First REIT - DBS Research 2024-11-04: Rental Arrears An Overhang

First REIT - Rental Arrears An Overhang

Published:
First REIT (SGX:AW9U) | SGinvestors.io
  • The -3% q-o-q dip in 3Q24 DPU is a rare occurrence, diverging from First REIT’s usual practice of consistently delivering steady DPUs each quarter (1Q/2Q DPU of 0.60 cents).
  • - Read this at SGinvestors.io -

3Q24 results a miss

  • First REIT's 3Q24 gross revenue came in at S$25.0mil (-3% q-o-q, - 9% y-o-y) and NPI at S$24.1mil (-4% q-o-q, -10% y-o-y), with 9M24 results making up 74% of our prior estimates.
  • First REIT's balance sheet remains healthy, with gearing ratio stable at 39.3%, unchanged interest rate cost at 5.0% and 86% of debt fixed/hedged and no refinancing requirements until May 2026.
  • - Read this at SGinvestors.io -

Rental arrears from MPU remains an overhang.

  • Read more at SGinvestors.io.




Above is the excerpt from report by DBS Group Research.
Clients of DBS may access the full report in PDF @ https://www.dbs.com/insightsdirect/.




Elizabelle PANG DBS Group Research | Derek TAN DBS Group Research | https://www.dbs.com/insightsdirect/ 2024-11-04



Previous report by DBS:
2024-04-25 First REIT - Robust Hospital Operations Clouded By FX Woes.

Price targets by 3 other brokers at First REIT Target Prices.

Listing of research reports at First REIT Analyst Reports.

Relevant links:
First REIT Share Price History,
First REIT Announcements,
First REIT Dividends & Corporate Actions,
First REIT News Articles





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