First REIT - OCBC Investment Research 2025-07-30: Plagued By Currency Volatility

• We note that FX headwinds continued to be the key detractor of First REIT performance.
• First REIT's 1H25 rental income and net property income (NPI) declined 2.9% and 2.7% y-o-y to S$50.5m and S$48.9m, respectively. In local currency terms, rental income from Indonesia and Japan would have been up 5.5% y-o-y and flat at IDR378.2b and JPY754.5m, respectively, while the Singapore assets turned in 2% y-o-y rental growth to S$2.23m.

1H25 results missed our expectations on continued FX headwinds.

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• 2Q25 First REIT's dividends is due to be paid out on 25 Sep 2025.

Credit metrics remain stable.

• 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:
2026-04-01 First REIT - Proposed Exit From Indonesia.

Previous report by OCBC:
2026-02-06 First REIT - Pending Winds Of Change.

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