First REIT profit climbs a record-breaking 6.1% this year
After its May acquisition.
Indonesia continues to be First REIT’s major market, as financials turn up positive on the back of organic growth in its portfolio and a full quarter of contribution from Siloam Hospitals Purwakwarta (SPHW), which was acquired in May this year.
A report by OCBC reveals that revenue, distributable income and DPU rose 4.6%, 6.1% and 3.1% YoY to S$23.8m, S$14.7m and 2.02 S cents (ex-dividend on 24 Oct), respectively.
Notably, its DPU achieved another record high (+1% QoQ), aided by organic growth in its portfolio and a full quarter of contribution from Siloam Hospitals Purwakarta (SHPW), which was acquired in May this year. For 9M14, revenue, distributable income and DPU jumped 14.7%, 13.5% and 8.3% to S$69.4m, S$43.3m and 6.01 S cents; and this formed 74.4%, 72.0% and 72.4% of our FY14 projections, respectively.
OCBC expects FREIT to maintain its core focus on the Indonesian market for future acquisitions-fuelled growth.