First REIT Management Limited, in its capacity as manager of First Real Estate Investment Trust announced that Perpetual (Asia) Limited, in its capacity as trustee of First REIT, has entered into a facility agreement with, inter alios, Oversea-Chinese Banking Corporation Limited and CIMB Bank Berhad, Singapore Branch as original lenders in respect of a term loan facility of SGD 225 million and a revolving credit facility of SGD 75 million. The proceeds of the Facilities will be used for, among other things, the refinancing of the existing secured SGD 260 million term and revolving loan facilities of the Borrower under a facility agreement originally dated 24 December 2020 (as amended, novated, supplemented, extended and/or restated from time to time). Following the conclusion of this refinancing exercise, First REIT will have no near-term loan refinancing requirements until May 2025.

Proceeds from the new Facilities will be used for the refinancing of a secured SGD 60 million term and revolving credit facilities due in March 2023. The outstanding debt from the Existing Loan is SGD 225.7 million and represents 50.6% of total debt as at 30 September 2022. Unlike proceeds from the Existing Loan, proceeds from the new Facilities shall also be applied towards the financing or refinancing of Eligible Social Assets in accordance with First REIT's Social Finance Framework.

Post refinancing, on a pro forma basis as at 30 September 2022, First REIT's gearing ratio will remain stable at around 35.6%, while weighted average debt to maturity will improve to 3.64 years from 1.99 years. The proportion of debt tied to delivering social impact will also rise to 76.7% from 26.1% as at 30 September 2022.