First REIT’s 1H FY25 Result Review

Basic Profile & Key Statistics

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Performance Highlight

First REIT posted a YoY decline in gross revenue, NPI, distributable income, and DPU. The drop was mainly driven by the depreciation of the Indonesian Rupiah and Japanese Yen against the Singapore Dollar.

Related Parties Shareholding

REIT Sponsor's Shareholding: FavorableREIT Manager's Shareholding: FavorableDirectors of REIT Manager's Shareholding: Moderate

Lease Profile

Committed Occupancy: FavorableIncome Received in SGD/Major Currencies: Less FavorableHighest Annual Lease Expiry in 4 Years: FavorableWALE: FavorableWeighted Average Land Lease Expiry: Moderate

Debt Profile

Adjusted Interest Coverage Ratio: FavorableCost of Debt: Less FavorableGearing Ratio: ModerateFixed Rate Debt Proportion: Less FavorableUnsecured Debt Proportion: Less FavorableHighest Annual Debt Maturity in 4 Years: Less FavorableWADM: Less Favorable

Diversification Profile

Top Geographical Weightage: FavorableTop Property Weightage: ModerateTop 5 Properties' Weightage: FavorableTop Tenant Weightage: ModerateTop 10 Tenants' Weightage: Less Favorable

Key Financial Metrics

Property Yield: FavorableManager's Fees over Operating Distributable Income: Less FavorableOperating Distributable Income on Capital: FavorableOperating Distributable Income Margin: FavorableOperating Distribution Proportion: Moderate

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