First REIT DPU drops 8.1% in 2025 on weaker rupiah and yen

DPU stood at 2.17 cents during the year.

First Real Estate Investment Trust (REIT) reported its dustribution per unit declined by 8.1% to 2.17 cents in 2025 from 2.36 cents in 2024 due to weaker Indonesian Rupiah and Japanese Yen.

Rental and other income declined 1.6% year on year to $100.53m, compared with $102.21m in the previous year.

“First REIT continues to generate sustainable income from its geographically diversified portfolio, supported by healthy leasing performance and disciplined capital management,” Victor Tan, Executive Director and CEO of First RWIT, said in a press release.

“However, the significant weakening of the Indonesian Rupiah and Japanese Yen had resulted in a decline of our reported financials and DPU.”

The company also saw a 22.1% decline in total return attributable to unitholders to $27.33m for the year ended 31 December 2025, alongside a drop in basic earnings per unit to 1.29 cents from 1.68 cents a year earlier, according to a filing.

Total return after income tax fell to $28.98m from $36.75m in 2024, reflecting higher foreign exchange losses and valuation pressures during the year.

The trust recorded net foreign exchange losses of $8.31m in 2025, widening from $4.72m a year earlier, alongside net fair value losses on investment properties of $3.53m.

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