First REIT cites weak foreign exchange rates for 9M income drop

The firm’s investment decreased to $1.07b from $1.12b due to weakening Rupiah, Yen against Singapore Dollar.

First REIT Management Ltd. rental and other income and net property income (NPI) stood at $75.5m and $73.3m in the first nine months, respectively, representing decreases of 2% and 1.4% compared to the same period last year.

The financial results in 9M 2025 were directly impacted by the depreciation of the Indonesian  Rupiah and Japanese Yen against the Singapore Dollar, the healthcare REIT said.

During nine-month period, investment properties decreased to $1.07b from $1.12b mainly due to the weakening of the foreign currencies against the Singapore Dollar.

First REIT has a portfolio of 32 assets with assets under management (AUM) of $1.12b across Asia, with 14 nursing homes in Japan, 11 hospitals and two integrated hospitals and malls in Indonesia, and three nursing homes in Singapore.

The assets have an occupancy rate of 100% as of 30 September 2025, the firm said.

First REIT cited uncertain global trade dynamics and sustained fiscal pressures to influence foreign exchange rates.

“These factors contribute to heightened exchange rate fluctuations, which may affect cross-border capital flows, asset valuations, and earnings stability,” it said.