First REIT’s manager, Bowsprit Capital Corporation, today reported a 1.3% rise in first-quarter distributable income to $5.2 million for the period ended 31 March 2010.

This was achieved on the back of a 0.6% increase in gross revenue to $7.5 million. Higher rental income from Indonesia properties was partly offset by the deferment of rental income from Pacific Cancer Centre @ Adam Road as the property is currently under redevelopment. The REIT’s gross revenue would have increased by 4.6% to $7.7 million if the deferred rental income had been included.

Net property income rose marginally by 0.3% to $7.3 million with higher property tax incurred for the Lentor Residence being a major contributor to the 29.1% increase in property operating expenses.

Distribution per unit (DPU) rose 1.1% to 1.90 cents, which represents 100% of the distributable income for this quarter. Based on its annualised DPU of 7.71 cents and the closing price of S$0.865 on 21 April 2010, First REIT achieved a distribution yield of 8.9%.