First REIT (SGX:AW9U) distribution per unit for the year ended Dec. 31, 2024, declined 4.8% to SG$0.0236 from SG$0.0248 a year earlier, according to a filing with the Singapore Exchange on Tuesday.

Distributable income slipped 4.1% year over year to SG$49.3 million from SG$51.4 million.

Net property income was down 6.5% to SG$98.5 million from SG$105.3 million a year earlier.

Rental and other income was down 5.9% year over year to SG$102.2 million from SG$108.6 million, mainly due to the depreciation of the Japanese yen and the Indonesian rupiah against the Singapore Dollar.

The REIT's portfolio was valued at SG$1.12 billion as at Dec. 31, 2024.