new hospitals acquired in December 2010.

Looking ahead, First Reit said it is in preliminary discussions with its sponsor, Lippo Karawaci, to acquire two of the latter's new hospitals in Indonesia.

First Reit also said its gain on divestment of the Adam Road property in the first quarter this year is about S$8.7 million, which will be distributed either wholly or partially to unitholders in the coming quarters.