The manager of First REIT posted distribution per unit of 1.01 cents for the 3QFY2020 ended Sept 30, down 53% from the DPU of 2.15 cents posted in the year before, due to an enlarged unit base.
For the quarter, the number of units were up 1.5% y-o-y at 807.2 million, compared to the 795.3 million a year ago.
For the 9MFY2020, First REIT recorded DPU of 3.31 cents, down 48.7% from the DPU of 6.45 cents in 9MFY2019.
Distributable income for the 3QFY2020 fell 52.3% y-o-y to $8.2 million due to lower management fees payable in units and the one-month rental relief extended to the tenants in Indonesia.
Rental and other income fell 28.0% y-o-y to $20.7 million, while net property and other income fell 28.4% y-o-y to $20.2 million for the 3QFY2020. The lower figures were attributable to the month-long rental relief extended to First REIT’s tenants in Indonesia.
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On Oct 22, the REIT says it is extending another two months of rental relief to its tenants in Indonesia amounting to some $18.9 million for Sept and Oct 2020.
In its outlook statement, First REIT says it will work alongside its tenants ensure its healthcare properties operate under “strict precautionary measures” and that it seeks to “maintain the resilience and long-term sustainability of its business”.
Unitholders can expect to receive their payments by Dec 23.
Units in First REIT closed 2 cents higher or 4.8% up at 44 cents on Nov 10.
