In the second quarter of FY2007, First REIT’s net property income rose 8.6% to S$6.5 million as maiden contributions from its three recently-acquired nursing homes in Lengkok, Senja and Lentor kicked in. Both the Lengkok and Senja nursing homes were acquired on 11 April 2007, while the acquisition of Lentor nursing home was completed on 8 June 2007.
First REIT’s distribution per Unit (“DPU”) for the second quarter was 3.8% higher than forecast, amounting to 1.65 Singapore cents, representing an annualised yield of 8.19% based on the closing price of S$0.805 per Unit on 20 July 2007.
With a clear focus in Asia’s booming healthcare sector, First REIT offers investors a unique and growing asset class which holds immense potential for yield and capital growth. The Management is confident of raising assets portfolio to S$500 million before 2009. Since its listing in December 2006, First REIT has expanded its asset base by about 20%.
First REIT announced that it has also successfully completed the acquisition of Adam Road Hospital for a purchase consideration of S$14.9 million. This represents First REIT’s fourth completed acquisition since its listing in December 2006 and clearly demonstrates its commitment to expand its asset portfolio and strengthen property income.It currently has eight healthcare assets totalling S$308.0 million, compared with four assets at S$257.0 million at IPO last year.
The Books Closure and Distribution Payment dates are 1 August 2007 and 29 August 2007 respectively.
Last done price: $0.810 SGD
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