First REIT's net property income jumps 40.1% YoY to $79.08m in 9M22

The increase was due to the contributions from acquisitions in Japan.

First REIT saw its net property and other income for the first nine months of the financial year 2022  (9M22) rise by 40.1% to $79.08m compared to the same period last year.

In a bourse filing, First REIT attributed the increase to the contributions from the acquisition of 14 nursing homes in Japan.

First REIT completed the acquisition of 12 well-established freehold nursing homes in March 2022.

Meanwhile, the acquisition of  Loyal Residence Ayase in Kanagawa Prefecture and Medical Rehabilitation Home  Bon Séjour Komaki in Aichi Prefecture was completed in September.

The recognition of the Financial Reporting Standards 116 rental straight-lining adjustments for the Indonesia hospital properties and Singapore properties also contributed to the increase in the REIT's income.

With larger income, the REIT's annualised distribution per unit (DPU) for 9M22 also increased by 1.1% YoY to $0.0264.