First REIT Announces Partial Hedging of Siloam Divestment Consideration to Mitigate IDR/SGD Exchange Risk

First REIT Announces Partial Hedging of Siloam Divestment Proceeds to Mitigate FX Risk

Key Highlights

Partial Hedging of Siloam Divestment Proceeds: First REIT Management Limited, acting as the manager of First REIT, has entered into deal contingent non-deliverable foreign exchange forward transactions (“FX Forward Transactions”) to hedge approximately 75.2% of the Siloam Divestment Consideration, totaling IDR3,850,000 million. The settlement of these transactions is aligned with the expected payment date from the Siloam group upon completion of the Proposed Divestments.
Exchange Rate Details: The FX Forward Transactions will use a baseline spot rate ranging from IDR13,924 to IDR13,994 per SGD1.00, with a forward swap rate adjustment based on the actual settlement date.
Size and Composition of Divestment: The Siloam Divestment Consideration is set at IDR5.1 trillion (subject to completion adjustments) under the Hospital Sale and Purchase Agreements (SPAs). The Non-Core Divestment Consideration is denominated in SGD and does not require FX hedging.
Rationale for Hedging: The Manager is hedging the proceeds in light of continued volatility in the IDR/SGD exchange rate, with the intention of mitigating the risk of IDR depreciation, which could negatively impact the amount of SGD available for Special Distribution to unitholders post-divestment.
Future Hedging Possibilities: The Manager will monitor the FX market and may consider additional hedging for the remaining 24.8% of the Siloam Divestment Consideration, with further announcements to be made if there are material developments.

What Shareholders Need to Know

Potential Impact on Special Distribution: The value of the Special Distribution to unitholders, paid in SGD, could be affected by movements in the IDR/SGD exchange rate. By partially hedging the proceeds, the Manager seeks to protect the value of this distribution.
Price Sensitive Information: The decision to hedge a significant portion of the divestment proceeds is a proactive risk management strategy. Should the IDR weaken significantly against the SGD before settlement, the hedged position could preserve more value for unitholders, potentially supporting First REIT’s unit price.
Ongoing Monitoring: The Manager has not hedged the full amount and will decide on further hedging based on market conditions. Investors should watch for additional announcements, as these may present further price-sensitive updates.
Special Distribution Calculation: The Special Distribution will be based on the premium of the total divestment proceeds (Siloam and Non-Core) over the average of two independent valuations of the divested Indonesian properties. Full details are contained in the Circular.
Regulatory Compliance: The Manager affirms that any material developments will be announced in accordance with the SGX Listing Manual, ensuring transparency to investors.

Additional Details for Investors

Correction of Circular: A revised Circular was issued on 2 June 2026 to correct a typographical error in the original version dated 29 May 2026.
Forward-Looking Statements: The announcement contains forward-looking statements subject to various risks, including macroeconomic, market, and regulatory factors. Actual outcomes may differ from projections.
Trading and Liquidity: Units in First REIT are tradable only on SGX and are not redeemable directly with the Manager. There is no guarantee of market liquidity.
Investment Risks: The value of units and distributions may fluctuate, and past performance is not indicative of future results.

Conclusion

The announcement of partial hedging of the Siloam divestment proceeds is a noteworthy development for First REIT unitholders. It reflects prudent risk management in a volatile FX environment, aiming to protect the value of distributions from currency risk. Investors should monitor further updates, especially regarding the remaining unhedged portion of the divestment proceeds, as these could materially impact future distributions and unit price.

Disclaimer:

This article is for informational purposes only and does not constitute an offer or solicitation to buy or sell any securities. Investors should consult the official announcements, circulars, and their financial advisers before making investment decisions. The information herein may contain forward-looking statements which are subject to risks and uncertainties. Actual results may differ. No liability is accepted for any direct or consequential loss arising from the use of this information.

第一房地产投资信托部分对冲Siloam资产出售对价以降低外汇风险

要点汇总

部分对冲Siloam出售对价： 第一房地产投资信托管理有限公司（First REIT Management Limited）作为First REIT的管理人，已签署非交割型远期外汇合约（FX Forward Transactions），对Siloam出售对价的约75.2%（共计38.5万亿印尼盾）进行对冲。结算时间与Siloam集团支付出售款项的时间一致。
汇率细节： 对冲合约采用IDR13,924-13,994兑新币1元的基准现汇汇率，并根据实际结算日作远期掉期汇率调整。
出售规模与组成： Siloam出售对价为5.1万亿印尼盾（最终金额以交割调整为准），根据医院买卖协议（SPA）规定。非核心出售对价以新币计价，无需对冲。
对冲原因： 鉴于印尼盾/新币汇率持续波动，管理人进行对冲，旨在降低印尼盾贬值风险，避免影响出售完成后以新币支付给持有人的特别分派金额。
未来对冲安排： 管理人将继续监控汇率，视情况对剩余24.8%的Siloam出售对价进行进一步对冲，如有重大进展将发布公告。

股东须知与可能影响股价事项

特别分派潜在影响： 以新币支付的特别分派金额可能受印尼盾/新币汇率变动影响。通过对冲，管理人意在保护分派价值。
价格敏感信息： 对出售对价的主要部分进行对冲，是主动的风险管理举措。如结算前印尼盾大幅贬值，对冲可为持有人保值，有望支持信托单位价格。
持续监控： 尚有24.8%未对冲，后续是否对冲将取决于市场情况，投资者应关注相关公告，因其可能带来价格敏感信息。
特别分派计算： 分派金额基于（Siloam及非核心）出售对价总额高于两位独立估值师对印尼资产平均估值的溢价，详情请参见通函。
合规披露： 管理人承诺如有重大事项，将根据新交所上市规则及时公告，保障信息透明。

投资者补充信息

通函更正： 为修正印刷错误，2026年6月2日发布了修订版通函。
前瞻性声明提示： 公告包含前瞻性声明，受多种风险影响，包括宏观经济、市场与政策变化，实际结果或有差异。
流通与流动性： First REIT单位仅可在新交所交易，不能向管理人赎回，市场流动性不作保证。
投资风险： 单位价值及分派可能波动，过往表现不代表未来业绩。

结语

First REIT宣布部分对冲Siloam出售对价，是当前外汇市场波动环境下的重要举措，有助于保护分派价值。投资者需关注后续对剩余对价的对冲安排及相关公告，这些都可能对未来分派及信托单位价格产生重大影响。

免责声明：

本文仅供参考，不构成任何证券买卖建议。投资者应以官方公告、通函及咨询专业顾问为准。文中信息包含前瞻性声明，存在不确定性及风险，实际结果可能不同。使用本文信息所致的任何直接或间接损失，作者不承担责任。