First REIT DPU up 14.3% in 4Q13 as revenues surged

Gross revenue up an impressive 44.5%.

First REIT (FREIT) reported a 48.2% YoY increase in gross revenue to S$22.8m and a 14.5% growth in DPU to 1.97 S cents in 4Q13, resulting in an ffective increase of 44.5% and 14.3% for gross revenue and DPU, respetively, after taking out exceptional gains distribution of 0.68 S cents in FY12.

OCBC Investment Research said this closely matched its revenue and DPU forecast of S$83.2m and 7.54 S cents, respectively.

"This growth was driven by contribution from new acquisitions (two hospitals acquired each in Nov 2012 and May 2013) and organic growth," said OCBC.

"Geographically, Indonesia, Singapore, and South Korea contributed 93.4%, 4.2% and 2.4% of its total revenue in FY13, respectively," it added.