FIRST Mutual Properties’ revenue for the quarter ended March 31, 2022 increased by 36 percent compared to the same period in the prior year, driven by rent reviews, and the occupancy level rising to 90 percent, mainly attributable to net lettings in the CBD office sector.

“Net property income decreased by 8,5 percent during the period due to continuing investment through repairs and maintenance to upgrade space and accelerate leasing efforts,” FMP said in a trading update for the quarter.