First Reit DPU down 6.1% in 9M

The current distribution per unit (DPU) declined to 1.86 cents.

SGX-listed First Reit's DPU dropped 6.1% to 1.86 cents in 9M 2023 from 1.98 cents in the same period last year.

In a bourse filing, the real estate investment trust said the DPU was at 0.62 cents for the third quarter of 2023.

Meanwhile, rental and other income grew 0.6% year-on-year to $81.4m in 9M 2023 following the acquisition of 12 Japanese nursing homes in March 2022 and two other nursing homes in September 2022.

Rental and Other Income from Indonesia in 9M 2023 fell 1% to $55.2m year-on-year largely due to currency translation impact.

First Reit is targeting developed markets to be included in more than 50% of its portfolio by fiscal year 2027.

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