First Real Estate Investment Trust reported unaudited group earnings results for the fourth quarter and full year ended December 31, 2016. For the quarter, the company reported gross revenue of SGD 26.988 million against SGD 25.675 million a year ago. Net property income was SGD 26.686 million against SGD 25.374 million a year ago. Net income before the undernoted was SGD 18.255 million against SGD 18.337 million a year ago. Total return for the period/year before income tax was SGD 10.274 million against SGD 42.896 million a year ago. Total loss for the period/year after income tax was SGD 0.549 million against total return for the period/year after income tax of SGD 26.105 million a year ago. Net loss attributable to Unitholders was SGD 1.408 million or 0.07 cents per basic and diluted share against net return attributable to Unitholders of SGD 26.105 million or 3.49 cents per basic and diluted share a year ago. Net cash flows from operating activities were SGD 18.482 million against SGD 19.518 million a year ago. Gross revenue for the fourth quarter of 2016 increased by 5.1% compared to fourth quarter of 2015, mainly due to contribution from Kupang Property. Total return after tax for fourth quarter of 2016 decreased as compared to fourth quarter of 2015, mainly due to the fair value losses on revaluation of investment properties. Excluding fair value losses/gains on revaluation of investment properties net of deferred tax, net changes in fair value of derivative financial instruments and unrealised exchange loss/(gain) from USD loan, total return after tax for fourth quarter of 2016 will increased by 6.0% to SGD 15.1 million at SGD 14.2 million compared to fourth quarter of 2015 as the increased contribution from the newly acquired properties. For the year, the company reported gross revenue of SGD 107.017 million against SGD 100.698 million a year ago. Net property income was SGD 105.835 million against SGD 99.276 million a year ago. Net income before the undernoted was SGD 74.898 million against SGD 69.978 million a year ago. Total return for the period/year before income tax was SGD 64.246 million against SGD 96.277 million a year ago. Total return for the period/year after income tax was SGD 40.341 million against SGD 67.778 million a year ago. Net return attributable to Unitholders was SGD 38.688 million or 5.25 cents per basic and diluted share against SGD 67.778 million or 9.10 cents per basic and diluted share a year ago. Net cash flows from operating activities were SGD 81.456 million against SGD 74.311 million a year ago. Gross revenue for the year 2016 increased by 6.3% compared to 2015, mainly due to contribution from Kupang Property. Total return after tax for 2016 decreased by 40.5% compared to 2015, mainly due to the fair value losses on revaluation of investment properties as well as net losses in fair value of derivative financial instruments. Excluding fair value losses/gains on revaluation of investment properties net of deferred tax, net changes in fair value of derivative financial instruments, unrealised exchange loss from USD loan and gain on divestment of Plot B of existing Siloam Hospitals Surabaya, total return after tax for Fiscal Year 2016 increased by 5.0% to SGD 58.4 million compared to 2015 of SGD 55.6 million mainly due to contribution from the newly acquired properties.