The manager of <a href="https://www.theedgesingapore.com/tags/first-reit" target="_blank">First REIT</a> has announced a 1.95 cents distribution per unit (DPU) for 9MFY2021, down 41.1% y-o-y from 3.31 cents previously.

The decline is mainly due to the issuance of 791 million rights units on Feb 24, which are entitled to participate in the 1Q, 2Q and 3Q2021 distribution.

Excluding these new rights units issued, the adjusted DPU for 9MFY2021 is 3.83 cents, up 15.7% y-o-y. Meanwhile, the 3QFY2021 ended September DPU is 0.65 cents.

The distribution payment date will be on Dec 17.

<hr/>See: <a href="https://www.theedgesingapore.com/capital/right-timing/parkwaylife-reit-new-highs-will-traders-choose-first-reit" target="_blank">With ParkwayLife REIT at new highs, will traders choose First REIT?</a><hr/>

Rental and other income dipped by 2% in 9MFY2021 to $58.1 million. This is largely due to one-month and half-month rental reliefs extended for the month of July to the tenants of its hotels; Hotel Aryaduta Manado and Imperial Aryaduta Hotel and Country Club, as well as shopping malls Lippo Plaza Buton and Lippo Plaza Kupang to alleviate the impact of the ongoing pandemic.

Net property and other income for the period declined 2.2% to $56.5 million, following a 3.2% increase in property expenses due to the absence of property tax rebate received for Singapore properties in view of Covid-19 in 2020.

In its business outlook, the manager remains confident in the fundamental secular trends that will drive Indonesia’s private healthcare demand over the longer term. However, the near-term macroeconomic outlook continues to be challenging, with currency and pandemic-related risks.

For more stories about where the money flows, <a href="https://www.theedgesingapore.com/section/capital" target="_blank">click here for our Capital section</a>

While some critical restructuring has been completed to stabilise the REIT, the manager has to continue to relook its overall strategy to ensure its resilience and will work towards improving performance for unitholders.

Units in First REIT closed 1.92% higher at 26.5 cents on Oct 26.

First REIT declares 41.4% lower 9MFY2021 DPU on rights issue and rental reliefs 

CGS-CIMB keeps 'add' call on TDCX but lowers target price

Valuetronics reports 39% decline in net profit in FY2022 due to component shortage

The end of free money hurts

Nearly three-quarters of Singapore workers feel prepared to adapt to change 

Adtech's growing importance in Southeast Asia's business ecosystem

NTU and CSA launch a one-stop facility for cybersecurity evaluation and certification 

More solid earnings recovery expected for the rest of the year, analysts maintain positive on CDL

First REIT declares 41.4% lower 9MFY2021 DPU on rights issue and rental reliefs

Related Stories

Highlights

The next US$1 trillion US tech stock is far away from joining exclusive club

Related Stories

First REIT divests Siloam Hospitals Surabaya for $40.9 mil

Nanofilm gets back on track

Starhill Global REIT reports stronger 3Q revenue and NPI, positive outlook across all geographies