First Reit posts 3.2% lower H1 DPU at S$0.012
The manager attributes the drop in the distributable amount to the depreciation of the yen and rupiah against the Singapore dollar
FIRST Real Estate Investment Trust (First Reit) on Friday (Jul 26) posted a distribution per unit (DPU) of S$0.012 for the first half ended Jun 30, 2024, down 3.2 per cent from the same period a year before.
The manager attributed the drop in the distributable amount to the depreciation of the yen and rupiah against the Singapore dollar.
First Reit’s rental and other income fell 3.7 per cent on the year to S$52 million from S$54 million. On a local currency basis, however, rental and other income rose 4.4 per cent year on year for Indonesia properties, 2 per cent on year for the Reit’s nursing homes in Singapore; income from nursing homes in Japan “remained stable”.
After property expenses rose slightly to S$1.7 million, net property and other income declined 4.1 per cent to S$50.3 million from S$52.4 million.
Finance costs also rose by S$100,000 to S$11.3 million on interest rate risk and currency risk management.
The Reit’s distributable amount stood at S$25 million for the half-year period, compared with S$25.5 million in the same period the previous year. It will be paid on Sep 25, after books close on Aug 6.
First Reit’s aggregate leverage stood at 39.5 per cent as at Jun 30. Its interest coverage ratio was four times, but 3.7 times after including distribution to perpetual securities holders.
Its weighted average lease expiry was at 11 years on a gross floor area basis as at end-June.
First Reit units closed 2 per cent or S$0.005 higher at S$0.255 on Thursday.
