First REIT Reports Stable Distribution Per Unit of 2.15 Singapore Cents (US$0.016)
Bowsprit Capital Corporation Limited (“Bowsprit”), the Manager of First Real Estate Investment Trust (“First REIT” or the “Trust”), today reported a stable distribution per unit(“DPU”) of 2.15 Singapore cents for the third quarter ended 30 September 2019 (“3Q 2019”), on the back of a 1.3% year-on-year (“y-o-y”) increase in distributable income to S$17.2 million. Based on the annualised DPU of 8.60 Singapore cents and the closing price of S$1.01 as of 30 September 2019, the latest distribution represents a yield of 8.5%.
Rental and other income for the quarter dipped 1.5% y-o-y to S$28.8 million as a result of lower variable rental component for its Indonesia properties, while its corresponding net property income (“NPI”) dipped 2.5% y-o-y to S$28.2 million due to higher property expenses for its South Korea and Indonesia properties.
