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First REIT’s Distribution Per Unit Declines 13.5% in 1Q

First REIT’s Distribution Per Unit Declines 13.5% in 1Q

May 12, 2020 — First Real Estate Investment Trust announced a distribution per unit (DPU) of 1.86 Singapore cents for the first quarter ended 31 March 2020. This is lower compared to the 2.15 Singapore cents for the first quarter ended 31 March 2019.

The payment for the 1Q 2020 Distribution will be on 18 June 2020.

Under SGX Practice Note 7.7, First REIT will be allowed to rely on an exemption to continue announcing quarterly distributions without it being accompanied by the results for the relevant period, subject to the following conditions:

  1. (i)  First REIT having a committed dividend policy to announce distributions on a quarterly basis and such policy must have been communicated to unitholders; and
  2. (ii)  First REIT must confirm, for each distribution announced for the first or third quarter of the financial year, that after making payment of the distribution, First REIT has sufficient financial resources to fulfil its liabilities as and when they fall due.

The Manager hereby confirms that, after making payment of the 1Q 2020 Distribution, First REIT has sufficient financial resources to fulfil its liabilities as and when they fall due.

With the ongoing COVID-19 pandemic, First REIT’s tenants in Indonesia, Singapore and South Korea are enforcing stringent safety measures to protect the health and safety of patients, medical staff and all visitors. All its healthcare assets in Singapore and abroad remain operational, while two of its malls in Indonesia, Lippo Plaza Kupang and Lippo Plaza Buton, were closed in April except for essential services such as supermarkets, pharmacies and clinics which remained open with shorter operating hours.

Read here for more details.

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