First REIT's Pacific Healthcare Nursing Home II. (Photo: Google Maps)

Healthcare landlord First REIT has reported distribution per unit (DPU) of 2.15 Singapore cents for its 2Q 2019, unchanged from the corresponding period in 2018.

This is the REIT’s seventh consecutive quarter of reporting a DPU of exactly 2.15 Singapore cents.

Income distributable to unitholders for the quarter was SGD17.1 million, up 1.2% from SGD16.9 million in 2Q 2018.

Rental and other income for the quarter was up marginally by 0.2% to SGD29.0 million, from SGD28.9 million in 2Q 2018.

However, net property income (NPI) dipped by 0.6% to SGD28.3 million, largely due to higher property expenses for its South Korea and Indonesia properties.

As at 30 June 2019, First REIT’s gearing was at 34.5% with average cost of debt at 4.1%.

First REIT was last done on the SGX at SGD1.08, which gives a yield of about 7.9% according to data from the Singapore REITs fundamentals table.

By Shariffa Al-Habshee

Shariffa joined REITsWeek in 2017, and monitors Asia-Pacific REITs for the publication.