First REIT Pays Part of Performance Fee in New Units, Lifting Manager’s Stake
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First Real Estate Investment Trust (SG:AW9U) has issued 2,242,541 new units to its manager as part of the performance fee for the period from January 1 to March 31, 2025. The units were priced at S$0.2739 each, with the remaining fee of S$614,231.96 paid in cash. This issuance increases the manager's stake to 11.23% of the total units, enhancing alignment with unitholders while slightly diluting existing investors. The trust focuses on healthcare properties and has a current market cap of S$507.7M, with a year-to-date price performance of -10.78%.
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