First REIT to distribute 1.92 cents per unit in Q2

First Real Investment Trust, or First Reit, says its fiscal second quarter distribution per unit was 1.92 Singapore cents.

This was unchanged from the DPU posted in the year ago period.

Meanwhile, distributable income for the quarter rose 0.4 per cent year on year to S$5.3 million.

And its net property income gained 0.7 per cent to S$7.5 million, excluding deferred rental income of property under asset enhancement.

The Reit says the slight increase is due to the higher rental income from the Indonesia properties being partly offset by the deferment of rental income from Pacific Cancer Centre @ Adam Road as the property is currently under redevelopment.

First Reit added that it has just confirmed with its tenant on a new extension block to Lentor Residence costing some S$4.5 million, which is expected to commence soon.

Looking ahead, the trust says it is confident of making a yield-accretive healthcare acquisition towards the later part of this year or early next year.

It adds that it is confident of raising its overall asset base by early fiscal 2011.

Barring unforeseen circumstances, First REIT expects to continue to perform well for the rest of the year.

Source : Channel NewsAsia – 26 Jul 2010

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