First Reit's performance affected by currency depreciation, with first-quarter distribution per unit falling 13.8% to 0.50 cents | Lianhe Zaobao

First REIT's distribution per unit for the first quarter fell by 13.8% year-on-year to 0.50 cents, mainly affected by currency depreciation and an expanded unit base. The distributable income decreased by 12.5% year-on-year to SGD 10.6 million. The trust's rental and other income for the first quarter decreased by 8.4% year-on-year to SGD 23.2 million, while net real estate and other income fell by 8.3% year-on-year to SGD 22.5 million. The decline in income was mainly due to losses from the sale of the Empire Aiyaduta Hotel and Country Club, as well as the depreciation of the Indonesian Rupiah and Japanese Yen against the Singapore Dollar. The trust will distribute dividends on June 26, with the stock registration deadline set for May 8