REIT AsiaPac

Sign up for our FREE news and magazine on Asia Pacific REITs

First REIT DPU Up 1.5% In H1 2022

August 2, 2022 – First Real Estate Investment Trust reported distribution per unit (DPU) of 1.32 Singapore cents for the first half ended June 30, 2022 (H1 2022), up 1.5% from 1.30 Singapore cents of the corresponding period a year ago (H1 2021), while DPU for the second quarter ended June 30, 2022 (Q2 2022) increased at the same quantum to 0.66 Singapore cent from 0.65 Singapore cent for the same quarter in 2021 (Q2 2021).

The Trust’s Rental and Other Income grew 38.2% to S$53.8 million in 1H 2022 from S$38.9 million in 1H 2021, due to new income contribution from the 12 Japan nursing homes acquired on 1 March 2022, as well as from the restructured master lease agreements (MLA) for 14 Indonesia hospitals to reflect a minimum 4.5% annual escalation.

Distributable Amount grew 20.9% to S$25.3 million in 1H 2022, mainly due to new income contribution from the 12 Japan nursing homes acquired.

Commented Mr Victor Tan, Executive Director and Chief Executive Officer of the Manager, “We are pleased to deliver positive DPU growth since unveiling our 2.0 Growth Strategy last December. The injection of the 12 well-established nursing homes in Japan operated by high quality local operators has not only delivered accretive DPU to our Unitholders, but also increased the geographical and tenant diversification in our portfolio. Having restructured the master lease agreements for the bulk of our Indonesia portfolio, we are also in a stronger financial position.”

Read more here..

Related News