---
title: "First Reit's annual distribution per unit fell by 8.1% | Lianhe Zaobao"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/274995025.md"
description: "First REIT's distribution per unit for the fiscal year 2025 is 2.17 cents, a decrease of 8.1% compared to the same period last year. The main reasons are the depreciation of the Indonesian Rupiah against the Singapore Dollar and the expansion of the unit base. Distributable income fell by 7.1% to SGD 45.8 million, with rental income and net property income decreasing by 1.6% and 1.1%, respectively. The trust's debt ratio rose to 42.1%, and the cost of debt decreased from 5% to 4.5%"
datetime: "2026-02-05T15:02:19.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/274995025.md)
  - [en](https://longbridge.com/en/news/274995025.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/274995025.md)
---

# First Reit's annual distribution per unit fell by 8.1% | Lianhe Zaobao

First REIT's full-year distribution per unit for the fiscal year 2025 is 2.17 cents, a decrease of 8.1% compared to 2.36 cents in the same period last year.

The trust management company stated after the market closed on Thursday (February 5) that the main reason for the decrease in distribution per unit is the depreciation of the Indonesian Rupiah against the Singapore Dollar, coupled with an increase in the unit base by 0.8% compared to the previous year.

As of the end of December last year, the trust's distributable income also fell by 7.1% to SGD 45.8 million. Rental and other income, as well as net property income, decreased by 1.6% and 1.1%, reaching SGD 100.5 million and SGD 97.3 million, respectively.

The management company stated that the decline in rental and net property income was mainly affected by the exchange rates of the Japanese Yen and Indonesian Rupiah against the Singapore Dollar, as well as the sale of the Empire Hotel and Country Club. However, in local currency terms, rental income from properties in Indonesia and Singapore actually increased, partially offsetting the currency impact.

As of the end of last year, the trust's debt ratio slightly increased to 42.1%, with fixed-rate or hedged debt accounting for 46.1%, and an interest coverage ratio of 3.7 times. Due to lower borrowing costs, the trust's debt cost decreased from 5% in the fiscal year 2024 to 4.5%.

#### Further Reading

First REIT's distribution per unit for the first half of the year fell 5.8% to 1.13 cents First REIT's distribution per unit for the half-year fell 6.5% The trust is currently discussing the extension and refinancing of loans due in 2026 with lending institutions. In addition, the management company completed the redemption of RMB 33.3 million of fixed-rate subordinated perpetual securities in January this year.

The trust will distribute a fourth-quarter dividend of 0.52 cents per unit on March 30.

First Reit closed at RMB 0.275 on Thursday, up 1.85%

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