First REIT to distribute 1.91 cents per unit for Q2, up 16% on year

First Real Estate Investment Trust said it will distribute 1.91 cents per unit for its fiscal second quarter, up about 16 per cent from the same period a year ago.

All in, First REIT will distribute S$5.2 million to unitholders.

The trust said its net property income grew about 15 per cent in the second quarter to about S$7.5 million. Gross revenue also rose 15 per cent to S$7.5 million.

The trust said it benefited from Asia Pacific’s growing healthcare and related medical industry.

The trust said it is optimistic it will continue to perform well in the second half, as its revenues are largely derived from long-term rental leases.

It also sees the current economic environment as an opportunity for making better acquisitions. – CNA/vm

Source : Channel NewsAsia – 22 Jul 2008

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