First REIT posts 5.8% drop in DPU with forex drag in 1H25

The REIT reported a 2.9% decline in rental and other income, falling to $50.5m from $52.0m a year earlier.

First Real Estate Investment Trust (First REIT) posted a 5.8% YoY drop in distribution per unit (DPU) for the first half of 2025, issuing $0.0113 compared to $0.0120 in the same period last year.

The decline was driven primarily by foreign exchange losses, as the Indonesian Rupiah and Japanese Yen depreciated significantly against the Singapore Dollar. The impact was compounded by an enlarged unit base due to management fees being paid in units.

The REIT reported a 2.9% decline in rental and other income, falling to $50.5m from $52.0m a year earlier. Net property and other income slipped 2.7% to $48.9m. Distributable income also fell 4.8% to $23.8m.

In line with its distribution policy, First REIT will pay out $0.0055 per unit for the second quarter, comprising $0.0003 in taxable income and $0.0052 in capital distribution. The ex-distribution date is set for 13 August, with payment to unitholders scheduled for 25 September.

Currency pressures also eroded asset valuations. The REIT’s portfolio of 32 healthcare-related properties in Indonesia, Japan, and Singapore was valued at $1.086b, down from $1.118b as at end-2024. Net asset value per unit dropped to $0.2675 from $0.2860.

Despite the softer results, management maintained a confident outlook. The REIT's gearing ratio rose slightly to 41.2% from 39.6%, but its interest coverage ratio held at a healthy 3.7 times. Cash and cash equivalents increased modestly to $35.5m.

Reaching the people who run Asia's businesses is harder than it used to be.

Inboxes are crowded. Attention is short. The executives you most want to reach — the founders, CFOs, and operators who actually move budgets — are the hardest to find through the usual channels. If you're building a company, a category, or a reputation, you already know this.

We've spent twenty years building the room they read. Singapore Business Review is where senior decision makers in Singapore and across Southeast Asia come for business coverage they can't get elsewhere — in print, online, and in person at the summits and roundtables we host across seven markets.

If you have something these readers should know about — a point of view worth publishing, a product worth their attention, an event worth their time — we'd like to hear what you're trying to do.

Book a meeting

| Or download the media kit (PDF)

240,000 senior readers quarterly in print Top 1,700 Singapore companies reached

7 markets across Southeast Asia