- 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
