First Reit Q1 DPU down 13.5% to 1.86 S'pore cts

FIRST Real Estate Investment Trust (Reit) posted a distribution per unit (DPU) of 1.86 Singapore cents for the three months ended March 31, down from 2.15 cents a year ago. Rental and other income edged up 0.8 per cent to S$28.89 million for the quarter under review. Net property and other income was marginally higher by 0.6 per cent at S$28.21 million. Meanwhile, income available for distribution fell 6.7 per cent to S$15.92 million.

First Reit said: "The real impact of the Covid-19 crisis is expected to be felt in the second quarter, as disruptions only started in March with the Indonesian government imposing large-scale social restrictions. In view of these unprecedented headwinds impacting all sectors, the manager has taken a prudent approach to conserve cash and initiate stringent cost-management strategies to navigate these uncertain times."

The payment date for the DPU is June 18.