First REIT's net property income inches up 3.2% to $27.2m

Thanks to the contribution from Siloam Hospitals Labuan Bajo.

Singapore-listed First REIT (FREIT) reported a stable set of operational performance figures for the quarter ending in June, with gross revenue growing 3.3% to $27.5m.

According to OCBC Investment Research, this came with the 3.2% increase in net property income to $27.2m.

The brokerage firm said the growth was boosted by a full quarter contribution from Siloam Hospitals Labuan Bajo, as well as higher rental income from the existing portfolio.

Consequently, distribution per unit (DPU) grew 1.4% YoY to 2.14 Singapore cents.
 

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