First REIT   

First Reit - brighter future for long term holders

Stability of domestic politics have a greater impact than de-dollarisation as IDR isnt pegged to the dollar, in my view - healthcare assets are meant to be good and stable but so far, DI and DPU have been declining y/y so yes clipping high single digit yield but still losing money from initial investment

Alignment      ( Date: 27-Aug-2025 21:35) Posted: I' m definitely not a currency expert, but since everyone is talking about dedollarisation if this does happen then clearly the IDR trend will be different and stronger than before.

 

I' m definitely not a currency expert, but since everyone is talking about dedollarisation if this does happen then clearly the IDR trend will be different and stronger than before.

 

Better get it right rather than rush it, meanwhile shareholders just clip the yield. Problem for them is dpu continues to decline due to IDR weakness.

Alignment      ( Date: 15-Aug-2025 10:04) Posted: Haha fair point! Even allowing for that though I think we should be due some news reasonably soon. Trainner      ( Date: 14-Aug-2025 13:49) Posted: Bro, this is REIT...... very slow to make decision......

 

Haha fair point!

Even allowing for that though I think we should be due some news reasonably soon.

Trainner      ( Date: 14-Aug-2025 13:49) Posted: Bro, this is REIT...... very slow to make decision......  Alignment      ( Date: 14-Aug-2025 13:11) Posted: Any progress on the strategic review being undertaken? There must be an alternative to the CVC offer if it is taking so long to consider.

 

Bro, this is REIT...... very slow to make decision...... 

Alignment      ( Date: 14-Aug-2025 13:11) Posted: Any progress on the strategic review being undertaken? There must be an alternative to the CVC offer if it is taking so long to consider.

 

Any progress on the strategic review being undertaken? There must be an alternative to the CVC offer if it is taking so long to consider.

 

First reits better address their falling asset values and distributions due to depreciating IDR. Otherwise it is a losing counter.

MrBear12      ( Date: 12-Feb-2025 13:04) Posted: No. Just like ringgit, keeps falling. Best get rid of the properties. Or hedge to SGD. Trainner      ( Date: 12-Feb-2025 13:01) Posted: Have Yen and IDR reached the bottoms? If yes, the earning may be improved moving forwards

 

As repeated donkey times here, currency risk is key for this stock

 

MrBear12      ( Date: 12-Feb-2025 12:27) Posted: As mentioned , depreciation of foreign income source is problem here Joelton      ( Date: 12-Feb-2025 12:23) Posted: First REIT reports lower DPU for the FY2024 of 2.36 cents due to depreciation of yen and Indonesian rupiah   First REIT has reported a lower distribution per unit (DPU) for the FY2024 ended Dec 31, 2024 of 2.36 cents, a 4.8% y-o-y decrease.    The 4QFY2024 DPU came in at 0.58 cents, consistent with the previous quarter, but 3.3% lower compared to 1QFY2024 and 2QFY2024&rsquo s DPU of 0.60 cents.    First REIT says that the decline was largely due to the depreciation of the Japanese yen and Indonesian rupiah against the Singapore dollar, coupled with the enlarged unit base, an 0.8% increase from the year prior, resulting from the issuance of units for payment of management fee to the manager of the REIT.    The REIT&rsquo s rental & other income dropped 5.9% y-o-y for the FY2024 to $102.2 million, and net property and other income fell 6.5% y-o-y to $98.5 million.    Distributable amount declined by 4.1% y-o-y to $49.3 million in FY202.    Likewise, the REIT says that the decline in financial performance comes from the depreciation of the Japanese yen and Indonesian rupiah against the Singapore dollar. The currency impact was partly offset by higher rental income in local currency terms from Indonesia and Singapore properties.   The REIT&rsquo s total debt as at Dec 31, 2024 stood at $459.6 million, and its gearing ratio at 39.6%. Its weighted average term to maturity is 2.5 years, and interest cover ratio is 3.8 times.    The REIT&rsquo s weighted average lease expiry (WALE) is 10.6 years from 11 tenants.    Victor Tan, executive director and CEO of the manager says that the rental and other income for Indonesia and Singapore properties increased by 4.7% and 2.0% respectively in local currency terms while rental and other income for their Japan properties remained stable.    &ldquo First REIT&rsquo s healthcare and healthcare-related portfolio continued to demonstrate healthy underlying performance and operational strengths in FY2024. Our sustainable lease structures and 100% committed occupancy rates were the Trust&rsquo s key drivers during this year of economic uncertainties,&rdquo says Tan.

 

The performance are actually quite decent. The drop in revenue is mainly due to weakening of IDR against SGD. If purely based on local currency, the revenue went up in 1H' 25.

Joelton      ( Date: 30-Jul-2025 11:52) Posted: First Reit reports lower H1 DPU of S$0.0113 on FX depreciation, enlarged unit base Rental and other income for H1 2025 falls 2.9% to S$50.5 million from S$52 million   [SINGAPORE] The manager of First Reit : AW9U 0% reported a 5.8 per cent fall in H1 2025 distribution per unit (DPU) to S$0.0113 from S$0.012 in H1 2024 in a bourse filing on Tuesday (Jul 29).   This comprises the Q1 2025 DPU of S$0.0058, which was paid on Jun 26, and Q2 2025 DPU of S$0.0055, which will be paid on Sep 25.   Rental and other income for H1 2025 fell 2.9 per cent to S$50.5 million from S$52 million in H1 2024. This was mainly driven by the depreciation of the rupiah and yen against the Singapore dollar, and partially offset by higher rental income from assets in Indonesia and Singapore.   As a result, net property and other income also fell in tandem, down 2.7 per cent to S$48.9 million in H1 2025 from S$50.3 million in H1 2024. Distributable amount fell 4.8 per cent to S$23.8 million in H1 2025 from S$25 million in H1 2024 on the same foreign currency depreciation.   The fall in DPU was driven by these factors and an enlarged unit base from issuance of units as payment of management fees to the manager.   The gearing ratio for First Reit rose slightly to 41.2 per cent, and interest coverage ratio remained at 3.7 times. The real estate investment trust has no refinancing requirements until May 2026, and has adopted hedging strategies to protect net cash flows from Indonesia and Japan.   Currency volatility is expected to persist across Asia, influenced by the ongoing global trade uncertainties and domestic fiscal challenges. The rupiah and yen have both depreciated this year, with Bank Indonesia intervening in June and Bank of Japan signalling caution over additional rate hikes.   &ldquo The volatility and depreciation of the Indonesian rupiah against the Singapore dollar moderated our distributable income for the first half of 2025, despite Indonesia properties achieving a 5.5 per cent increase in rental income in local currency terms. This necessitates our continued focus on actively managing foreign currency risks and our capital management strategy,&rdquo said Victor Tan, executive director and CEO of the manager.

 

 

https://links.sgx.com/FileOpen/First_REIT_Presentation_DBS_PB_REITAS_Luncheon.ashx?App=Announcement& FileID=846060

Quite informative above presentation

 

 

First Reit Q1 DPU dips 3.3% to S$0.0058 amid forex headwinds
Distributable income slips 2.2% to S$12.2 million


Ry-Anne Lim
Published Tue, Apr 29, 2025 · 06:34 PM
First Reit
bizlyfirst18 - Siloam Hospitals Yogyakarta

Credit:First REIT
First Reit's manager expects continued uncertainties in the global debt market, which will contribute to volatile interest rates and disrupted dynamics within debt markets. PHOTO: FIRST REIT
First Reit's manager expects continued uncertainties in the global debt market, which will contribute to volatile interest rates and disrupted dynamics within debt markets. PHOTO: FIRST REIT
First Reit's manager expects continued uncertainties in the global debt market, which will contribute to volatile interest rates and disrupted dynamics within debt markets. PHOTO: FIRST REIT
First Reit's manager expects continued uncertainties in the global debt market, which will contribute to volatile interest rates and disrupted dynamics within debt markets. PHOTO: FIRST REIT
First Reit's manager expects continued uncertainties in the global debt market, which will contribute to volatile interest rates and disrupted dynamics within debt markets. PHOTO: FIRST REIT
[SINGAPORE] First Real Estate Investment Trust?s (First Reit) distribution per unit (DPU) fell 3.3 per cent to S$0.0058 for the first quarter ended Mar 31, compared to S$0.006 in the corresponding year-ago period.

Rental and other income fell 2.8 per cent to S$25.4 million, while net property and other income slipped 2.8 per cent to S$24.6 million.

In a business update on Tuesday (Apr 29), the manager attributed the Q1 decline to the depreciation of the Indonesian rupiah and Japanese yen against the Singapore dollar. This was partially offset by higher rental income from properties in Indonesia and Singapore, it said.


There was also an enlarged unit base ? up by 0.8 per cent ? from the issuance of units for payment of management fee to the manger, it said.

That brought distributable income to S$12.2 million in Q1, down 2.2 per cent year on year from S$12.4 million.

The distribution will be paid out on Jun 26, after book closure on May 15.

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Meanwhile, the Reit?s cost of debt fell to 4.7 per cent from 5 per cent, amid lower interest rates.

As at Mar 31, some 56.7 per cent of the trust?s debt portfolio was either on fixed rates or hedged. Gearing ratio rose slightly to 40.7 per cent, with an interest coverage ratio of 3.8 times and weighted average term to maturity of 2.3 years.

The manager added that the Reit has no refinancing requirements till May 2026.

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First Reit?s newly acquired Japan nursing home ? Hikari Heights Varus Kotoni, located near Sapporo city centre.
First Reit?s H2 DPU falls 6.5% to S$0.0116

Net asset value consequently inched down to S$0.2737, from S$0.286 at the end of December 2024. This represents a price-to-book ratio of 0.97 times, said the manager.

Looking ahead, the manager expects continued uncertainties in the global debt market. This will contribute to volatile interest rates and disrupted dynamics within debt markets, it said.

?(It) suggests that current debt is unlikely to be repaid through returns from income-generating assets,? said the manager. ?Adverse events and conflicts may also affect asset prices indirectly through policy response to macroeconomic developments, such as growth and inflation.?

But the manager emphasised its commitment to prioritising effective interest rate and foreign currency exposure management, while navigating the challenging global economic environment.

Units of First Reit closed flat at S$0.255 on Tuesday, before the announcement.

 

But how long can this sustain?

I think selling off the properties is a step in the right direction. 

Only need to get a good price.

And return capital to shareholders.

Trainner      ( Date: 12-Feb-2025 17:38) Posted: Although affected by the currencies, First Reit still can afford to give 0.58cts div, that is 2.32cts per year. At today closing price of 27.5cts, the yield is still very good at 8.4% PA. Can keep for passive income......  MrBear12      ( Date: 12-Feb-2025 13:14) Posted: Selling at least 5 percent above current valuation is good

 

Although affected by the currencies, First Reit still can afford to give 0.58cts div, that is 2.32cts per year. At today closing price of 27.5cts, the yield is still very good at 8.4% PA. Can keep for passive income...... 

MrBear12      ( Date: 12-Feb-2025 13:14) Posted: Selling at least 5 percent above current valuation is good. Trainner      ( Date: 12-Feb-2025 13:10) Posted: So selling the Indonesian asset is good

 

Selling at least 5 percent above current valuation is good.

Trainner      ( Date: 12-Feb-2025 13:10) Posted: So selling the Indonesian asset is good? MrBear12      ( Date: 12-Feb-2025 13:04) Posted: No. Just like ringgit, keeps falling. Best get rid of the properties. Or hedge to SGD.

 

So selling the Indonesian asset is good?

MrBear12      ( Date: 12-Feb-2025 13:04) Posted: No. Just like ringgit, keeps falling. Best get rid of the properties. Or hedge to SGD. Trainner      ( Date: 12-Feb-2025 13:01) Posted: Have Yen and IDR reached the bottoms? If yes, the earning may be improved moving forwards

 

No. Just like ringgit, keeps falling. Best get rid of the properties. Or hedge to SGD.

Trainner      ( Date: 12-Feb-2025 13:01) Posted: Have Yen and IDR reached the bottoms? If yes, the earning may be improved moving forwards. MrBear12      ( Date: 12-Feb-2025 12:27) Posted: As mentioned , depreciation of foreign income source is problem her

 

Have Yen and IDR reached the bottoms? If yes, the earning may be improved moving forwards.

MrBear12      ( Date: 12-Feb-2025 12:27) Posted: As mentioned , depreciation of foreign income source is problem here Joelton      ( Date: 12-Feb-2025 12:23) Posted: First REIT reports lower DPU for the FY2024 of 2.36 cents due to depreciation of yen and Indonesian rupiah   First REIT has reported a lower distribution per unit (DPU) for the FY2024 ended Dec 31, 2024 of 2.36 cents, a 4.8% y-o-y decrease.    The 4QFY2024 DPU came in at 0.58 cents, consistent with the previous quarter, but 3.3% lower compared to 1QFY2024 and 2QFY2024&rsquo s DPU of 0.60 cents.    First REIT says that the decline was largely due to the depreciation of the Japanese yen and Indonesian rupiah against the Singapore dollar, coupled with the enlarged unit base, an 0.8% increase from the year prior, resulting from the issuance of units for payment of management fee to the manager of the REIT.    The REIT&rsquo s rental & other income dropped 5.9% y-o-y for the FY2024 to $102.2 million, and net property and other income fell 6.5% y-o-y to $98.5 million.    Distributable amount declined by 4.1% y-o-y to $49.3 million in FY202.    Likewise, the REIT says that the decline in financial performance comes from the depreciation of the Japanese yen and Indonesian rupiah against the Singapore dollar. The currency impact was partly offset by higher rental income in local currency terms from Indonesia and Singapore properties.   The REIT&rsquo s total debt as at Dec 31, 2024 stood at $459.6 million, and its gearing ratio at 39.6%. Its weighted average term to maturity is 2.5 years, and interest cover ratio is 3.8 times.    The REIT&rsquo s weighted average lease expiry (WALE) is 10.6 years from 11 tenants.    Victor Tan, executive director and CEO of the manager says that the rental and other income for Indonesia and Singapore properties increased by 4.7% and 2.0% respectively in local currency terms while rental and other income for their Japan properties remained stable.    &ldquo First REIT&rsquo s healthcare and healthcare-related portfolio continued to demonstrate healthy underlying performance and operational strengths in FY2024. Our sustainable lease structures and 100% committed occupancy rates were the Trust&rsquo s key drivers during this year of economic uncertainties,&rdquo says Tan.

 

As mentioned , depreciation of foreign income source is problem here

Joelton      ( Date: 12-Feb-2025 12:23) Posted: First REIT reports lower DPU for the FY2024 of 2.36 cents due to depreciation of yen and Indonesian rupiah   First REIT has reported a lower distribution per unit (DPU) for the FY2024 ended Dec 31, 2024 of 2.36 cents, a 4.8% y-o-y decrease.    The 4QFY2024 DPU came in at 0.58 cents, consistent with the previous quarter, but 3.3% lower compared to 1QFY2024 and 2QFY2024&rsquo s DPU of 0.60 cents.    First REIT says that the decline was largely due to the depreciation of the Japanese yen and Indonesian rupiah against the Singapore dollar, coupled with the enlarged unit base, an 0.8% increase from the year prior, resulting from the issuance of units for payment of management fee to the manager of the REIT.    The REIT&rsquo s rental & other income dropped 5.9% y-o-y for the FY2024 to $102.2 million, and net property and other income fell 6.5% y-o-y to $98.5 million.    Distributable amount declined by 4.1% y-o-y to $49.3 million in FY202.    Likewise, the REIT says that the decline in financial performance comes from the depreciation of the Japanese yen and Indonesian rupiah against the Singapore dollar. The currency impact was partly offset by higher rental income in local currency terms from Indonesia and Singapore properties.   The REIT&rsquo s total debt as at Dec 31, 2024 stood at $459.6 million, and its gearing ratio at 39.6%. Its weighted average term to maturity is 2.5 years, and interest cover ratio is 3.8 times.    The REIT&rsquo s weighted average lease expiry (WALE) is 10.6 years from 11 tenants.    Victor Tan, executive director and CEO of the manager says that the rental and other income for Indonesia and Singapore properties increased by 4.7% and 2.0% respectively in local currency terms while rental and other income for their Japan properties remained stable.    &ldquo First REIT&rsquo s healthcare and healthcare-related portfolio continued to demonstrate healthy underlying performance and operational strengths in FY2024. Our sustainable lease structures and 100% committed occupancy rates were the Trust&rsquo s key drivers during this year of economic uncertainties,&rdquo says Tan.