First REIT (SGX:AW9U
) has reported a distribution per unit (DPU) of 2.17 cents for FY2025 ended Dec 31, which was down 8.1% y-o-y.
The REIT’s rental and other income declined 1.6% y-o-y to $100.5 million in FY2025, and net property and other income fell 1.1% y-o-y to $97.3 million.
The decline was a result of the depreciation in Indonesia Rupiah against the Singapore Dollar and the divestment of Imperial Aryaduta Hotel & Country Club, while partially offset by higher rental income in local currency terms from Indonesia and Singapore properties.
As at Dec 31, 2025, First REIT’s portfolio valuation was down 6.2% y-o-y to $1.02 billion, mainly due to weakening of both Japanese Yen and Indonesian Rupiah against the Singapore Dollar.
Net asset value per unit as at Dec 31, 2025 was 24.97 cents, 12.7% lower than 28.6 cents as at Dec 31, 2024.
Meanwhile, gearing ratio increased marginally to 42.1% with a slight dip in interest coverage ratio to 3.7 times. Cost of debt declined to 4.5% as compared to 5.0% in FY2024 due to lower borrowing costs.
See also: Hongkong Land's underlying profit for FY2025 down 8%; earnings reach US$1.26 bil
First REIT is currently in discussion with lenders to extend and refinance the loans that are due in 2026. The REIT also completed the redemption of $33.3 million of fixed-rate subordinated perpetual securities in January.
Separately, the rental outstanding from PT Metropolis Propertindo Utama (PT MPU) master lease agreements as at Dec 31,2025, stood at approximately $6.9 million. In January, the REIT received approximately $1.5 million of subsequent receipts in repayment for the outstanding rentals from PT MPU.
“During the year, we completed the divestment of Imperial Aryaduta Hotel & Country Club. Looking ahead as we progress with the Strategic Review, we remain steadfast and fully committed to delivering sustainable long-term value for our Unitholders,” says Victor Tan, CEO of the manager.
Units in First REIT closed 0.5 cents higher or 1.85% up at 27.5 cents on Feb 5.
