First REIT's property in Singapore, Pacific Healthcare nursing home in Bukit Merah (Photo: REITsWeek)

Data from First REIT’s latest results have been updated into the Singapore REITs table.

First REIT has reported a DPU of 4.15 Singapore cents for its financial year ended 31 December 2020, a fall of 51.7%.

This is on the back of income available for distribution sliding 51.2% year-on-year to SGD33.4 million from the previous corresponding year of SGD68.5 million.

Rental and other income for the year slipped 30.9% on-year to SGD79.6 million, largely attributable to rental reliefs extended to all tenants in the months of May and June 2020.

This was also due to a further two months extended in September and October 2020 to tenants in Indonesia, to help alleviate the strains caused by the COVID- 19 pandemic.

Correspondingly, net property and other income dipped to SGD77.5 million in FY 2020 from SGD112.9 million in FY 2019.

As at 31 December 2020, the REIT’s gearing stood at 49.0% with interest cover at 3.6 times.

First REIT’s full statement on the results can be viewed here.

First REIT was last done on the SGX at SGD0.255, which implies a distribution yield of about 14% according to data on the Singapore REITs table, before accounting for impact of proposed lease restructurings.

Related: First REIT poised for international expansion once recapitalisation plans approved

By Shariffa Al-Habshee

Shariffa joined REITsWeek in 2017, and monitors Asia-Pacific REITs for the publication.