First Real Estate Investment Trust (First Reit) has announced that gross revenue dropped 0.2 percent to S$7.65 million in Q4 2010, while net property income fell 0.3 percent to S$7.56 million.
However, the Q4 distributable amount rose 2.8 percent to S$5.43 million.
The company’s rights issue for asset acquisitions in 2010 resulted in the growth of its unit base, leading to a 54.7 percent decline in Q4 distribution per unit (DPU), down to 0.87 cents from 1.92 cents a year ago.
For the full year 2010, net property income increased 0.1 percent to S$29.88 million, while distributable amount rose 1.8 percent to S$21.3 million. DPU for the full year dropped 13 percent to 6.63 cents from 7.62 cents in the previous year.
Looking ahead, First Reit expects contributions from new assets, which include Siloam Hospitals Lippo Cikarang and The Mochtar Riady Comprehensive Cancer Centre, to boost its FY2011 distributable income.
The company said distributable income for FY2011 is projected to reach S$40.3 million, up 89 percent from FY2010.