Bowsprit Capital Corporation, the manager of First Real Estate Investment Trust (First REIT), Singapore’s first healthcare real estate investment trust, today reported continued growth in distributable income for the third quarter ended 30 September 2010 (3Q 2010).

Distributable income rose 2.5% to $5.4 million, translating to a 2.1% jump in distribution per unit (DPU) to 1.94 cents.  Based on its annualised DPU of 7.70 cents and the closing price of $0.95 on 20 October 2010, First REIT achieved a distribution yield of 8.1%.

Including the deferred rental income of $0.3 million from Pacific Cancer Centre @ Adam Road, which is currently under development, gross revenue increased 4.6% to $7.9 million while net property income rose by 3.7% to $7.8 million.

The Books will close from 5pm on 1 November 2010 for the purpose of determining Unitholders’ entitlement to the distribution.  The distribution will be paid on 29 November 2010. The ex-dividend date will be on 28 October 2010 at 9.00am.

To drive growth and improve the quality of healthcare at its properties, First REIT says it will focus on asset enhancements.

It is making good progress with the comprehensive enhancement works at Pacific Cancer Centre @ Adam Road to transform the property into a modern boutique cancer specialist hospital. The investment, which costs around S$18.6 million, is slated for completion in the second half of 2011.

First REIT will also add a new extension block to Lentor Residence, estimated to cost about S$4.5 million. This asset enhancement is expected to commence after it receives the necessary regulatory approvals.