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: Nio to report first adjusted operating profit for 4QFY2025
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.
