The manager of First REIT has announced a 1QFY2021 ended March distribution per unit (DPUI) of 0.65 cents, down 65.1% y-o-y from 1.86 cents previously.
In the REIT’s 1QFY2021 business update dated May 4, the manager notes that the lower DPU follows lower distributable income as well as the issuance of 791 million rights units on Feb 24 which are entitled to participate in the 1Q2021 distribution.
Excluding the new rights units issued, the adjusted DPU would be 1.27 cents for 1Q 2021, a 31.7% decline from the previous year.
The distribution payment date will be on June 28.
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Distributable income for the period came in at $10.4 million, 30.5% lower y-o-y from $14.9 million previously.
The lower distributable income follows lower rental and other income, which declined 33% y-o-y to $19.3 million, largely attributable to the restructured master lease agreements of 14 Indonesia hospitals which took effect from Jan 1.
To that end, net property and other income fell 33.9% y-o-y to $18.6 million.
In its business outlook, the manager anticipates that the healthcare sector will gradually recover as the vaccination programme continues and the Indonesia government rolls out a record state budget to aid economic recovery.
As at 11.32am, units in First REIT were up 0.5 cents or 1.85% to 27.5 cents.
