Fair Value REIT-AG reported consolidated earnings results for the first quarter ended March 31, 2012. For the quarter, the company reported rental revenues of EUR 2.879 million compared to EUR 2.576 million a year ago. EBIT was EUR 1.462 million compared to EUR 1.213 million a year ago. Consolidated net income was EUR 1.358 million or EUR 0.15 per share compared to EUR 1.828 million or EUR 0.20 per share a year ago. Adjusted consolidated income was EUR 1.441 million or EUR 0.15 per share compared to EUR 1.344 million or EUR 0.14 per share a year ago. The increase in revenue from the balance of higher rental income and lower income from ancillary costs allocations. Net asset value per share as on March 31, 2012 was EUR 8.44, compared to EUR 8.31 as on March 31, 2011. Net income declined from the previous year mainly from the fact that in the first quarter of 2011 there was a relatively robust increase, posted through profit and loss, in the market value of interest rate hedges at the equity-accounted participations. The company reiterating the forecast of adjusted consolidated net income of EUR 4.8 million or EUR 0.52 per share for 2012.