First REIT has disclosed a distribution per unit (DPU) of 0.52 cents for the third quarter of FY2025, concluding on September 30, and a DPU of 1.65 cents for the first nine months of FY2025, representing a 7.3% year-on-year decline.

The REIT’s rental and other income experienced a 2% year-on-year decrease to $75.5 million in the first nine months of FY2025. Net property and other income also saw a 1.4% year-on-year drop to $73.3 million during the reporting period.

The decline in rental and other income was primarily attributed to the devaluation of the Indonesian Rupiah against the Singapore dollar. This was partly mitigated by higher rental income in local currency terms from properties in Indonesia and Singapore.

As of September 30, 49.5% of the REIT's debt was on fixed rates or hedged. The gearing ratio slightly increased to 41.4%, while the interest coverage ratio remained steady at 3.8 times.

First REIT has no refinancing needs until May 2026 and holds an option to extend its term loan by two years.

The REIT mentioned that, as of September 30, the rental outstanding from PT Metropolis Propertindo Utama (PT MPU) amounted to $6 million, which has been progressively paid off since July 2025.

First REIT announced the proposed divestment of Imperial Aryaduta Hotel & Country Club (IAHCC) for a consideration of IDR332.2 billion (approximately $25.9 million).

Imperial Aryaduta Hotel & Country Club (IAHCC), a hospitality asset completed in 1994, includes a hotel and a country club with recreational and food and beverage amenities. The divestment aims to unlock value, enhance balance sheet flexibility, and optimize the overall capital structure.

Net proceeds from the divestment may be utilized for debt repayment, the redemption of perpetual securities, or general corporate and working capital requirements.

Units in First REIT closed 0.5 cents lower, or 1.754% down, at 28 cents on October 28.