First REIT   

First Reit - brighter future for long term holders

just saw the circular being uploaded today on sgx. expect deal completion by aug then can give out the special divs. ifa and board recommend vote in favour for the resolutions at egm

Trainner      ( Date: 28-May-2026 08:57) Posted: Anyone knows when will the transaction of Indonesia asset complete?

 

Anyone knows when will the transaction of Indonesia asset complete?
 

 

12:59 AM EDT, 04/24/2026 (MT Newswires) -- First REIT's (SGX:AW9U) distribution per unit or DPU declined 14% in the first quarter of the year to SG$0.005 from SG$0.0058 a year earlier, according to a Thursday filing with the Singapore Exchange.

Shares of the REIT were up over 2% in Friday trading.

Distributable amount fell 13% to SG$10.6 million from SG$12.2 million.

Net property and other income was down 8.3% to SG$22.5 million compared with SG24.6 million in the year-ago period.

Rental and other income declined 8.4% year over year to SG$23.2 million from SG$25.4 million.

 

First REIT' s DPU fell by 13.8% y-o-y in 1Q2026

First REIT had a challenging 1Q2026 due to currency headwinds. Rental and other income declined 8.4% y-o-y to $23.2 million in 1Q2026. Net property and other income fell 8.3% y-o-y to $22.5 million over the same period. The decrease in rental and other income was primarily due to the loss of income following the divestment of Imperial Aryaduta Hotel & Country Club as well as the significant depreciation of Indonesian Rupiah and Japanese Yen against the Singapore Dollar, partly offset by higher rental income from Indonesia and Singapore properties. Distributable Income declined by 12.5% y-o-y to $10.6 million in 1Q2026. DPU has dipped to 0.50 cents in 1Q2026 down 13.8% y-o-y mainly due to foreign currencies depreciationg against the Singapore dollar, and an enlarged unit base resulting from the issuance of units for payment of management fees. Net asset value per unit as at Mar was 24.42 cents down from 24,97 cents a year ago due to depreciation of the foreign currencies against the Singapore Dollar.

As at Mar 31,44.2% of the debt portfolio was either on fixed rates or hedged. Aggregate leverage rose to 44.6% and interest coverage ratio amounted to 4.4 times. Cost of debt improved to 3.9% in 1Q2026 compared to 4.7% a year ago. First REIT has secured a 12-month extension of its $300 million term loan and revolving credit facilities, extending its maturity date from May 2026 to May 2027. The Manager is currently in discussions with lenders for the refinancing of the Japanese Yen-denominated social loan due in September 2026.

In March 2026, the Manager announced the short-term lease renewal for Siloam Hospitals Lippo Cikarang, commencing on Jul 1 to Dec 31, with an option for further extension from Jan 1 2027 to Jun 30 2027.

On Apr 1 the Manager had announced a proposed divestment of eight hospitals, Lippo Plaza Baubau and Hotel Aryaduta Managoat at an agreed property value of $471.5 million, a 2.1% premium to valuation and put options for the remaining six hospitals in Indonesia portfolio which will unlock IDR 3.9 trillion, approximately $294.8 million when exercised.

The divestments will eliminate First REIT&rsquo s IDR/SGD foreign currency volatility and income drag which had impacted unitholder returns. The phased divestment approach provides transaction certainty and prioritises DPU stability, supporting distribution resilience while recycling capital from non-core and non-healthcare assets, and assets with rental arrears. The aggregate leverage will significantly reduce to 16.7% following repayment of certain secured loans and debt securities.

The Board also intends to make a Special Distribution of approximately $9.7 million, after the completion of the proposed divestments. The proposed divestment require unitholders&rsquo approval.

Escalating conflicts, shifting trade and monetary policies among major economies have contributed to heightened volatility in energy prices, currency movements and capital flows. Financial conditions have tightened, though they remain moderately accommodative in both advanced and emerging markets.

Interest rates and foreign currency exposures will remain key areas of focus for First REIT. Bank Indonesia has continued its intervention measures to support the Indonesian Rupiah after it reached record-low levels.This contributed to Indonesia&rsquo s foreign exchange reserves falling for a third straight month in March to a near two-year low since 2022, as efforts to stabilise the rupiah were ramped up.

Bank of Japan highlighted that surging oil prices and supply disruptions stemming from the Middle East conflict pose risks to economic growth, prompting caution for its monetary policy.The Japanese Yen has hit record lows against the Singapore Dollar, with $1 surpassing JPY125 in April 2026. The Monetary Authority of Singapore has tightened monetary policy and raised its inflation forecasts, citing heightened volatility in global energy prices and supply disruptions stemming from the Middle East conflict. A tighter policy stance potentially strengthens the Singapore Dollar, exacerbating the weakness of the Indonesian Rupiah and Japanese Yen.

 

https://omny.fm/shows/moneyfm-midday-show/money-and-me-reit-opportunity-the-mid-cap-alpha-hunt

Kenny Loh on radio to talk about some of the positives

 

After divesting Indonesian asset, FIRST REIT yield is 6.24% (1.56/25 cents=6.24%) or 8.08% after adding in special distribution.
The yield is still very good in today' s low interest rate environment.
The aggregate leverage has dropped to 16.%. Hopefully this allow the manager to acquire more DPU accretive assets in SG without FX risks..

 

By exiting the Indonesian market, the trust expects its aggregate leverage to ?significantly reduce to approximately 16.7 per cent?, providing pro forma annual interest cost savings of S$18.8 million.undertaken to completely waive its divestment fee of around S$2.4 million.Furthermore, the board intends to recommend a special distribution of about S$9.7 million to share the upside from the divestment proceeds, expected to be declared across the two financial quarters succeeding the completion of the deal.?As at the date of the announcement, the proposed divestments represent the best available offer for the Indonesia divestment properties,? the manager said.?Should the proposed divestments not receive the requisite approvals from the independent unitholders, there is no certainty that the manager will receive a superior offer in the future or any offer at all.?Units of First Reit ended flat at S$0.255 on Tuesday.

 

Potential re-rating after getting rid of indonesian asset/currency risk, Now the asset quality is on par with Parkway Life.

dmurarka2000      ( Date: 01-Apr-2026 14:43) Posted: --- Post Removed by User ---

 

 

01:08 AM EDT, 04/01/2026 (MT Newswires) -- First REIT (SGX:AW9U) agreed to dispose of several hospital assets and signed put option agreements to divest more properties in Indonesia, according to a Wednesday filing with the Singapore Exchange.

The REIT made a series of transactions worth SG$471.5 million to divest 10 hospital assets. Eight of the hospital assets under the deal will be sold for a consideration of SG$389.2 million to PT Siloam International Hospitals (IDX:SILO).

Meanwhile, the proposed disposal of non-core hospital assets Lippo Plaza Baubau and Hotel Aryaduta Manadoc to PT Lippo Karawaci (IDX:LPKR) is priced at SG$53.3 million.

The company will also divest the conditional prepaid lease of commercial rights for Lippo Plaza Kupang to PT Bumi Sarana Sejahtera, a wholly-owned subsidiary of PT Metropolis Propertindo Utama, for SG$29.1 million.

Additionally, the REIT signed put option agreements with Siloam to divest its remaining six hospital assets in Indonesia for SG$294.8 million.

The divestments are part of the REIT's strategy to optimize its distribution per unit and to reduce annual interest costs.

 

got premium to valuations despite this crap market and got special dividend, not bad la

Trainner      ( Date: 01-Apr-2026 09:32) Posted: Is it a good deal? desmlee      ( Date: 01-Apr-2026 09:30) Posted: First Reit proposes S$471.5 million divestment of Indonesia assets - The Business Times

 

Is it a good deal?

desmlee      ( Date: 01-Apr-2026 09:30) Posted: First Reit proposes S$471.5 million divestment of Indonesia assets - The Business Times asianguy      ( Date: 01-Apr-2026 09:15) Posted: Any idea why First REIT has requested trading HALT ?

 

First Reit proposes S$471.5 million divestment of Indonesia assets - The Business Times

asianguy      ( Date: 01-Apr-2026 09:15) Posted: Any idea why First REIT has requested trading HALT ?

 

Any idea why First REIT has requested trading HALT ?

 

Healthcare S-Reits record mixed DPU performance, but deliver operational stability amid currency headwinds
[SINGAPORE] A total of 22 Singapore real estate investment trusts (S-Reits) have released their financial results or business updates for the periods ended Dec 31, with another 13 expected to report in the coming weeks.
Among them, healthcare S-Reits Parkway Life Reit : C2PU 0% (PLife Reit) and First Reit : AW9U -1.82% have both published their full-year results. PLife Reit posted a 2.5 per cent year-on-year (yoy) increase in full-year distribution per unit (DPU) to S$0.1529. The Reit also reported a 7.6 per cent rise in gross revenue to S$156.3 million, and an 8 per cent increase in net property income to S$147.5 million.
The improved performance was driven by contributions from newly acquired assets in France and Japan, and steady organic rental growth from its Singapore hospital portfolio, supported by step-up lease agreements.
Following its expansion into Europe, PLife Reit has fully integrated its France nursing home portfolio, establishing the region as its third key growth market.
CGSI Research analyst Lock Mun Yee noted that Singapore remains the Reit&rsquo s main income contributor, with its master lease structure providing the Reit with visible and sustainable income growth.
PLife Reit maintains a gearing ratio of 33.4 per cent and an interest coverage ratio of 8.6 times, which Lock noted gives the trust ample headroom for further inorganic growth opportunities.
As at Dec 31, 2025, PLife Reit&rsquo s portfolio spans 74 properties across Singapore, Japan and France, with a weighted average lease expiry of 14.5 years.
First Reit
First Reit reported full-year DPU of S$0.0217, representing an 8.1 per cent yoy decline, mainly due to the depreciation of the rupiah and yen against the Singapore dollar.
In local currency terms, however, underlying property performance remained resilient. Rental and other income from its Indonesia and Singapore properties rose by 5.1 and 2 per cent, respectively, while income from its Japan properties remained stable.
During the year, First Reit completed the divestment of the Imperial Aryaduta Hotel and Country Club, a non-core asset, as part of its ongoing portfolio optimisation efforts. Across its Indonesian assets, 10 hospitals recorded a 4.5 per cent built-in rental escalation, and three hospitals achieved performance-based rent equivalent to 8 per cent of each hospital&rsquo s gross operating revenue (in local currency terms).
Meanwhile, the Reit&rsquo s three Singapore nursing homes recorded positive rental growth, and its 14 nursing homes in Japan continued to deliver stable performance.

 

10:05 PM EST, 02/05/2026 (MT Newswires) -- First REIT's (SGX:AW9U) distribution per unit or DPU fell by 8.1% in 2025 to SG$0.0217 from SG$0.0236 a year earlier, according to a Thursday filing with the Singapore Exchange.

Shares of the REIT were down nearly 2% in Friday trading.

Distributable amount fell by 7.1% to SG$45.8 million from SG$49.3 million a year ago.

Net property and other income dropped by 1.1% to SG$97.3 million from SG$98.5 million in the year-ago period.

Rental and other income was down 1.6% year over year to SG$100.5 million from SG$102.2 million, mainly due to the weakening of the Indonesian Rupiah and Japanese Yen.

The REIT booked a 100% committed occupancy and a WALE of 10 years.

 

First REIT&rsquo s FY2025 DPU down 8.1% y-o-y to 2.17 cents gearing ratio increased to 42.1%

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&rsquo 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&rsquo 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.

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.

&ldquo 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,&rdquo 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.

 

My view is that CVC clearly see hidden value in the assets of the REIT not reflected in the NAV such that  were they to buy, the price they would pay would be materially in excess of the NAV value. They would not otherwise be wasting so much time doing their diligence and negotiation. 

The outcome may not be a privatisation of course. It could be an acquisition followed by a return of capital/wind down. But either way the point is that CVC knows that the only deal that works would be one at a significant premium to NAV (because shareholders would not accept anything less), yet they are still looking and have spent time and money doing so. 

n3wbie      ( Date: 23-Jan-2026 19:38) Posted: Privatization may not necessarily be the best outcome for shareholders given that stock is trading around book value and that most REIT privatizations are done around NAV or slight premium! Alignment      ( Date: 23-Jan-2026 16:26) Posted: Hopefully management are taking their time negotiating the maximum price they can get out of CVC in a privatisation.

 

Renegotiate the rents.

No to privatisation

n3wbie      ( Date: 23-Jan-2026 19:38) Posted: Privatization may not necessarily be the best outcome for shareholders given that stock is trading around book value and that most REIT privatizations are done around NAV or slight premium! Alignment      ( Date: 23-Jan-2026 16:26) Posted: Hopefully management are taking their time negotiating the maximum price they can get out of CVC in a privatisation.

 

Privatization may not necessarily be the best outcome for shareholders given that stock is trading around book value and that most REIT privatizations are done around NAV or slight premium!

Alignment      ( Date: 23-Jan-2026 16:26) Posted: Hopefully management are taking their time negotiating the maximum price they can get out of CVC in a privatisation.