First Reit H2 DPU falls 10.3% to S$0.0104 on weaker rupiah and yen
Distributable income for the second half declines 9.3% to S$22 million, from S$24.3 million
[SINGAPORE] First Real Estate Investment Trust (Reit)’s distribution per unit (DPU) for the second half of the year ended Dec 31, 2025, fell 10.3 per cent to S$0.0104 from S$0.0116 in the previous corresponding period.
The DPU for the H2 ended Dec 31, 2025, comprises the DPU of both the third and fourth quarters of the fiscal year, which were both at S$0.0052, said the manager via a bourse filing on Thursday (Feb 5).
The Q4 distribution will be paid on Mar 30.
For the full year ended Dec 31, 2025, DPU was 8.1 per cent lower at S$0.0217, versus S$0.0236 in FY2024.
Distributable income for the second half declined 9.3 per cent to S$22 million, from S$24.3 million. It fell 7.1 per cent for the full year, from S$49.3 million to S$45.8 million.
Revenue from rental and other income for the half-year period eased 0.3 per cent to S$50.1 million, from S$50.2 million a year ago. For the full year, it fell 1.6 per cent to S$100.5 million, from S$102.2 million.
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The manager noted that the decline in DPU and lower rental income was largely due to the depreciation of the rupiah and yen against the Singapore dollar, though rental income was partly offset by higher rental from assets in Indonesia and Singapore.
The lower DPU was also impacted by an enlarged unit base resulting from the issuance of units for payment of management and divestment fees.
Net property income for the half-year grew 0.5 per cent year on year to S$48.4 million, from S$48.2 million. For the full year, it eased 1.1 per cent to S$97.3 million from S$98.5 million.
The full-year decline was attributed to lower revenue, partly offset by lower property expenses incurred.
Victor Tan, executive director and chief executive officer of the manager, said that “2025 was a year of active navigation, with First Reit’s ongoing strategic review amid shifting market and economic conditions”.
Units of First Reit ended at S$0.275, S$0.005 or 1.9 per cent higher on Thursday, before the release of the results.
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