First REIT’S DPU down 3.2% in H1 2024

The decrease was due to the weak yen and rupiah against the Singapore dollar.

First REIT’s distribution per unit (DPU) for H1 2024 stood at $0.012, down 3.2% from a year ago.

The decrease was due to the depreciation of the Japanese Yen and Indonesian Rupiah against the Singapore dollar.

Rental and other income fell 3.7% year-over-year to $52 million. In local currency, both segments rose 4.4% YoY for Indonesian properties and 2% YoY for nursing homes in Singapore. Meanwhile, nursing homes in Japan remained stable.

The REIT’s net property and other income decreased 4.1% You to $50.3m in H1 2024 as property operating expenses rose by $0.1m YoY to $1.7m.

In addition, finance costs grew by $0.1m to $11.3m amidst interest rate risk and currency risk management whilst the distributable amount dipped 2.1% YoY to $25.m.