I did a piece on FCOT in October 2010 when I said that the REIT has probably turned the corner. At that time, it was trading at 15.5c a unit (which would have been 77.5c a unit, post consolidation). It closed at 87.5c in the last session. DPU was 0.5549c then (which would have been 2.7745c, post consolidation). FCOT has declared a DPU of 3.2423c for 1H FY12 which means that DPU has increased some 16.8% from 18 months ago. It will go XD on 25 April and income distribution will take place on 30 May. Annualised, we are looking at a distribution yield of 7.4% at a unit price of 87.5c. Distributable income increased 7.7% YoY to S$15.9m as a result of lower interest expenses. Average portfolio occupancy eased marginally to 96.1% from 97.6% seen in 1Q. ......