First Real Estate Investment Trust reported earnings results for the fourth quarter and full year ended December 31, 2012. For the quarter, the company posted an 11% year-on-year increase in net property income to SGD 15.29 million, on 10.7% higher gross revenue of SGD 15.42 million. Net income before increase in fair values of investment properties and gain on divestment of investment property was SGD 12,107,000 compared to SGD 11,071,000 a year ago. Total return for the quarter before income tax was SGD 42,930,000 compared to SGD 25,497,000 a year ago. Total return for the quarter after income tax was SGD 37,016,000 compared to SGD 21,289,000 a year ago. Basic and fully diluted basis was 5.73 cents against 3.39 cents a year ago. Total return increased mainly due to higher fair value gain on revaluation of investment properties. Total return for the fourth quarter of 2012 (excludes fair value gain revaluation) increased by 7.9% to SGD 9.6 million compared to fourth quarter of 2011 of SGD 8.9 million mainly due to higher rental income from existing properties and the maiden contributions from the two new properties, which were acquired in November 2012.

For the year, net property income rose 7.1% to SGD 57.24 million from SGD 53.44 million, as gross revenue increased 6.7% year on year to SGD 57.65 million. Net income before increase in fair values of investment properties and gain on divestment of investment property was SGD 47,112,000 compared to SGD 42,622,000 a year ago. Total return for the year before income tax was SGD 77,935,000 compared to SGD 60,615,000 a year ago. Total return for the year after income tax was SGD 65,244,000 compared to SGD 50,951,000 a year ago. Net cash flows from operating activities was SGD 49,771,100 compared to SGD 42,573,000 a year ago. Basic and fully diluted basis was 10.26 cents against 8.12 cents a year ago.

The company boosting its distribution per unit (DPU) to 1.72 cents for the fiscal fourth quarter ended December 31, 2012. This was 8.2% higher than the DPU of 1.59 cents from a year ago. Full-year DPU rose 3.9% to 6.58 cents from 6.33 cents. Actual full-year DPU of 7.26 cents is 3.6% higher than 7.01 cents of fiscal year 2011. The ex-dividend date will be on January 29, 2013 at 9.00 am. The distribution will be paid on February 28, 2013 to the shareholders of record on January 31, 2013.