Underlying rental income from Indonesia and Japan was up 5.5% and flat at IDR567.3 billion and JPY1.1 billion respectively, in local currency terms.
First REIT’s interest cost savings are outpaced by the appreciation of the Singapore dollar, says OCBC Investment Research analyst Ada Lim, who is staying “hold” on the REIT.
With a portfolio of 32 nursing homes and hospitals located in Singapore, Japan and Indonesia, the healthcare-focused REIT’s 9M2025 rental income and net property income (NPI) slipped 2% and 1.4% y-o-y to $75.5 million and $73.3 million respectively. But foreign exchange (FX) “continues to be a recurring detractor”, says Lim in a Nov 3 note.
