- First REIT reported a 5.9% and 6.5% y-o-y decline in FY24 rental income and NPI to S$102.2m and S$98.5m, respectively. This was due to the weakening of JPY and IDR against the S$.
First REIT’s FY24 results met our expectations.
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- First REIT declared a 4Q24 DPU of 0.58 Singapore cents, which is stable q-o-q but down 6.5% y-o-y, and this is due to be paid out on 28 Mar 2025. Altogether, full year First REIT's DPU came in at 2.36 Singapore cents, 4.8% lower y-o-y; nonetheless, this constituted 100% of our forecast.
Gearing ratio nudges up on slight downward portfolio revaluation.
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- First REIT booked a 1.9% revaluation loss on its portfolio, with Indonesia and Japan declining 1.1% and 4.3%, respectively. In local currency terms, however, the Indonesia assets expanded 1.5% on higher rents and lower discount rates, while the Japan portfolio was flattish on stable performance. Finally, the Singapore portfolio continued to decline 4.1% on the back of decreasing land tenure.
- Separately, we note that First REIT has managed to recover some rental outstandings from Metropolis Propertindo Utama (MPU), bringing this quantum down from S$7.9m as at 30 Sep 2024 to S$4.6m as at 31 Dec 2024, and is continuing to engage the tenant on this matter.
Potential progress on 2.0 Growth Strategy.
- Read more at SGinvestors.io.
