First REIT’s Q4 DPU down 1% on-year

Healthcare real estate investment trust, First REIT, reported Friday that its fourth quarter and full year distribution was little changed.

Its distribution per unit (DPU) for the fourth quarter was 1.92 Singapore cents, just one per cent lower than the 1.94-cent DPU announced over the same period a year ago.

For the full year, DPU was unchanged at 7.62 Singapore cents.

In terms of its net property income, there was a 1.2 per cent on-year increase in the fourth quarter to S$7.58 million. Net property income for the full year rose by 0.3 per cent to S$29.8 million.

First REIT said it has plans to expand its Lentor Residence nursing homes. It added that it has commenced comprehensive asset enhancement works for its Adam Road Hospital since November last year.

The cost of asset enhancement works, estimated at S$18.6 million, will be funded through debt.

Going forward, First REIT expects the healthcare sector to grow due to an ageing population and an increasing incidence of chronic and lifestyle illnesses.

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