First Reit AW9U
Financials
Annual Report 2025
Explore the statements
32 tablesStatements of financial position
30 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | 2025Trust | 2024Trust | Source |
|---|---|---|---|---|---|
| Assets; Non-current assets | |||||
| Plant and equipment$’000 | 49 | 64 | – | – | PDF p. 126 |
| Investment properties$’000 | 1,022,619 | 1,118,008 | 28,650 | 30,400 | PDF p. 126 |
| Investments in subsidiaries$’000 | – | – | 714,723 | 746,614 | PDF p. 126 |
| Loan to a subsidiary$’000 | – | – | 1,998 | 12,639 | PDF p. 126 |
| Assets; Non-current assets subtotal | |||||
| Subtotal$’000 | 1,022,668 | 1,118,072 | 745,371 | 789,653 | PDF p. 126 |
| Assets; Current assets | |||||
| Loan to subsidiaries$’000 | – | – | 8,406 | 4,190 | PDF p. 126 |
| Trade and other receivables$’000 | 9,372 | 6,724 | 17,223 | 17,850 | PDF p. 126 |
| Other assets$’000 | 732 | 771 | 394 | 406 | PDF p. 126 |
| Derivative financial instruments$’000 | – | 260 | – | 260 | PDF p. 126 |
| Cash and cash equivalents$’000 | 56,197 | 34,674 | 36,662 | 11,796 | PDF p. 126 |
| Assets; Current assets subtotal | |||||
| Subtotal$’000 | 66,301 | 42,429 | 62,685 | 34,502 | PDF p. 126 |
| Assets | |||||
| Total assets$’000 | 1,088,969 | 1,160,501 | 808,056 | 824,155 | PDF p. 126 |
| Liabilities; Non-current liabilities | |||||
| Deferred tax liabilities$’000 | 47,041 | 49,369 | – | – | PDF p. 126 |
| Borrowings$’000 | 194,168 | 452,602 | 98,757 | 336,394 | PDF p. 126 |
| Loan from a subsidiary$’000 | – | – | 3,984 | – | PDF p. 126 |
| Other liabilities$’000 | 7,773 | 8,069 | 2,163 | 2,121 | PDF p. 126 |
| Liabilities; Non-current liabilities subtotal | |||||
| Subtotal$’000 | 248,982 | 510,040 | 104,904 | 338,515 | PDF p. 126 |
| Liabilities; Current liabilities | |||||
| Borrowings$’000 | 260,681 | 880 | 246,123 | – | PDF p. 126 |
| Other liabilities$’000 | 3,036 | 3,246 | 106 | 104 | PDF p. 126 |
| Loan from subsidiaries$’000 | – | – | 30,437 | 32,861 | PDF p. 126 |
| Derivative financial instruments$’000 | – | 192 | – | 192 | PDF p. 126 |
| Trade and other payables$’000 | 14,482 | 12,641 | 75,020 | 47,966 | PDF p. 126 |
| Income tax payable$’000 | 1,293 | 1,230 | 5 | 7 | PDF p. 126 |
| Liabilities; Current liabilities subtotal | |||||
| Subtotal$’000 | 279,492 | 18,189 | 351,691 | 81,130 | PDF p. 126 |
| Liabilities | |||||
| Total liabilities$’000 | 528,474 | 528,229 | 456,595 | 419,645 | PDF p. 126 |
| Represented by | |||||
| Net assets attributable to unitholders$’000 | 527,213 | 598,990 | 318,179 | 371,228 | PDF p. 126 |
| Perpetual securities$’000 | 33,282 | 33,282 | 33,282 | 33,282 | PDF p. 126 |
| Total net assets$’000 | 560,495 | 632,272 | 351,461 | 404,510 | PDF p. 126 |
| Units in issue’000 units | 2,110,969 | 2,094,447 | 2,110,969 | 2,094,447 | PDF p. 126 |
| Net asset value per unit in cents attributable to unitholderscents per unit | 24.97 | 28.60 | 15.07 | 17.72 | PDF p. 126 |
Definitions & sources
Original report: PDF p. 126 ↗
The accompanying notes form an integral part of these financial statements.
Statements of total return
21 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | 2025Trust | 2024Trust | Source |
|---|---|---|---|---|---|
| Total return | |||||
| Rental and other income$’000 | 100,531 | 102,211 | 30,083 | 30,115 | PDF p. 127 |
| Property operating expenses$’000 | (3,191) | (3,758) | (254) | (226) | PDF p. 127 |
| Net property and other income$’000 | 97,340 | 98,453 | 29,829 | 29,889 | PDF p. 127 |
| Finance income$’000 | 269 | 362 | 687 | 1,241 | PDF p. 127 |
| Manager’s management fees$’000 | (8,502) | (8,690) | (8,458) | (8,647) | PDF p. 127 |
| Asset management fees$’000 | (1,008) | (1,006) | – | – | PDF p. 127 |
| Trustee fees$’000 | (341) | (355) | (341) | (355) | PDF p. 127 |
| Finance costs$’000 | (20,900) | (22,773) | (18,852) | (20,662) | PDF p. 127 |
| Other expenses$’000 | (4,647) | (1,553) | (4,871) | (1,516) | PDF p. 127 |
| Net income/(loss)$’000 | 62,211 | 64,438 | (2,006) | (50) | PDF p. 127 |
| Net fair value losses on investment properties$’000 | (3,528) | (9,578) | (1,645) | (1,300) | PDF p. 127 |
| Loss on disposal of a subsidiary$’000 | (7,535) | – | – | – | PDF p. 127 |
| (Allowance)/Reversal of impairment losses on investments in subsidiaries$’000 | – | – | (5,601) | 7,012 | PDF p. 127 |
| Net fair value gains of derivative financial instruments$’000 | 473 | 440 | 473 | 440 | PDF p. 127 |
| Net foreign exchange (losses)/gains$’000 | (8,308) | (4,724) | 30 | (181) | PDF p. 127 |
| Total return/(loss) for the year before income tax$’000 | 43,313 | 50,576 | (8,749) | 5,921 | PDF p. 127 |
| Income tax expenses$’000 | (14,331) | (13,822) | – | – | PDF p. 127 |
| Total return/(loss) for the year after income tax$’000 | 28,982 | 36,754 | (8,749) | 5,921 | PDF p. 127 |
| Total return/(loss) attributable to | |||||
| Unitholders of the Trust$’000 | 27,326 | 35,093 | (10,405) | 4,260 | PDF p. 127 |
| Perpetual securities holders$’000 | 1,656 | 1,661 | 1,656 | 1,661 | PDF p. 127 |
| Subtotal$’000 | 28,982 | 36,754 | (8,749) | 5,921 | PDF p. 127 |
Definitions & sources
Original report: PDF p. 127 ↗
The accompanying notes form an integral part of these financial statements.
Earnings per unit
2 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Earnings per unit in cents | |||
| Basiccents per unit | 1.29 | 1.68 | PDF p. 127 |
| Dilutedcents per unit | 1.29 | 1.66 | PDF p. 127 |
Definitions & sources
Original report: PDF p. 127 ↗
The accompanying notes form an integral part of these financial statements.
Consolidated statement of cash flows — Group
40 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Cash flows from operating activities | |||
| Total return for the year after income tax$’000 | 28,982 | 36,754 | PDF p. 133 |
| Adjustments for | |||
| Finance income$’000 | (269) | (362) | PDF p. 133 |
| Interest expense$’000 | 16,195 | 18,242 | PDF p. 133 |
| Amortisation of transaction costs$’000 | 4,705 | 4,531 | PDF p. 133 |
| Depreciation expense$’000 | 15 | 12 | PDF p. 133 |
| Unrealised foreign exchange losses$’000 | 4,071 | 3,140 | PDF p. 133 |
| Losses on disposal of quoted shares$’000 | 1 | 6 | PDF p. 133 |
| Adjustments on rental straight-lining$’000 | (7,446) | (10,227) | PDF p. 133 |
| Loss on disposal of a subsidiary$’000 | 7,535 | – | PDF p. 133 |
| Net fair value losses on investment properties$’000 | 3,528 | 9,578 | PDF p. 133 |
| Net fair value gains of derivative financial instruments$’000 | (473) | (440) | PDF p. 133 |
| Manager’s management fees settled in units$’000 | 4,180 | 4,291 | PDF p. 133 |
| Income tax expenses$’000 | 14,331 | 13,822 | PDF p. 133 |
| Adjustments subtotal$’000 | 75,355 | 79,347 | PDF p. 133 |
| Changes in | |||
| Trade and other receivables$’000 | (3,691) | 903 | PDF p. 133 |
| Other assets$’000 | (7) | 335 | PDF p. 133 |
| Trade and other payables$’000 | 6,084 | (316) | PDF p. 133 |
| Other liabilities$’000 | 155 | (2,104) | PDF p. 133 |
| Cash flows from operating activities | |||
| Cash generated from operations$’000 | 77,896 | 78,165 | PDF p. 133 |
| Income taxes paid$’000 | (13,221) | (12,392) | PDF p. 133 |
| Net cash flows from operating activities$’000 | 64,675 | 65,773 | PDF p. 133 |
| Cash flows from investing activities | |||
| Capital expenditures to investment properties$’000 | (3,746) | (5,859) | PDF p. 133 |
| Purchase of plant and equipment$’000 | – | (75) | PDF p. 133 |
| Proceeds from disposal of a subsidiary, net of cash$’000 | 22,440 | – | PDF p. 133 |
| Interest received$’000 | 298 | 501 | PDF p. 133 |
| Investments in quoted shares$’000 | (226) | (441) | PDF p. 133 |
| Proceeds from disposals of quoted shares$’000 | 225 | 435 | PDF p. 133 |
| Net cash flows from/(used in) investing activities$’000 | 18,991 | (5,439) | PDF p. 133 |
| Cash flows from financing activities | |||
| Distribution to unitholders$’000 | (46,936) | (50,109) | PDF p. 133 |
| Distribution to perpetual securities holders$’000 | (1,656) | (1,661) | PDF p. 133 |
| Proceeds from borrowings$’000 | 6,000 | 7,000 | PDF p. 133 |
| Repayment of borrowings$’000 | (873) | (885) | PDF p. 133 |
| Payment of transaction costs related to borrowings$’000 | (1,831) | (1,669) | PDF p. 133 |
| Interest paid$’000 | (15,825) | (18,240) | PDF p. 133 |
| Proceeds from settlement of derivative financial instruments$’000 | 541 | 646 | PDF p. 133 |
| Net cash flows used in financing activities$’000 | (60,580) | (64,918) | PDF p. 133 |
| Cash flows | |||
| Net increase/(decrease) in cash and cash equivalents$’000 | 23,086 | (4,584) | PDF p. 133 |
| Cash and cash equivalents at beginning of the year$’000 | 34,674 | 40,266 | PDF p. 133 |
| Effect of exchange rate fluctuations on cash and cash equivalents held$’000 | (1,563) | (1,008) | PDF p. 133 |
| Cash and cash equivalents at 31 December$’000 | 56,197 | 34,674 | PDF p. 133 |
Definitions & sources
Original report: PDF p. 133 ↗
The accompanying notes form an integral part of these financial statements.
Significant non-cash transactions are disclosed on page 134. The report states that 4,843,213 Units amounting to approximately $1,315,000 were issued to the Manager for the 2025 base management fee; 10,460,760 management fee units (approximately $2,865,000) and 469,357 divestment fee units (approximately $130,000) will be issued. For 2024 it reports 5,362,434 Units (approximately $1,367,000) issued and 11,541,209 management fee units (approximately $2,923,000) to be issued.
Distribution per Unit and related five-year figures
3 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2021FY2021 | 2022FY2022 | 2023FY2023 | 2024FY2024 | 2025FY2025 | Source |
|---|---|---|---|---|---|---|
| Distribution per Unit | ||||||
| Net Property and Other IncomeS$’million | 100.2 | 108.6 | 105.3 | 98.5 | 97.3 | PDF p. 6 |
| Distributable AmountS$’million | 42.1 | 52.4 | 51.4 | 49.3 | 45.8 | PDF p. 6 |
| Distribution per UnitSingapore cents | 2.61 | 2.64 | 2.48 | 2.36 | 2.17 | PDF p. 6 |
Definitions & sources
Original report: PDF p. 6 ↗
Earnings per Unit and unit counts — five-year highlights
3 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2021FY2021 | 2022FY2022 | 2023FY2023 | 2024FY2024 | 2025FY2025 | Source |
|---|---|---|---|---|---|---|
| Earnings per Unit (2) | ||||||
| Earnings per UnitSingapore cents per unit | 4.00 | 1.56 | 2.98 | 1.68 | 1.29 | PDF p. 6 |
| Number of Units in issue’000 units | 1,613,029 | 2,058,581 | 2,076,925 | 2,094,447 | 2,110,969 | PDF p. 6 |
| Weighted Average number of Units’000 units | 1,499,382 | 1,981,551 | 2,067,938 | 2,086,175 | 2,111,058 | PDF p. 6 |
Definitions & sources
Original report: PDF p. 6 ↗
(2) The calculation of basic Earnings per Unit is based on total return attributable to Unitholders and weighted average number of units during the year.
Balance Sheet highlights
5 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025As at 31 December 2025 | 2024As at 31 December 2024 | Source |
|---|---|---|---|
| Balance Sheet | |||
| Total AssetsS$’000 | 1,088,969 | 1,160,501 | PDF p. 7 |
| Total LiabilitiesS$’000 | 528,474 | 528,229 | PDF p. 7 |
| Total Borrowings (2)S$’000 | 458,016 | 459,601 | PDF p. 7 |
| Unitholders’ FundsS$’000 | 527,213 | 598,990 | PDF p. 7 |
| Net Assets Value Attributable to Unitholders per UnitSingapore cents per unit | 24.97 | 28.60 | PDF p. 7 |
Definitions & sources
Original report: PDF p. 7 ↗
(2) Before transaction costs.
Financial ratios
5 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025As at 31 December 2025 | 2024As at 31 December 2024 | Source |
|---|---|---|---|
| Financial ratios | |||
| Interest Coveragetimes | 3.7 | 3.6 | PDF p. 7 |
| Aggregate Leverage (3)% | 42.1 | 39.6 | PDF p. 7 |
| % Debt, Fixed Rates or Hedged% | 46.1 | 56.9 | PDF p. 7 |
| % Debt, Social Finance Instruments% | 78.7 | 77.3 | PDF p. 7 |
| Derivative Financial Instruments as Percentage of Net Assets Attributable to Unitholders (%)% | - | 0.01 | PDF p. 7 |
Definitions & sources
Original report: PDF p. 7 ↗
(3) The Manager is of the view that the higher aggregate leverage as at 31 December 2025 will not have a material impact on the risk profile of First REIT as it is still within a manageable range below the MAS regulated aggregate leverage limit of 50%. The MAS had imposed for S-REITs to have a new minimum interest coverage ratio (“ICR”) of 1.5 times and a single aggregate leverage limit of 50%, effective from 28 November 2024.
Statements of movement in unitholders’ funds — Group — 2025
13 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group — Issued equity | 2025Group — Retained earnings | 2025Group — Foreign exchange reserve | 2025Group — Subtotal | 2025Group — Perpetual securities | 2025Group — Total | Source |
|---|---|---|---|---|---|---|---|
| Operations | |||||||
| At 1 January 2025$’000 | 535,993 | 179,216 | (116,219) | 598,990 | 33,282 | 632,272 | PDF p. 129 |
| Total return for the year$’000 | – | 28,982 | – | 28,982 | – | 28,982 | PDF p. 129 |
| Less: Amount reserved for distribution to perpetual securities holders$’000 | – | (1,656) | – | (1,656) | 1,656 | – | PDF p. 129 |
| Net increase in net assets resulting from operations$’000 | – | 27,326 | – | 27,326 | 1,656 | 28,982 | PDF p. 129 |
| Foreign exchange reserve — Foreign operations | |||||||
| - Currency translation differences$’000 | – | – | (51,266) | (51,266) | – | (51,266) | PDF p. 129 |
| - Currency translation differences reclassified to profit or loss on disposal$’000 | – | – | (5,193) | (5,193) | – | (5,193) | PDF p. 129 |
| Comprehensive income | |||||||
| Total comprehensive income$’000 | – | 27,326 | (56,459) | (29,133) | 1,656 | (27,477) | PDF p. 129 |
| Transactions with unitholders and perpetual securities holders | |||||||
| Manager’s management fees settled in units$’000 | 4,292 | – | – | 4,292 | – | 4,292 | PDF p. 129 |
| Change in net assets resulting from creation of units$’000 | 4,292 | – | – | 4,292 | – | 4,292 | PDF p. 129 |
| Distributions to unitholders$’000 | (41,256) | (5,680) | – | (46,936) | – | (46,936) | PDF p. 129 |
| Distributions to perpetual securities holders$’000 | – | – | – | – | (1,656) | (1,656) | PDF p. 129 |
| Net decrease in net assets resulting from transactions with unitholders and perpetual securities holders$’000 | (36,964) | (5,680) | – | (42,644) | (1,656) | (44,300) | PDF p. 129 |
| Closing balance | |||||||
| At 31 December 2025$’000 | 499,029 | 200,862 | (172,678) | 527,213 | 33,282 | 560,495 | PDF p. 129 |
Definitions & sources
Original report: PDF p. 129 ↗
Each column is a separately printed unitholder-funds component; comparative 2024 movements are shown on the source page as the 2024 opening/closing year.
Statements of movement in unitholders’ funds — Group — 2024 comparative
12 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2024Group — Issued equity | 2024Group — Retained earnings | 2024Group — Foreign exchange reserve | 2024Group — Subtotal | 2024Group — Perpetual securities | 2024Group — Total | Source |
|---|---|---|---|---|---|---|---|
| Operations | |||||||
| At 1 January 2024$’000 | 565,086 | 160,605 | (98,807) | 626,884 | 33,282 | 660,166 | PDF p. 130 |
| Total return for the year$’000 | – | 36,754 | – | 36,754 | – | 36,754 | PDF p. 130 |
| Less: Amount reserved for distribution to perpetual securities holders$’000 | – | (1,661) | – | (1,661) | 1,661 | – | PDF p. 130 |
| Net increase in net assets resulting from operations$’000 | – | 35,093 | – | 35,093 | 1,661 | 36,754 | PDF p. 130 |
| Foreign exchange reserve — Foreign operations | |||||||
| - Currency translation differences$’000 | – | – | (17,412) | (17,412) | – | (17,412) | PDF p. 130 |
| Comprehensive income | |||||||
| Total comprehensive income$’000 | – | 35,093 | (17,412) | 17,681 | 1,661 | 19,342 | PDF p. 130 |
| Transactions with unitholders and perpetual securities holders | |||||||
| Manager’s management fees settled in units$’000 | 4,534 | – | – | 4,534 | – | 4,534 | PDF p. 130 |
| Change in net assets resulting from creation of units$’000 | 4,534 | – | – | 4,534 | – | 4,534 | PDF p. 130 |
| Distributions to unitholders$’000 | (33,627) | (16,482) | – | (50,109) | – | (50,109) | PDF p. 130 |
| Distributions to perpetual securities holders$’000 | – | – | – | – | (1,661) | (1,661) | PDF p. 130 |
| Net decrease in net assets resulting from transactions with unitholders and perpetual securities holders$’000 | (29,093) | (16,482) | – | (45,575) | (1,661) | (47,236) | PDF p. 130 |
| Closing balance | |||||||
| At 31 December 2024$’000 | 535,993 | 179,216 | (116,219) | 598,990 | 33,282 | 632,272 | PDF p. 130 |
Definitions & sources
Original report: PDF p. 130 ↗
Each column is a separately printed unitholder-funds component; comparative 2024 movements are shown on the source page as the 2024 opening/closing year.
Statements of movement in unitholders’ funds — Trust — 2025
10 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Trust — Issued equity | 2025Trust — Accumulated losses | 2025Trust — Subtotal | 2025Trust — Perpetual securities | 2025Trust — Total | Source |
|---|---|---|---|---|---|---|
| Operations | ||||||
| At 1 January 2025$’000 | 535,993 | (164,765) | 371,228 | 33,282 | 404,510 | PDF p. 131 |
| Total loss for the year$’000 | – | (8,749) | (8,749) | – | (8,749) | PDF p. 131 |
| Less: Amount reserved for distribution to perpetual securities holders$’000 | – | (1,656) | (1,656) | 1,656 | – | PDF p. 131 |
| Operations / comprehensive income | ||||||
| Net (decrease)/increase in net assets resulting from operations/Total comprehensive income$’000 | – | (10,405) | (10,405) | 1,656 | (8,749) | PDF p. 131 |
| Transactions with unitholders and perpetual securities holders | ||||||
| Manager’s management fees settled in units$’000 | 4,292 | – | 4,292 | – | 4,292 | PDF p. 131 |
| Change in net assets resulting from creation of units$’000 | 4,292 | – | 4,292 | – | 4,292 | PDF p. 131 |
| Distributions to unitholders$’000 | (41,256) | (5,680) | (46,936) | – | (46,936) | PDF p. 131 |
| Distributions to perpetual securities holders$’000 | – | – | – | (1,656) | (1,656) | PDF p. 131 |
| Net decrease in net assets resulting from transactions with unitholders and perpetual securities holders$’000 | (36,964) | (5,680) | (42,644) | (1,656) | (44,300) | PDF p. 131 |
| Closing balance | ||||||
| At 31 December 2025$’000 | 499,029 | (180,850) | 318,179 | 33,282 | 351,461 | PDF p. 131 |
Definitions & sources
Original report: PDF p. 131 ↗
Each column is a separately printed unitholder-funds component; comparative 2024 movements are shown on the source page as the 2024 opening/closing year.
Statements of movement in unitholders’ funds — Trust — 2024 comparative
10 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2024Trust — Issued equity | 2024Trust — Accumulated losses | 2024Trust — Subtotal | 2024Trust — Perpetual securities | 2024Trust — Total | Source |
|---|---|---|---|---|---|---|
| Operations | ||||||
| At 1 January 2024$’000 | 565,086 | (152,543) | 412,543 | 33,282 | 445,825 | PDF p. 132 |
| Total return for the year$’000 | – | 5,921 | 5,921 | – | 5,921 | PDF p. 132 |
| Less: Amount reserved for distribution to perpetual securities holders$’000 | – | (1,661) | (1,661) | 1,661 | – | PDF p. 132 |
| Operations / comprehensive income | ||||||
| Net increase in net assets resulting from operations/Total comprehensive income$’000 | – | 4,260 | 4,260 | 1,661 | 5,921 | PDF p. 132 |
| Transactions with unitholders and perpetual securities holders | ||||||
| Manager’s management fees settled in units$’000 | 4,534 | – | 4,534 | – | 4,534 | PDF p. 132 |
| Change in net assets resulting from creation of units$’000 | 4,534 | – | 4,534 | – | 4,534 | PDF p. 132 |
| Distributions to unitholders$’000 | (33,627) | (16,482) | (50,109) | – | (50,109) | PDF p. 132 |
| Distributions to perpetual securities holders$’000 | – | – | – | (1,661) | (1,661) | PDF p. 132 |
| Net decrease in net assets resulting from transactions with unitholders and perpetual securities holders$’000 | (29,093) | (16,482) | (45,575) | (1,661) | (47,236) | PDF p. 132 |
| Closing balance | ||||||
| At 31 December 2024$’000 | 535,993 | (164,765) | 371,228 | 33,282 | 404,510 | PDF p. 132 |
Definitions & sources
Original report: PDF p. 132 ↗
Each column is a separately printed unitholder-funds component; comparative 2024 movements are shown on the source page as the 2024 opening/closing year.
Statements of distribution
7 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | 2025Trust | 2024Trust | Source |
|---|---|---|---|---|---|
| Distribution | |||||
| Amount available for distribution to unitholders at beginning of the year$’000 | 12,113 | 12,906 | 12,113 | 12,906 | PDF p. 128 |
| Total return/(loss) for the year after income tax$’000 | 28,982 | 36,754 | (8,749) | 5,921 | PDF p. 128 |
| Adjustments for tax purposes (Note A)$’000 | 16,869 | 12,562 | 54,600 | 43,395 | PDF p. 128 |
| Amount available for distribution to unitholders$’000 | 57,964 | 62,222 | 57,964 | 62,222 | PDF p. 128 |
| Total distribution paid to unitholders$’000 | (46,936) | (50,109) | (46,936) | (50,109) | PDF p. 128 |
| Amount available for distribution to unitholders at end of the year$’000 | 11,028 | 12,113 | 11,028 | 12,113 | PDF p. 128 |
| Distribution per unit (cents)cents per unit | 2.17 | 2.36 | 2.17 | 2.36 | PDF p. 128 |
Definitions & sources
Original report: PDF p. 128 ↗
Statements of distribution — Note A adjustments for tax purposes
14 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | 2025Trust | 2024Trust | Source |
|---|---|---|---|---|---|
| Note A — Adjustments for tax purposes | |||||
| Manager’s management fees settled in units$’000 | 4,180 | 4,291 | 4,180 | 4,291 | PDF p. 128 |
| Change in fair values on investment properties, net of deferred tax$’000 | 4,478 | 10,984 | 1,645 | 1,300 | PDF p. 128 |
| Adjustment on rental straight-lining$’000 | (7,446) | (10,227) | 268 | 176 | PDF p. 128 |
| Loss on disposal of a subsidiary$’000 | 7,535 | – | – | – | PDF p. 128 |
| Net fair value gains of derivative financial instruments$’000 | (473) | (440) | (473) | (440) | PDF p. 128 |
| Allowance/(reversal) of impairment losses on investments in subsidiaries$’000 | – | – | 5,601 | (7,012) | PDF p. 128 |
| Capital repayment from subsidiaries:$’000 | – | – | 33,405 | 36,065 | PDF p. 128 |
| - Redemption of preference shares$’000 | – | – | 26,290 | 27,101 | PDF p. 128 |
| - Repayment of shareholder loans$’000 | – | – | 7,115 | 8,964 | PDF p. 128 |
| Amount reserved for distribution to perpetual securities holders$’000 | (1,656) | (1,661) | (1,656) | (1,661) | PDF p. 128 |
| Net settlement gains on currency hedging$’000 | 541 | 646 | 541 | 646 | PDF p. 128 |
| Foreign exchange adjustment losses$’000 | 4,071 | 3,140 | 8 | 104 | PDF p. 128 |
| Other non-tax deductible items and adjustments$’000 | 5,639 | 5,829 | 11,081 | 9,926 | PDF p. 128 |
| Subtotal$’000 | 16,869 | 12,562 | 54,600 | 43,395 | PDF p. 128 |
Definitions & sources
Original report: PDF p. 128 ↗
Assets-Under-Management CAGR since FY2023
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025CAGR since FY2023 | Source |
|---|---|---|
| Financial highlights | ||
| CAGR Since FY2023 (1)% | -5.3 | PDF p. 7 |
Definitions & sources
Original report: PDF p. 7 ↗
Rental and Other Income CAGR
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025CAGR since FY2023 | Source |
|---|---|---|
| Financial highlights | ||
| CAGR Since FY2023 (1)% | -3.8 | PDF p. 6 |
Definitions & sources
Original report: PDF p. 6 ↗
(1) Restructured master lease agreements in Indonesia took effect since 1 January 2021.
Statements of portfolio — Group — carrying values
8 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group; carrying value | 2024Group; carrying value | Source |
|---|---|---|---|
| Group portfolio statement | |||
| Investment properties in Singapore$’000 | 28,650 | 30,400 | PDF p. 135 |
| Investment properties in Indonesia$’000 | 762,017 | 839,898 | PDF p. 135 |
| Investment properties in Japan$’000 | 231,952 | 247,710 | PDF p. 135 |
| Portfolio of investment properties at valuation – total$’000 | 1,022,619 | 1,118,008 | PDF p. 135 |
| Other net liabilities$’000 | (462,124) | (485,736) | PDF p. 135 |
| Net assets attributable to holders$’000 | 560,495 | 632,272 | PDF p. 135 |
| Perpetual securities holders$’000 | (33,282) | (33,282) | PDF p. 135 |
| Net assets attributable to unitholders$’000 | 527,213 | 598,990 | PDF p. 135 |
Definitions & sources
Original report: PDF p. 135 ↗
Statements of portfolio — Group — percentage of net assets
8 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group; percentage of net assets attributable to unitholders | 2024Group; percentage of net assets attributable to unitholders | Source |
|---|---|---|---|
| Group portfolio statement | |||
| Investment properties in Singapore% | 5.43 | 5.08 | PDF p. 135 |
| Investment properties in Indonesia% | 144.54 | 140.22 | PDF p. 135 |
| Investment properties in Japan% | 44.00 | 41.35 | PDF p. 135 |
| Portfolio of investment properties at valuation – total% | 193.97 | 186.65 | PDF p. 135 |
| Other net liabilities% | (87.66) | (81.09) | PDF p. 135 |
| Net assets attributable to holders% | 106.31 | 105.56 | PDF p. 135 |
| Perpetual securities holders% | (6.31) | (5.56) | PDF p. 135 |
| Net assets attributable to unitholders% | 100.00 | 100.00 | PDF p. 135 |
Definitions & sources
Original report: PDF p. 135 ↗
Statements of portfolio — Trust — carrying values
7 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Trust; carrying value | 2024Trust; carrying value | Source |
|---|---|---|---|
| Trust portfolio statement | |||
| Investment properties in Singapore$’000 | 28,650 | 30,400 | PDF p. 135 |
| Portfolio of investment properties at valuation – total$’000 | 28,650 | 30,400 | PDF p. 135 |
| Investments in subsidiaries$’000 | 714,723 | 746,614 | PDF p. 135 |
| Other net liabilities$’000 | (391,912) | (372,504) | PDF p. 135 |
| Net assets attributable to holders$’000 | 351,461 | 404,510 | PDF p. 135 |
| Perpetual securities holders$’000 | (33,282) | (33,282) | PDF p. 135 |
| Net assets attributable to unitholders$’000 | 318,179 | 371,228 | PDF p. 135 |
Definitions & sources
Original report: PDF p. 135 ↗
Statements of portfolio — Trust — percentage of net assets
7 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Trust; percentage of net assets attributable to unitholders | 2024Trust; percentage of net assets attributable to unitholders | Source |
|---|---|---|---|
| Trust portfolio statement | |||
| Investment properties in Singapore% | 9.00 | 8.19 | PDF p. 135 |
| Portfolio of investment properties at valuation – total% | 9.00 | 8.19 | PDF p. 135 |
| Investments in subsidiaries% | 224.63 | 201.12 | PDF p. 135 |
| Other net liabilities% | (123.17) | (100.34) | PDF p. 135 |
| Net assets attributable to holders% | 110.46 | 108.97 | PDF p. 135 |
| Perpetual securities holders% | (10.46) | (8.97) | PDF p. 135 |
| Net assets attributable to unitholders% | 100.00 | 100.00 | PDF p. 135 |
Definitions & sources
Original report: PDF p. 135 ↗
Significant non-cash transactions — 2025 — units
3 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | Source |
|---|---|---|
| Significant non-cash transactions | ||
| Base management fee units issuedunits | 4,843,213 | PDF p. 134 |
| Management fee units to be issuedunits | 10,460,760 | PDF p. 134 |
| Divestment fee unitsunits | 469,357 | PDF p. 134 |
Definitions & sources
Original report: PDF p. 134 ↗
Significant non-cash transactions — 2025 — amounts
3 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | Source |
|---|---|---|
| Significant non-cash transactions | ||
| Base management fee valueS$ | 1,315,000 | PDF p. 134 |
| Management fee units valueS$ | 2,865,000 | PDF p. 134 |
| Divestment fee valueS$ | 130,000 | PDF p. 134 |
Definitions & sources
Original report: PDF p. 134 ↗
Significant non-cash transactions — 2024 — units
2 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2024Group | Source |
|---|---|---|
| Significant non-cash transactions | ||
| Base management fee units issuedunits | 5,362,434 | PDF p. 134 |
| Management fee units to be issuedunits | 11,541,209 | PDF p. 134 |
Definitions & sources
Original report: PDF p. 134 ↗
Significant non-cash transactions — 2024 — amounts
2 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2024Group | Source |
|---|---|---|
| Significant non-cash transactions | ||
| Base management fee valueS$ | 1,367,000 | PDF p. 134 |
| Management fee units valueS$ | 2,923,000 | PDF p. 134 |
Definitions & sources
Original report: PDF p. 134 ↗
Detailed portfolio — Group — gross floor area
32 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group gross floor area | Source |
|---|---|---|
| Group portfolio by geographical area | ||
| Precious Homes @ Bukit Merahsquare metres | 3,593 | PDF p. 136 |
| Precious Homes @ Bukit Panjangsquare metres | 3,563 | PDF p. 136 |
| The Lentor Residencesquare metres | 4,005 | PDF p. 136 |
| Siloam Hospitals Lippo Villagesquare metres | 32,696 | PDF p. 137 |
| Siloam Hospitals Kebon Jeruksquare metres | 20,268 | PDF p. 137 |
| Mochtar Riady Comprehensive Cancer Centresquare metres | 37,933 | PDF p. 137 |
| Siloam Hospitals Lippo Cikarangsquare metres | 13,256 | PDF p. 137 |
| Siloam Hospitals Manado & Hotel Aryaduta Manadosquare metres | 36,051 | PDF p. 137 |
| Siloam Hospitals Makassarsquare metres | 15,686 | PDF p. 138 |
| Siloam Hospitals Balisquare metres | 20,958 | PDF p. 138 |
| Siloam Hospitals TB Simatupangsquare metres | 18,605 | PDF p. 138 |
| Siloam Hospitals Purwakartasquare metres | 9,595 | PDF p. 139 |
| Siloam Sriwijayasquare metres | 15,336 | PDF p. 139 |
| Siloam Hospitals Kupang & Lippo Plaza Kupangsquare metres | 55,368 | PDF p. 139 |
| Siloam Hospitals Labuan Bajosquare metres | 7,604 | PDF p. 139 |
| Siloam Hospitals Baubau & Lippo Plaza Baubausquare metres | 21,934 | PDF p. 140 |
| Siloam Hospitals Yogyakartasquare metres | 12,474 | PDF p. 140 |
| Imperial Aryaduta Hotel & Country Clubsquare metres | 17,926 | PDF p. 140 |
| Hikari Heights Varus Ishiyamasquare metres | 8,747 | PDF p. 141 |
| Hikari Heights Varus Tsukisamu Koensquare metres | 4,362 | PDF p. 141 |
| Hikari Heights Varus Fujinosquare metres | 9,782 | PDF p. 141 |
| Hikari Heights Varus Kotonisquare metres | 20,756 | PDF p. 141 |
| Varus Cuore Yamanotesquare metres | 2,808 | PDF p. 141 |
| Hikari Heights Varus Makomanai Koensquare metres | 13,301 | PDF p. 142 |
| Varus Cuore Sapporo Kita/ Annexsquare metres | 7,637 | PDF p. 142 |
| Elysion Gakuenmaesquare metres | 3,790 | PDF p. 142 |
| Elysion Mamigaoka/ Mamigaoka Annexsquare metres | 10,259 | PDF p. 142 |
| Orchard Amanohashidatesquare metres | 2,927 | PDF p. 142 |
| Orchard Kaichi Northsquare metres | 5,058 | PDF p. 143 |
| Orchard Kaichi Westsquare metres | 1,561 | PDF p. 143 |
| Medical Rehabilitation Home Bon Séjour Komakisquare metres | 8,858 | PDF p. 143 |
| Loyal Residence Ayasesquare metres | 3,387 | PDF p. 143 |
Definitions & sources
Original report: PDF p. 136 ↗ PDF p. 137 ↗ PDF p. 138 ↗ PDF p. 139 ↗ PDF p. 140 ↗ PDF p. 141 ↗ PDF p. 142 ↗ PDF p. 143 ↗
(1) Imperial Aryaduta Hotel & Country Club was disposed in December 2025
Notes: (a): This refers to the entire tenure of the master lease terms on the basis that the underlying HGB Titles of each of the properties can be extended and renewed, except for Siloam Sriwijaya which is held on a strata title basis under a Build, Operate and Transfer (“BOT”) scheme, and Siloam Hospitals Kupang & Lippo Plaza Kupang and Siloam Hospitals Baubau & Lippo Plaza Baubau which are under BOT schemes. (b): This refers to the remaining tenure of the master lease terms as at 31 December 2025 on the basis that the underlying HGB Titles of each of the properties can be extended and renewed, except for Siloam Sriwijaya which is held on a strata title basis under BOT scheme, and Siloam Hospitals Kupang & Lippo Plaza Kupang and Siloam Hospitals Baubau & Lippo Plaza Baubau which are under BOT schemes.
Detailed portfolio — Group — carrying values
33 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group carrying value as at 31 December 2025 | 2024Group carrying value as at 31 December 2024 | Source |
|---|---|---|---|
| Group portfolio by geographical area | |||
| Precious Homes @ Bukit Merah$’000 | 6,800 | 7,500 | PDF p. 136 |
| Precious Homes @ Bukit Panjang$’000 | 7,550 | 8,100 | PDF p. 136 |
| The Lentor Residence$’000 | 14,300 | 14,800 | PDF p. 136 |
| Siloam Hospitals Lippo Village$’000 | 148,209 | 162,487 | PDF p. 137 |
| Siloam Hospitals Kebon Jeruk$’000 | 67,586 | 70,345 | PDF p. 137 |
| Mochtar Riady Comprehensive Cancer Centre$’000 | 116,976 | 127,803 | PDF p. 137 |
| Siloam Hospitals Lippo Cikarang$’000 | 47,589 | 50,065 | PDF p. 137 |
| Siloam Hospitals Manado & Hotel Aryaduta Manado$’000 | 79,372 | 79,365 | PDF p. 137 |
| Siloam Hospitals Makassar$’000 | 60,939 | 66,563 | PDF p. 138 |
| Siloam Hospitals Bali$’000 | 58,803 | 64,245 | PDF p. 138 |
| Siloam Hospitals TB Simatupang$’000 | 39,134 | 42,802 | PDF p. 138 |
| Siloam Hospitals Purwakarta$’000 | 21,766 | 22,601 | PDF p. 139 |
| Siloam Sriwijaya$’000 | 24,878 | 22,015 | PDF p. 139 |
| Siloam Hospitals Kupang & Lippo Plaza Kupang$’000 | 46,904 | 49,843 | PDF p. 139 |
| Siloam Hospitals Labuan Bajo$’000 | 9,686 | 10,542 | PDF p. 139 |
| Siloam Hospitals Baubau & Lippo Plaza Baubau$’000 | 22,416 | 23,858 | PDF p. 140 |
| Siloam Hospitals Yogyakarta$’000 | 17,759 | 19,641 | PDF p. 140 |
| Imperial Aryaduta Hotel & Country Club$’000 | – | 27,723 | PDF p. 140 |
| Hikari Heights Varus Ishiyama$’000 | 6,972 | 7,506 | PDF p. 141 |
| Hikari Heights Varus Tsukisamu Koen$’000 | 5,652 | 6,063 | PDF p. 141 |
| Hikari Heights Varus Fujino$’000 | 13,612 | 14,784 | PDF p. 141 |
| Hikari Heights Varus Kotoni$’000 | 55,112 | 58,784 | PDF p. 141 |
| Varus Cuore Yamanote$’000 | 9,296 | 9,944 | PDF p. 141 |
| Hikari Heights Varus Makomanai Koen$’000 | 39,840 | 42,504 | PDF p. 142 |
| Varus Cuore Sapporo Kita/ Annex$’000 | 24,651 | 26,312 | PDF p. 142 |
| Elysion Gakuenmae$’000 | 13,280 | 14,168 | PDF p. 142 |
| Elysion Mamigaoka/ Mamigaoka Annex$’000 | 18,094 | 19,360 | PDF p. 142 |
| Orchard Amanohashidate$’000 | 7,354 | 7,814 | PDF p. 142 |
| Orchard Kaichi North$’000 | 11,205 | 11,968 | PDF p. 143 |
| Orchard Kaichi West$’000 | 3,893 | 4,127 | PDF p. 143 |
| Medical Rehabilitation Home Bon Séjour Komaki$’000 | 13,363 | 14,168 | PDF p. 143 |
| Loyal Residence Ayase$’000 | 9,628 | 10,208 | PDF p. 143 |
| Group portfolio subtotal | |||
| Portfolio of investment properties held by the Group at valuation – Total$’000 | 1,022,619 | 1,118,008 | PDF p. 143 |
Definitions & sources
Original report: PDF p. 136 ↗ PDF p. 137 ↗ PDF p. 138 ↗ PDF p. 139 ↗ PDF p. 140 ↗ PDF p. 141 ↗ PDF p. 142 ↗ PDF p. 143 ↗
(1) Imperial Aryaduta Hotel & Country Club was disposed in December 2025
Notes: (a): This refers to the entire tenure of the master lease terms on the basis that the underlying HGB Titles of each of the properties can be extended and renewed, except for Siloam Sriwijaya which is held on a strata title basis under a Build, Operate and Transfer (“BOT”) scheme, and Siloam Hospitals Kupang & Lippo Plaza Kupang and Siloam Hospitals Baubau & Lippo Plaza Baubau which are under BOT schemes. (b): This refers to the remaining tenure of the master lease terms as at 31 December 2025 on the basis that the underlying HGB Titles of each of the properties can be extended and renewed, except for Siloam Sriwijaya which is held on a strata title basis under BOT scheme, and Siloam Hospitals Kupang & Lippo Plaza Kupang and Siloam Hospitals Baubau & Lippo Plaza Baubau which are under BOT schemes.
Detailed portfolio — Group — percentage of net assets
33 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group percentage of net assets attributable to unitholders | 2024Group percentage of net assets attributable to unitholders | Source |
|---|---|---|---|
| Group portfolio by geographical area | |||
| Precious Homes @ Bukit Merah% | 1.29 | 1.25 | PDF p. 136 |
| Precious Homes @ Bukit Panjang% | 1.43 | 1.36 | PDF p. 136 |
| The Lentor Residence% | 2.71 | 2.47 | PDF p. 136 |
| Siloam Hospitals Lippo Village% | 28.11 | 27.13 | PDF p. 137 |
| Siloam Hospitals Kebon Jeruk% | 12.82 | 11.74 | PDF p. 137 |
| Mochtar Riady Comprehensive Cancer Centre% | 22.19 | 21.34 | PDF p. 137 |
| Siloam Hospitals Lippo Cikarang% | 9.03 | 8.36 | PDF p. 137 |
| Siloam Hospitals Manado & Hotel Aryaduta Manado% | 15.05 | 13.25 | PDF p. 137 |
| Siloam Hospitals Makassar% | 11.56 | 11.11 | PDF p. 138 |
| Siloam Hospitals Bali% | 11.15 | 10.72 | PDF p. 138 |
| Siloam Hospitals TB Simatupang% | 7.42 | 7.15 | PDF p. 138 |
| Siloam Hospitals Purwakarta% | 4.13 | 3.77 | PDF p. 139 |
| Siloam Sriwijaya% | 4.72 | 3.68 | PDF p. 139 |
| Siloam Hospitals Kupang & Lippo Plaza Kupang% | 8.90 | 8.32 | PDF p. 139 |
| Siloam Hospitals Labuan Bajo% | 1.84 | 1.76 | PDF p. 139 |
| Siloam Hospitals Baubau & Lippo Plaza Baubau% | 4.25 | 3.98 | PDF p. 140 |
| Siloam Hospitals Yogyakarta% | 3.37 | 3.28 | PDF p. 140 |
| Imperial Aryaduta Hotel & Country Club% | – | 4.63 | PDF p. 140 |
| Hikari Heights Varus Ishiyama% | 1.32 | 1.25 | PDF p. 141 |
| Hikari Heights Varus Tsukisamu Koen% | 1.07 | 1.01 | PDF p. 141 |
| Hikari Heights Varus Fujino% | 2.58 | 2.47 | PDF p. 141 |
| Hikari Heights Varus Kotoni% | 10.45 | 9.81 | PDF p. 141 |
| Varus Cuore Yamanote% | 1.76 | 1.66 | PDF p. 141 |
| Hikari Heights Varus Makomanai Koen% | 7.56 | 7.10 | PDF p. 142 |
| Varus Cuore Sapporo Kita/ Annex% | 4.68 | 4.39 | PDF p. 142 |
| Elysion Gakuenmae% | 2.52 | 2.37 | PDF p. 142 |
| Elysion Mamigaoka/ Mamigaoka Annex% | 3.43 | 3.23 | PDF p. 142 |
| Orchard Amanohashidate% | 1.39 | 1.30 | PDF p. 142 |
| Orchard Kaichi North% | 2.13 | 2.00 | PDF p. 143 |
| Orchard Kaichi West% | 0.74 | 0.69 | PDF p. 143 |
| Medical Rehabilitation Home Bon Séjour Komaki% | 2.54 | 2.37 | PDF p. 143 |
| Loyal Residence Ayase% | 1.83 | 1.70 | PDF p. 143 |
| Group portfolio subtotal | |||
| Portfolio of investment properties held by the Group at valuation – Total% | 193.97 | 186.65 | PDF p. 143 |
Definitions & sources
Original report: PDF p. 136 ↗ PDF p. 137 ↗ PDF p. 138 ↗ PDF p. 139 ↗ PDF p. 140 ↗ PDF p. 141 ↗ PDF p. 142 ↗ PDF p. 143 ↗
(1) Imperial Aryaduta Hotel & Country Club was disposed in December 2025
Notes: (a): This refers to the entire tenure of the master lease terms on the basis that the underlying HGB Titles of each of the properties can be extended and renewed, except for Siloam Sriwijaya which is held on a strata title basis under a Build, Operate and Transfer (“BOT”) scheme, and Siloam Hospitals Kupang & Lippo Plaza Kupang and Siloam Hospitals Baubau & Lippo Plaza Baubau which are under BOT schemes. (b): This refers to the remaining tenure of the master lease terms as at 31 December 2025 on the basis that the underlying HGB Titles of each of the properties can be extended and renewed, except for Siloam Sriwijaya which is held on a strata title basis under BOT scheme, and Siloam Hospitals Kupang & Lippo Plaza Kupang and Siloam Hospitals Baubau & Lippo Plaza Baubau which are under BOT schemes.
Detailed portfolio — Trust — gross floor area
3 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Trust gross floor area | Source |
|---|---|---|
| Trust portfolio by geographical area | ||
| Precious Homes @ Bukit Merahsquare metres | 3,593 | PDF p. 145 |
| Precious Homes @ Bukit Panjangsquare metres | 3,563 | PDF p. 145 |
| The Lentor Residencesquare metres | 4,005 | PDF p. 145 |
Definitions & sources
Original report: PDF p. 145 ↗
Detailed portfolio — Trust — carrying values
4 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Trust carrying value as at 31 December 2025 | 2024Trust carrying value as at 31 December 2024 | Source |
|---|---|---|---|
| Trust portfolio by geographical area | |||
| Precious Homes @ Bukit Merah$’000 | 6,800 | 7,500 | PDF p. 145 |
| Precious Homes @ Bukit Panjang$’000 | 7,550 | 8,100 | PDF p. 145 |
| The Lentor Residence$’000 | 14,300 | 14,800 | PDF p. 145 |
| Trust portfolio subtotal | |||
| Portfolio of investment properties held by the Trust at valuation – Total$’000 | 28,650 | 30,400 | PDF p. 145 |
Definitions & sources
Original report: PDF p. 145 ↗
Detailed portfolio — Trust — percentage of net assets
4 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Trust percentage of net assets attributable to unitholders | 2024Trust percentage of net assets attributable to unitholders | Source |
|---|---|---|---|
| Trust portfolio by geographical area | |||
| Precious Homes @ Bukit Merah% | 2.14 | 2.02 | PDF p. 145 |
| Precious Homes @ Bukit Panjang% | 2.37 | 2.18 | PDF p. 145 |
| The Lentor Residence% | 4.49 | 3.99 | PDF p. 145 |
| Trust portfolio subtotal | |||
| Portfolio of investment properties held by the Trust at valuation – Total% | 9.00 | 8.19 | PDF p. 145 |
Definitions & sources
Original report: PDF p. 145 ↗
Rental and Other Income — five-year comparison
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2021Group | 2022Group | 2023Group | 2024Group | 2025Group | Source |
|---|---|---|---|---|---|---|
| Financial highlights | ||||||
| Rental and Other IncomeS$’million | 102.3 | 111.3 | 108.6 | 102.2 | 100.5 | PDF p. 6 |
Definitions & sources
Original report: PDF p. 6 ↗
Year assignments independently verified against the original plotted x-axis labels, rather than PDF text extraction order.
Assets-Under-Management — five-year comparison
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2021Group | 2022Group | 2023Group | 2024Group | 2025Group | Source |
|---|---|---|---|---|---|---|
| Financial highlights | ||||||
| Assets-Under-ManagementS$’million | 962.4 | 1,145.3 | 1,139.5 | 1,118.0 | 1,022.6 | PDF p. 7 |
Definitions & sources
Original report: PDF p. 7 ↗
Year assignments independently verified against the original plotted x-axis labels, rather than PDF text extraction order.
Where the money comes from
Segment information
By geography
Operating segments by geography 10 lines
| Item / unit | 2025Singapore | 2025Indonesia | 2025Japan | 2025Total | 2024Singapore | 2024Indonesia | 2024Japan | 2024Total | Source |
|---|---|---|---|---|---|---|---|---|---|
| Total return reconciliation | |||||||||
| Rental and other income$'000 | 4,231 | 82,946 | 13,354 | 100,531 | 4,242 | 84,577 | 13,392 | 102,211 | PDF p. 179PDF p. 180 |
| Net property income and other income$'000 | 3,770 | 82,203 | 11,367 | 97,340 | 3,699 | 83,701 | 11,053 | 98,453 | PDF p. 179PDF p. 180 |
| Finance income$'000 | 195 | 57 | 17 | 269 | 304 | 57 | 1 | 362 | PDF p. 179PDF p. 180 |
| Asset management fees$'000 | – | – | (1,008) | (1,008) | – | – | (1,006) | (1,006) | PDF p. 179PDF p. 180 |
| Finance costs$'000 | (18,754) | – | (2,146) | (20,900) | (20,592) | – | (2,181) | (22,773) | PDF p. 179PDF p. 180 |
| Net fair value (losses)/gains on investment properties$'000 | (1,645) | 481 | (2,364) | (3,528) | PDF p. 179 | ||||
| Loss on disposal of a subsidiary$'000 | – | (7,535) | – | (7,535) | PDF p. 179 | ||||
| Income tax expenses$'000 | – | (12,471) | (1,860) | (14,331) | – | (11,873) | (1,949) | (13,822) | PDF p. 179PDF p. 180 |
| Assets | |||||||||
| Total assets$'000 | 66,699 | 774,236 | 248,034 | 1,088,969 | 43,393 | 853,893 | 263,215 | 1,160,501 | PDF p. 179PDF p. 180 |
| Total return reconciliation | |||||||||
| Net fair value losses on investment properties$'000 | (1,300) | (5,878) | (2,400) | (9,578) | PDF p. 180 | ||||
Notes
Liabilities are not analysed as the largest amount, namely the borrowings, are centrally managed.
Printed label: Segment assets including investment properties/ Total assets. Blank cells (non-allocated items) shown as empty strings.
Income is attributed to countries on the basis of the location of the investment properties.
Printed label: Segment assets including investment properties/ Total assets. Blank cells shown as empty strings.
Revenue from the Group’s top one and top two customer from Indonesia are $45,484,000 and $31,964,000 (2024: $42,930,000 and $35,842,000) respectively. These represent 45.2% and 31.8% (2024: 42.0% and 35.1%) of the Group’s revenue for the financial year ended 31 December 2025 respectively.
Debt
Borrowings
Terms and debt repayment schedule - 2025 (currency, nominal rate, maturity)
| Item / unit | 2025Face value $'000 | 2025Carrying amount $'000 | Source |
|---|---|---|---|
| Group 2025; SGD; 3.25%; maturity 2027 | |||
| Guaranteed bonds (Group)$'000 | 100,000 | 98,757 | PDF p. 168 |
| Group 2025; SGD; 3.39% to 5.56%; maturity 2026 | |||
| Social term loan A (Group)$'000 | 246,713 | 246,123 | PDF p. 168 |
| Group 2025; JPY; 1.31%; maturity 2026 | |||
| Social term loan B (Group)$'000 | 13,778 | 13,728 | PDF p. 168 |
| Group 2025; JPY; 1.50%; maturity 2030 | |||
| Secured TMK bonds B and Term loan C (Group)$'000 | 97,525 | 96,241 | PDF p. 168 |
| Group 2025 | |||
| Group total$'000 | 458,016 | 454,849 | PDF p. 168 |
| Trust 2025; SGD; 3.39% - 5.56%; maturity 2026 | |||
| Social term loan A (Trust)$'000 | 246,713 | 246,123 | PDF p. 168 |
| Trust 2025 | |||
| Trust total$'000 | 346,713 | 344,880 | PDF p. 168 |
Notes
Trust guaranteed bonds 2025 row is identical to Group: SGD 3.25% 2027 100,000 98,757.
Terms and debt repayment schedule - 2024
| Item / unit | 2024Face value $'000 | 2024Carrying amount $'000 | Source |
|---|---|---|---|
| Group 2024; SGD; 3.25%; maturity 2027 | |||
| Guaranteed bonds (Group)$'000 | 100,000 | 97,762 | PDF p. 168 |
| Group 2024; SGD; 5.27% to 5.97%; maturity 2026 | |||
| Social term loan A (Group)$'000 | 240,713 | 238,632 | PDF p. 168 |
| Group 2024; JPY; 1.00% to 1.31%; maturity 2026 | |||
| Social term loan B (Group)$'000 | 14,608 | 14,486 | PDF p. 168 |
| Group 2024; JPY; 1.50%; maturity 2030 | |||
| Secured TMK bonds B and Term loan C (Group)$'000 | 104,280 | 102,602 | PDF p. 168 |
| Group 2024 | |||
| Group total$'000 | 459,601 | 453,482 | PDF p. 168 |
| Trust 2024; SGD; 5.27% - 5.97%; maturity 2026 | |||
| Social term loan A (Trust)$'000 | 240,713 | 238,632 | PDF p. 168 |
| Trust 2024 | |||
| Trust total$'000 | 340,713 | 336,394 | PDF p. 168 |
Notes
Trust guaranteed bonds 2024 row is identical to Group: SGD 3.25% 2027 100,000 97,762.
Contractual maturities of borrowings - Group 2025
| Item / unit | 2025Carrying amount $'000 | 2025Contractual cash flows $'000 | 2025Within 1 year $'000 | 2025Within 2 to 5 years $'000 | 2025More than 5 years $'000 | Source |
|---|---|---|---|---|---|---|
| Group 2025 Non-derivative financial liabilities | ||||||
| Borrowings$'000 | 454,849 | (472,294) | (268,787) | (203,507) | – | PDF p. 183 |
Notes
Contractual undiscounted cash flows including estimated interest, earliest possible contractual maturity. Unutilised committed social term loan A facility $53,287,000; net current liabilities $213,191,000.
Contractual maturities of borrowings - Group 2024 and Trust 2025
| Item / unit | 2024Carrying amount $'000 | 2024Contractual cash flows $'000 | 2024Within 1 year $'000 | 2024Within 2 to 5 years $'000 | 2024More than 5 years $'000 | Source |
|---|---|---|---|---|---|---|
| Group 2024 Non-derivative financial liabilities | ||||||
| Borrowings (Group 2024)$'000 | 453,482 | (492,490) | (16,762) | (370,702) | (105,026) | PDF p. 184 |
Notes
Group 2024 only in this table.
Contractual maturities of borrowings - Trust
| Item / unit | 2025Carrying amount $'000 | 2025Contractual cash flows $'000 | 2025Within 1 year $'000 | 2025Within 2 to 5 years $'000 | 2025More than 5 years $'000 | 2024Carrying amount $'000 | 2024Contractual cash flows $'000 | 2024Within 1 year $'000 | 2024Within 2 to 5 years $'000 | 2024More than 5 years $'000 | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Trust Non-derivative financial liabilities | |||||||||||
| Borrowings$'000 | 344,880 | (354,276) | (253,412) | (100,864) | – | 336,394 | (364,698) | (15,007) | (349,691) | – | PDF p. 184PDF p. 185 |
Borrowing notes 1 tables
Borrowings by type (Group and Trust)
| Item / unit | 2025Group, $'000 | 2024Group, $'000 | 2025Trust, $'000 | 2024Trust, $'000 | Source |
|---|---|---|---|---|---|
| Borrowings | |||||
| Guaranteed bonds$'000 | 100,000 | 100,000 | 100,000 | 100,000 | PDF p. 167 |
| Social term loan A$'000 | 246,713 | 240,713 | 246,713 | 240,713 | PDF p. 167 |
| Social term loan B$'000 | 13,778 | 14,608 | – | – | PDF p. 167 |
| Secured TMK bonds B and Term loan C$'000 | 97,525 | 104,280 | – | – | PDF p. 167 |
| Less: Unamortised transaction costs$'000 | (3,167) | (6,119) | (1,833) | (4,319) | PDF p. 167 |
| Total borrowings$'000 | 454,849 | 453,482 | 344,880 | 336,394 | PDF p. 167 |
| Current/non-current split | |||||
| Non-current$'000 | 194,168 | 452,602 | 98,757 | 336,394 | PDF p. 167 |
| Current$'000 | 260,681 | 880 | 246,123 | – | PDF p. 167 |
Notes
Guaranteed bonds: $100 million at 3.25% due April 2027, guaranteed by CGIF (ADB trust fund). Social term loan A repayable May 2026 (extended in March 2026 to May 2027 for $242,601,000), floating. Social term loan B JPY1.66bn due 27 September 2026, non-recourse. Secured TMK bonds B and Term loan C due June 2030. Security: legal mortgages, assignments and debentures over Singapore/Indonesia properties for bonds and loan A; negative pledge and Trust guarantee for loan B and TMK/Term loan C.
Payout
Dividends & distributions
Dividend policy
| Item | Value | Period / scope | Source |
|---|---|---|---|
| First REIT distribution policy | First REIT’s distribution policy is to distribute at least 90% of its taxable income to Unitholders, with the actual level of distribution to be determined at the Manager’s discretion. | First REIT, FY2025 | PDF p. 114 |
Dividends declared and proposed
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Distribution per unit (cents) | 2.17 cents per unit | Group and Trust, 2025 | PDF p. 128 |
| Distribution per unit (cents) | 2.36 cents per unit | Group and Trust, 2024 comparative | PDF p. 128 |
Extracted from Annual Report 2025 and checked against the cited pages; see the original report for full context.
REIT, bank & sector ratios
Key metrics
REIT metrics
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Interest Coverage | 3.7 times | As at 31 December 2025 (comparative 31 December 2024: 3.6 times) · As at 2025-12-31 | PDF p. 7 |
| Aggregate Leverage (3) | 42.1% | As at 31 December 2025 (comparative 31 December 2024: 39.6%) · As at 2025-12-31 | PDF p. 7 |
| % Debt, Fixed Rates or Hedged | 46.1% | As at 31 December 2025 (comparative 31 December 2024: 56.9%) · As at 2025-12-31 | PDF p. 7 |
| Distribution per Unit (Singapore cents) | 2.17 Singapore cents | FY2025 (comparative FY2024: 2.36) | PDF p. 6 |
| Cost of debt | 4.5% | FY2025 (comparative FY2024: 5.0%) | PDF p. 12 |
| portfolio was valued at | S$1.02 billion | As at 31 December 2025, like-for-like excluding IAHCC; 6.2% decrease from FY2024 · As at 2025-12-31 | PDF p. 11 |
Extracted from Annual Report 2025 and checked against the cited pages; see the original report for full context.
Auditor’s report
Audit & risk signals
Audit opinion
| Item | Value | Period / scope | Source |
|---|---|---|---|
| KPMG LLP | KPMG LLP | Group and Trust, FY2025 | PDF p. 125 |
| Engagement partner | Tan Kar Yee, Linda | Group and Trust, FY2025 | PDF p. 125 |
Key audit matters
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Valuation of investment properties | The Group’s accounting policy is to state the investment properties at their fair values, which are based on independent external valuations. | Group, FY2025 | PDF p. 122 |
Extracted from Annual Report 2025 and checked against the cited pages; see the original report for full context.
How to read these figures
Group and parent company or bank figures are labelled separately. Parentheses indicate negative amounts; a dash and NA retain the report’s notation.
Comparative figures follow Annual Report 2025, including retrospective adjustments. Adjusted and reported earnings may have different definitions; refer to each statement’s notes.
Amounts, unit counts, per-unit cents and percentages retain the original units and Group/Trust scope. Detailed portfolio pages are combined into comparable tables with a separate PDF source for every row.
Five-year income and assets-under-management chart figures are matched to their original plotted years. The PDF text extraction order is not used as the year order. Significant noncash disclosures preserve amounts already issued and amounts to be issued.
These tables show the available extracted figures. The original annual report contains the full statements, notes and definitions.