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First REIT declares 65% lower 1Q21 DPU of 0.65 cents on master lease restructuring and rights issue

Atiqah Mokhtar
Atiqah Mokhtar5/5/2021 11:34 AM GMT+08  • 2 min read
First REIT declares 65% lower 1Q21 DPU of 0.65 cents on master lease restructuring and rights issue
Distributable income fell 31% y-o-y largely due to restructured master lease agreements for 14 Indonesian hospitals.
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The manager of First REIT has announced a 1QFY2021 ended March distribution per unit (DPUI) of 0.65 cents, down 65.1% y-o-y from 1.86 cents previously.

In the REIT’s 1QFY2021 business update dated May 4, the manager notes that the lower DPU follows lower distributable income as well as the issuance of 791 million rights units on Feb 24 which are entitled to participate in the 1Q2021 distribution.

Excluding the new rights units issued, the adjusted DPU would be 1.27 cents for 1Q 2021, a 31.7% decline from the previous year.

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