First REIT Share Price: Target, History, and Why It Dropped

If you have been watching Singapore-listed healthcare REITs, you have probably noticed First REIT’s share price hovering near its lows. As of early July 2026, the stock trades at S$0.225, roughly 11% below the analyst target of S$0.25.

Current Share Price (SGD): 0.225 ·
52-Week High (SGD): 0.273 ·
52-Week Low (SGD): 0.220 ·
Analyst Target Price (SGD): 0.25 ·
Exchange: SGX (AW9U) ·
Sector: Healthcare REIT

These eight identifiers define First REIT’s current market position.

Why did the first REIT price drop?

The decline from the 2020s highs can be traced to a few specific triggers. In 2023, First REIT POEMS (Singapore brokerage research) issued a dividend cut that sent the share price tumbling toward its current levels. The cut reflected lower rental income from its Indonesian hospital properties and a cautious outlook on currency movements. Since then, the stock has struggled to regain momentum.

Impact of dividend cuts

• Dividend yield spiked to ~9.19% after the cut (Google Finance), but a high yield from a falling price is a red flag, not a bargain signal.
• The distribution per unit (DPU) dropped from around 2.0 cents to approximately 1.6 cents annually, according to Morningstar (fundamental data provider).
• Each subsequent quarter without a restoration kept the price pinned near S$0.22–S$0.23.

Healthcare sector headwinds

• First REIT’s portfolio is concentrated in Indonesian hospitals, making it vulnerable to regulatory changes and occupancy fluctuations.
• Rising interest rates in Singapore have increased the cost of debt for all REITs, squeezing margins.
• The broader S-REIT index fell 10% in 2024, and First REIT underperformed by an additional 5%.

Market sentiment and news flow

• Negative coverage of healthcare REITs in emerging markets contributed to a risk-off attitude among institutional buyers.
• No major contract wins or portfolio upgrades have been announced since early 2025, keeping buying interest thin.

The pattern: A dividend cut, weak sector momentum, and a lack of positive catalysts formed a self-reinforcing downward cycle. Until either earnings or sentiment shift, the price is likely to remain in the S$0.22–S$0.25 range.

Who owns first REIT?

First REIT is sponsored by Lippo Karawaci, one of Indonesia’s largest property developers, which holds a controlling interest through its subsidiary. Morningstar (financial data provider) lists Lippo Karawaci as the primary sponsor with approximately 30% ownership based on the latest annual report. The rest is held by institutional investors and the public float.

Major institutional shareholders

• Other than Lippo, major holders include DBS Group and various asset managers, though specific stakes are not publicly disclosed in real time.
• Public float is approximately 65%, Investing.com (equity data platform) notes, providing adequate liquidity for retail investors.

Management and sponsor relationships

• The REIT manager is First REIT Management Limited, a wholly owned subsidiary of Lippo Karawaci.
• Related-party transactions, such as rental agreements with Lippo-operated hospitals, form the backbone of the revenue stream.
• Investor scrutiny has increased on the alignment of interests between the manager and unitholders.

The catch: While the sponsor’s backing provides stability, the concentrated ownership structure means minority investors have less say in key decisions like dividend policy or portfolio changes.

What is the First REIT share price target?

The most widely cited target is S$0.25, published by POEMS (Singapore brokerage research) on 28 April 2026, carrying an ACCUMULATE rating. That implies an upside of about 11% from the current S$0.225.

Analyst consensus and price range

• OCBC Research issued a HOLD with target S$0.245 on 6 February 2026 (Growbeansprout (Singapore financial aggregator)).
• Phillip Securities rates ACCUMULATE with a higher target of S$0.290 (same source).
• DBS Group Research initiated coverage in June 2023 at Buy with S$0.30 (MarketScreener (financial data platform)).
• The average 12-month target from Investing.com is S$0.250, with all estimates clustering tightly.

Methodology behind target

• POEMS bases its S$0.25 target on a projected DPU recovery to 1.8 cents and an assumed cost of equity of 9.5%.
• The S$0.30 target from DBS assumed a faster recovery of rental income that has not materialised.
• All targets are highly sensitive to Indonesian rupiah exchange rates and hospital occupancy data.

Why this matters: The narrow range of targets (S$0.245–S$0.29) suggests analysts agree on a moderate recovery, but the wide spread since 2023 shows how quickly assumptions can change. For investors, the target is only attainable if the REIT can stabilise its DPU and reduce debt costs.

What is the First REIT share price history?

First REIT listed in December 2006 at an IPO price of S$0.80. The stock rose steadily, reaching an all-time high of S$1.335 on 3 June 2015 (TradingView (charting platform)), before a prolonged decline set in.

IPO and early trading

• IPO price: S$0.80 (December 2006).
• First REIT benefited from the healthcare boom in Indonesia and consistent dividend growth until 2015.

Post-COVID recovery and subsequent decline

• The pandemic pushed the stock to an all-time low of S$0.200 on 28 December 2020 (TradingView).
• A partial recovery to around S$0.30 followed in 2021–2022, driven by reopening optimism.
• The 2023 dividend cut reversed that gain, and the price has since hovered between S$0.220 and S$0.273.

Dividend history correlation

• DPU peaked at 2.5 cents in 2014 and has been declining steadily since 2020.
• When the dividend was cut in 2023, the share price dropped by roughly 20% in two months (Investing.com historical data).
• Each subsequent distribution announcement that failed to raise the DPU kept the stock under pressure.

The trade-off: First REIT’s price history is a story of dividend dependency. When the dividend grows, the stock rises; when it is cut, the price falls hard. Future recovery depends almost entirely on the sponsor’s ability to restore distributions.

Is an REIT a good investment?

Pros of REIT investing (income, diversification)

• High dividend yield (~9.19%) provides income if sustainable.
• Healthcare REITs offer defensive characteristics compared to retail or office.
• Sponsor (Lippo Karawaci) has deep resources to support the trust.
• Multiple analysts see 10–30% upside from current price.

Cons: interest rate sensitivity, sector risk

• Dividend has been cut and may not recover soon.
• Concentration in Indonesian hospitals adds regulatory and currency risk.
• Rising interest rates increase borrowing costs for all REITs.
• Low trading volume can make exits difficult during volatility.

Comparison of First REIT vs peers

Compared to larger Singapore REITs like CapitaLand Integrated Commercial Trust, First REIT offers a higher yield but carries more risk due to its concentration in Indonesian hospitals and its dependency on a single sponsor. While well-diversified REITs provide stability, First REIT’s potential upside hinges on a turnaround that has yet to materialise.

“The key driver for First REIT is the sustainability of its distribution. Without a clear path to DPU recovery, the share price will remain under pressure.”

— Analyst from POEMS, research note 28 April 2026 (POEMS)

“We believe the current price reflects a worst-case scenario. If the sponsor can stabilise cash flows, there is significant upside from these levels.”

— First REIT management, press release on 2026 portfolio update (First REIT corporate site)

For investors weighing the risks and rewards, First REIT presents a classic high-yield conundrum: the dividend is generous, but the share price has been sliding for years. The decision depends on whether you believe the sponsor can restore distributions and whether healthcare REITs can weather a high-interest-rate environment. For the Singapore retail investor, the choice is clear: wait for concrete signs of DPU recovery before committing new capital, or accept the current yield with the risk of further cuts.

Frequently asked questions