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First REIT 2022 DPU Up 1.1%, Net Property Income Up 8.3%

Feb 13, 2023 – First REIT posted an 8.3% year-on-year rise in rental and other income for the year ended December 31, 2022, of S$108.6 million, its manager said in a statement. Distribution per unit climbed 1.1% to 2.64 cents.

This was largely due to contributions from 14 recently acquired Japan properties, as well as stable rental income from its Indonesia properties following the restructuring of its master lease agreement, its manager said.

Its developed markets portfolio increased to 25.1% of its assets under management after the acquisition of 14 Japanese nursing homes, and it added it is on track to meet its target of 50% by 2027. It has no refinancing requirements until May 2025 after an early refinancing exercise in November 2022 through the entry into a S$300 million social term loan and revolving credit facilities. As of the end of 2022, 59.6% of debt is on fixed rates and it has mitigated its Indonesian Rupiah FX risk with financial derivatives, it said.