SINGAPORE (May 6): Bowsprit Capital Corporation, the manager of First Real Estate Investment Trust (First REIT), has reported a distribution per unit (DPU) of 1.86 cents for the 1Q2020 ended March, down 13.5% y-o-y, as the REIT’s unit base has grown bigger.

The manager of the REIT will be adopting semi-annual reporting with effect from FY2020 ending December. However, quarterly distributions will still be continued.

For the quarter under review, First REIT reported rental income of $28.9 million, 0.8% up y-o-y, and net property and other income at $28.2 million, 0.6% up y-o-y. The increase was mainly contributed by higher variable rent component for the REIT’s Indonesia properties.

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