Key Points
- First REIT's 1Q 2010 distributable income up 1.3% to S$5.2 million.
- DPU up 1.1% to 1.90 cents per unit on year.
- On track to acquire yield-accretive assets from second half of FY2010.
- Gross revenue increased by 0.6% on year to S$7.5 million.
- Net property income rose marginally by 0.3% to S$7.3 million.
The DPU of 1.9 cents will XD on 29 Apr 2010 and will be paid on 27 May 2010. Book closure is on 3 May 2010. The DPU for the previous quarter was 1.92 cents.
Based on the last closing price of the Reit of $0.865 on 22 April 2010, the DPU of 1.9 cents translates to an annualised yield of 8.79%.
The manager reiterated the EXPANSION OF MANAGER'S INVESTMENT POLICY IN FIRST REIT in Mar 2010, which expanded its investment policy to include, but not limited to, hospitals, nursing homes, medical clinics, pharmacies, laboratories, diagnostic/imaging facilities and real estate and/or real estate-related assets used in connection with healthcare research, education, lifestyle and wellness management, manufacture, distribution or storage of pharmaceuticals, drugs, medicine and other healthcare goods and devices. This broader mandate may give the Reit more options when looking for suitable yield-accretive acquisitions.
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