First REIT - OCBC Investment 2024-11-01: FX Coming Back To Haunt

• First REIT's 9M24 DPU came in at 1.78 Singapore cents, constituting 74.1% of our initial full-year forecast and missing our expectations.

9M24 rental and NPI slipped 5.3% and 6% y-o-y due to FX headwinds

• - Read this at SGinvestors.io -
• In local currency terms, however, rental income from its Indonesian assets grew 4.4% y-o-y to IDR537.8b due to rental step-ups, while rental income from its Japanese nursing homes was flat at JPY1.1b.
• - Read this at SGinvestors.io -
• First REIT has declared a 3Q24 DPU of 0.58 Singapore cents, which is 3.3% lower q-o-q and 6,5% lower y-o-y. Units will trade ex-dividend on 12 Nov 2024 and distributions will be paid out on 20 Dec 2024.

Credit metrics remain stable with some upside risk to gearing on FX fluctuations after year-end portfolio valuations, in our view

• Read more at SGinvestors.io.

Above is an excerpt from a report by OCBC Investment Research.
Clients of OCBC Securities may be the first to access the full PDF report @ https://www.iocbc.com/.

Read also OCBC's most recent report:
2025-04-07 First REIT - Revisiting Our FX Assumptions.

Previous report by OCBC:
2025-02-12 First REIT - Potential Portfolio Refresh On The Horizon.

Price targets by 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 Dividend Payout Dates & Corporate Actions,
First REIT News