First REIT's revenue jumps 10.7% to $15.4m

Check out what is the main growth driver.

According to OCBC, First REIT (FREIT) reported 4Q12 results which were within the firm's expectations. Gross revenue increased 10.7% YoY to S$15.4m, driven by maiden contributions from two new properties which were acquired in Nov 2012 and higher rental income from its remaining portfolio. 

Distributable amount to unitholders declined 8.7% YoY to S$11.1m, but this was due to a special distribution of S$2.2m in 4Q11. Excluding this, distributable amount to unitholders would have increased by 11.3% instead.

Here's more from OCBC:

For FY12, gross revenue rose 6.7% to S$57.6m and was just 0.2% below our full-year projection. Distributable income to unitholders rose 4.8% to S$46.0m, and formed 98.8% of our FY12 forecast.

DPU for FY12 was 7.26 S cents, versus 7.01 S cents in FY11, which translates into a yield of 6.8%. Looking ahead, we expect FREIT to seek further acquisition opportunities in Indonesia given the nation’s robust healthcare dynamics.