First REIT posts lower net property income of $52.4m in 1H23

The REIT’s NPI fell 0.6% YoY.

The net property income of First REIT slightly dipped in 1H23, declining by 0.6% YoY to $52.4m.

Given the decline in NPI, the REIT delivered a 6.1% YoY lower DPU of $0.0124.

In a bourse filing, the REIT attributed the lower DPU to “higher financing costs, currency translation impact, and one-off increase in unit base.”

On the flip side, the REIT recorded higher rental and other income of $54.0m, translating to a 0.4% YoY increase.

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