First REIT's property income inches up 2.5%

Thanks to contributions from Siloam Hospitals Labuan Bajo.

Mainboard-listed First REIT achieved a 2.5% improvement in net property income for the quarter ending in March.

The growth came as contributions from the acquisition of Siloam Hospitals Labuan Bajo kicked in, boosting revenues to $27.2m.

For the said quarter, DPU edged up 1.4% YoY to 2.14 S cents, and was partly boosted by the REIT Manager’s decision to take 92.0% of its management fees in units.

OCBC Investment Research said First REIT will continue to seek growth from Indonesia as its key focal market.

"This is supported by its right-of-first-refusal agreement with its sponsor, Lippo Karawaci, over its expanding pipeline of more than 40 hospitals," it said.