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.