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First Reit Q1 DPU flat at 2.15 Singapore cents

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Rental and other income dipped marginally by 0.2 per cent to S$28.6 million, mainly due to lower variable rent al component for Indonesia properties.

FIRST Real Estate Investment Trust on Wednesday reported a flattish distribution per unit of 2.15 Singapore cents for the first quarter ended March 31, on the back of a 114.8 per cent increase in property expenses, mainly incurred for Sarang Hospital and Indonesia properties.

First Reit's manager is Bowsprit Capital. Chief executive officer of Bowsprit Capital Victor Tan said the trust will continue to explore opportunities to unlock the value of its existing portfolio through asset enhancement initiatives or strategic divestment of assets for capital gains. Last year, OUE and OUE Lippo Healthcare completed the acquisition of Bowsprit, and OUELH also completed the acquisition of 83.6 million First Reit units, representing 10.6 per cent of the total unitholdings of First Reit.

 

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