First Reit H2 DPU falls 10.3% to S$0.0104 on weaker rupiah and yen

[SINGAPORE] First Real Estate Investment Trust (Reit) posted a distribution per unit (DPU) for the second half ended Dec 31, 2025, down 10.3 per cent to S$0.0104 from S$0.0116 for the previous corresponding period.

The H2 DPU comprises distributions for the third and fourth quarters, which were each S$0.0052 per unit, said the manager in a bourse filing on Thursday (Feb 5). The Q4 distribution will be paid out on Mar 30.

For the full year ended Dec 31, 2025, DPU was 8.1 per cent lower at S$0.0217, from S$0.0236 for FY2024.

Distributable income for the H2 FY2025 declined 9.3 per cent to S$22 million, from S$24.3 million a year earlier. Revenue from rental and other income eased 0.3 per cent to S$50.1 million, from S$50.2 million.

Full-year DPU was down 7.1 per cent at S$45.8 million for FY2025, from S$49.3 million. Revenue fell 1.6 per cent to S$100.5 million, from S$102.2 million. 

The manager noted that the decline in DPU and lower rental income were largely due to the depreciation of the rupiah and yen against the Singapore dollar, though rental income was partly offset by higher rental from assets in Indonesia and Singapore.

The lower DPU was also impacted by an enlarged unit base resulting from the issuance of units for the payment of management and divestment fees.

Net property income for H2 FY2025 grew 0.5 per cent year on year to S$48.4 million, from S$48.2 million. For the full year, it eased 1.1 per cent to S$97.3 million from S$98.5 million.

The full-year decline was attributed to lower revenue, and partly offset by lower property expenses. 

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Victor Tan, executive director and chief executive officer of First Reit’s manager, said that 2025 was a “year of active navigation” with the Reit’s “ongoing strategic review amid shifting market and economic conditions”.

Units of First Reit ended at S$0.275, S$0.005 or 1.9 per cent higher on Thursday, before the release of the results.