First REIT's DPU inches higher by 9.4%

Gains from its two new hospitals have yet to kick in.

According to OCBC Investment Research, First REIT (FREIT) Distributable amount to unitholders and DPU increased by 16.5% and 9.4% YoY to S$11.6m and 1.74 S cents, respectively, if we exclude a special distribution of S$2.2m (S$0.34 per unit) in 1Q12 which arose from a gain from the sale of the Adam Road property.

It also reported that its gross revenue for 1Q13 increased 25.0% YoY to S$17.5m. This was driven largely by a fullquarter of contribution from the two properties it acquired on 30 Nov 2012.

Here's more:

The ex-dividend date for the distribution is on 29 Apr at 9 a.m., while the date payable is on 30 May. Although gross revenue and DPU for 1Q13 formed 21.2% and 22.1% of our FY13 estimates, respectively, this was within our expectations as contribution from its proposed two new hospital acquisitions has yet to kick in.

We believe that contribution would begin around late May or early Jun this year (subject to unitholders’ approval at its EGM on 29 Apr).

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