First REIT (SGX:AW9U)’s FY25 rental income and net property income (NPI) declined 1.6% and 1.1% y-o-y to S$100.5m and S$97.3m, respectively. The decrease was attributed to IDR and JPY depreciation, as rental income from the Indonesia portfolio would have grown 5.1%, while that from the Japan portfolio would have been flat in local currency terms.
4Q25 DPU of 0.52 Singapore cents was flat q-o-q and is due to be paid out on 30 Mar 2026.
- Read this at SGinvestors.io -
Gearing is slightly elevated, in our view, with cost of debt expected to remain stable in FY26.
- Read this at SGinvestors.io -
All-in cost of debt improved another 10 basis points (bps) over the quarter to 4.5%, with 46.1% of debt on fixed rates or hedged.
With a substantial debt tower coming due in FY26, management shared that it is currently in discussions with lenders to extend a S$246.7m term loan due May 2026 by two years, and to refinance a S$13.8m Shinsei Social Loan due Sep 2026. Altogether, cost of debt is likely to remain stable in FY26.
Revised fair value estimate of S$0.245.
Read more at SGinvestors.io.
Above is an excerpt from a report by OCBC Group Research. Clients of OCBC Securities may be the first to access the full PDF report @ https://www.iocbc.com/.
