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Alignment
Elite |
29-Jul-2026 11:53
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Management should wind the REIT up. If not then independent shareholders may have to take action. |
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PiRPiR
Master |
28-Jul-2026 07:40
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What happens to First REIT?s income after Indonesia?
First REIT (SGX: AW9U) also reports on 29 July 2026, and its release carries the most at stake. Singapore?s first healthcare REIT holds hospitals, nursing homes, and integrated developments across Indonesia, Japan, and Singapore. The headline distribution fell in its recent quarter, largely on currency weakness as the Japanese Yen and Indonesian Rupiah softened against the Singapore Dollar. Strip out currency, and underlying rental income rose in Indonesia and Singapore while Japan held stable. That distinction matters, because it separates a translation effect from genuine operating decline. The larger story is strategic. Unitholders have approved the divestment of eight Indonesian hospitals and three non-core assets, and a put option covers the remaining six hospitals. Taken together, these moves would see the trust exit Indonesia entirely. These transactions would sharply reduce pro-forma gearing and fund a special distribution. That special distribution is a one-off and sits apart from the ordinary payout, a distinction investors should hold firmly in mind. The catch defines the watch item. Indonesia houses the trust?s highest-yielding assets. Exiting lowers financial risk but leaves future income dependent on where the proceeds are redeployed. The coming release should offer the first read on timing, on how much of the divestment has been completed, and on management?s redeployment thinking. |
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Alignment
Elite |
26-Jul-2026 00:23
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Also no-one wants a company excessively exposed to Japan. Takaichi' s policies leading it down a road to go bust bigly. Debt to GDP over 200%... https://www.theguardian.com/world/2026/jul/25/japan-sanae-takaichi-investment-plan-liz-truss-economy |
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Alignment
Elite |
11-Jun-2026 10:53
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Japan and Singapore only 25% of total asset base. I imagine most investors just want to close this down and get back a lot more than the current share price. If this is not what management decide, then following the Sabana/Alpha precedent they are ultimately not able to stop it happening if enough investors want it to happen. |
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n3wbie
Elite |
10-Jun-2026 21:51
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Got special dividend, so not too bad
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bechaotic
Member |
10-Jun-2026 15:30
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Bit after the disposals, they still have Japan & Sin properties. So unlikely to delist unless they sell them off too. | ||||
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bechaotic
Member |
10-Jun-2026 13:23
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What will happen to them if they sold off all Indo properties & hospitals? Will they still have the support of Soelam? Without Soelam as the main Sponsor, how will they venture into other acquistions with the cash proceeds? Might as well delist the whole Reit! |
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Trainner
Master |
09-Jun-2026 19:56
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Windfall please..... 😊
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Alignment
Elite |
09-Jun-2026 13:43
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Looking further ahead, what is the endgame here? A wind down and/or a sale of all the assets? | ||||
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desmlee
Member |
08-Jun-2026 22:50
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got any kakis managed to join the sias dialogue tonight? too bad couldnt make it | ||||
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desmlee
Member |
29-May-2026 10:04
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just saw the circular being uploaded today on sgx. expect deal completion by aug then can give out the special divs. ifa and board recommend vote in favour for the resolutions at egm
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Trainner
Master |
28-May-2026 08:57
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Anyone knows when will the transaction of Indonesia asset complete? |
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PiRPiR
Master |
24-Apr-2026 13:29
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12:59 AM EDT, 04/24/2026 (MT Newswires) -- First REIT's (SGX:AW9U) distribution per unit or DPU declined 14% in the first quarter of the year to SG$0.005 from SG$0.0058 a year earlier, according to a Thursday filing with the Singapore Exchange.
Shares of the REIT were up over 2% in Friday trading. Distributable amount fell 13% to SG$10.6 million from SG$12.2 million. Net property and other income was down 8.3% to SG$22.5 million compared with SG24.6 million in the year-ago period. Rental and other income declined 8.4% year over year to SG$23.2 million from SG$25.4 million. |
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Joelton
Supreme |
24-Apr-2026 11:36
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First REIT' s DPU fell by 13.8% y-o-y in 1Q2026 First REIT had a challenging 1Q2026 due to currency headwinds. Rental and other income declined 8.4% y-o-y to $23.2 million in 1Q2026. Net property and other income fell 8.3% y-o-y to $22.5 million over the same period. The decrease in rental and other income was primarily due to the loss of income following the divestment of Imperial Aryaduta Hotel & Country Club as well as the significant depreciation of Indonesian Rupiah and Japanese Yen against the Singapore Dollar, partly offset by higher rental income from Indonesia and Singapore properties. Distributable Income declined by 12.5% y-o-y to $10.6 million in 1Q2026. DPU has dipped to 0.50 cents in 1Q2026 down 13.8% y-o-y mainly due to foreign currencies depreciationg against the Singapore dollar, and an enlarged unit base resulting from the issuance of units for payment of management fees. Net asset value per unit as at Mar was 24.42 cents down from 24,97 cents a year ago due to depreciation of the foreign currencies against the Singapore Dollar. As at Mar 31,44.2% of the debt portfolio was either on fixed rates or hedged. Aggregate leverage rose to 44.6% and interest coverage ratio amounted to 4.4 times. Cost of debt improved to 3.9% in 1Q2026 compared to 4.7% a year ago. First REIT has secured a 12-month extension of its $300 million term loan and revolving credit facilities, extending its maturity date from May 2026 to May 2027. The Manager is currently in discussions with lenders for the refinancing of the Japanese Yen-denominated social loan due in September 2026. In March 2026, the Manager announced the short-term lease renewal for Siloam Hospitals Lippo Cikarang, commencing on Jul 1 to Dec 31, with an option for further extension from Jan 1 2027 to Jun 30 2027. On Apr 1 the Manager had announced a proposed divestment of eight hospitals, Lippo Plaza Baubau and Hotel Aryaduta Managoat at an agreed property value of $471.5 million, a 2.1% premium to valuation and put options for the remaining six hospitals in Indonesia portfolio which will unlock IDR 3.9 trillion, approximately $294.8 million when exercised. The divestments will eliminate First REIT&rsquo s IDR/SGD foreign currency volatility and income drag which had impacted unitholder returns. The phased divestment approach provides transaction certainty and prioritises DPU stability, supporting distribution resilience while recycling capital from non-core and non-healthcare assets, and assets with rental arrears. The aggregate leverage will significantly reduce to 16.7% following repayment of certain secured loans and debt securities. The Board also intends to make a Special Distribution of approximately $9.7 million, after the completion of the proposed divestments. The proposed divestment require unitholders&rsquo approval. Escalating conflicts, shifting trade and monetary policies among major economies have contributed to heightened volatility in energy prices, currency movements and capital flows. Financial conditions have tightened, though they remain moderately accommodative in both advanced and emerging markets. Interest rates and foreign currency exposures will remain key areas of focus for First REIT. Bank Indonesia has continued its intervention measures to support the Indonesian Rupiah after it reached record-low levels.This contributed to Indonesia&rsquo s foreign exchange reserves falling for a third straight month in March to a near two-year low since 2022, as efforts to stabilise the rupiah were ramped up. Bank of Japan highlighted that surging oil prices and supply disruptions stemming from the Middle East conflict pose risks to economic growth, prompting caution for its monetary policy.The Japanese Yen has hit record lows against the Singapore Dollar, with $1 surpassing JPY125 in April 2026. The Monetary Authority of Singapore has tightened monetary policy and raised its inflation forecasts, citing heightened volatility in global energy prices and supply disruptions stemming from the Middle East conflict. A tighter policy stance potentially strengthens the Singapore Dollar, exacerbating the weakness of the Indonesian Rupiah and Japanese Yen. |
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desmlee
Member |
15-Apr-2026 22:18
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https://omny.fm/shows/moneyfm-midday-show/money-and-me-reit-opportunity-the-mid-cap-alpha-hunt Kenny Loh on radio to talk about some of the positives |
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asianguy
Senior |
15-Apr-2026 20:42
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After divesting Indonesian asset, FIRST REIT yield is 6.24% (1.56/25 cents=6.24%) or 8.08% after adding in special distribution. The yield is still very good in today' s low interest rate environment. The aggregate leverage has dropped to 16.%. Hopefully this allow the manager to acquire more DPU accretive assets in SG without FX risks.. |
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PiRPiR
Master |
01-Apr-2026 16:23
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By exiting the Indonesian market, the trust expects its aggregate leverage to ?significantly reduce to approximately 16.7 per cent?, providing pro forma annual interest cost savings of S$18.8 million.undertaken to completely waive its divestment fee of around S$2.4 million.Furthermore, the board intends to recommend a special distribution of about S$9.7 million to share the upside from the divestment proceeds, expected to be declared across the two financial quarters succeeding the completion of the deal.?As at the date of the announcement, the proposed divestments represent the best available offer for the Indonesia divestment properties,? the manager said.?Should the proposed divestments not receive the requisite approvals from the independent unitholders, there is no certainty that the manager will receive a superior offer in the future or any offer at all.?Units of First Reit ended flat at S$0.255 on Tuesday. | ||||
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asianguy
Senior |
01-Apr-2026 15:59
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Potential re-rating after getting rid of indonesian asset/currency risk, Now the asset quality is on par with Parkway Life.
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asianguy
Senior |
01-Apr-2026 15:13
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I asked google gemini AI how would the NTA be affected ? The following is what gemini AI generated:
Based on the proposed
S$471.5 million divestment of First REIT&rsquo s Indonesian assets to Siloam International Hospitals, the Net Tangible Assets (NTA) are expected to be affected as follows:
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PiRPiR
Master |
01-Apr-2026 13:54
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01:08 AM EDT, 04/01/2026 (MT Newswires) -- First REIT (SGX:AW9U) agreed to dispose of several hospital assets and signed put option agreements to divest more properties in Indonesia, according to a Wednesday filing with the Singapore Exchange.
The REIT made a series of transactions worth SG$471.5 million to divest 10 hospital assets. Eight of the hospital assets under the deal will be sold for a consideration of SG$389.2 million to PT Siloam International Hospitals (IDX:SILO). Meanwhile, the proposed disposal of non-core hospital assets Lippo Plaza Baubau and Hotel Aryaduta Manadoc to PT Lippo Karawaci (IDX:LPKR) is priced at SG$53.3 million. The company will also divest the conditional prepaid lease of commercial rights for Lippo Plaza Kupang to PT Bumi Sarana Sejahtera, a wholly-owned subsidiary of PT Metropolis Propertindo Utama, for SG$29.1 million. Additionally, the REIT signed put option agreements with Siloam to divest its remaining six hospital assets in Indonesia for SG$294.8 million. The divestments are part of the REIT's strategy to optimize its distribution per unit and to reduce annual interest costs. |
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