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

Data from First REIT’s latest disclosure has been incorporated into the Singapore REITs table.

First REIT has reported a distribution per unit (DPU) of 0.65 Singapore cents for its 3Q 2021 and 1.95 Singapore cents for 9M 2021.

The DPU for 9M 2021 represents a decrease of 41% year-on-year.

“The trust has continued to see performance stabilising, following the critical restructuring of the master lease agreements for 14 Indonesia hospitals in January 2021 and recapitalisation efforts in the first quarter of 2021”, said First REIT on 26 October.

“The restructured leases have since transitioned into their second year on 1 October 2021, which means rental income will increase by at least 4.5% in the coming year, as part of the new agreements’, the REIT added.

First REIT was last done on the SGX at SGD0.265, which presently implies a distribution yield of 9.8% before accounting for the full impact of the lease restructurings, according to data on the Singapore REITs table.

By Shariffa Al-Habshee

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