To me, there are only a few important points to note in the REIT's latest presentation: 1. Management is on an acquisition path as this is probably the only way to increase DPU as it seems difficult to bump up occupancy of existing portfolio. Occupancy: 91.6%. 2. Potential dilution of DPU to the tune of 12% as warrants are exercised (if funds thus obtained are not put to productive use). 3. NAV per unit (adjusted for warrants): 29c 4. Gearing (adjusted for warrants): 21% 5. Interest cover ratio: 5.2x Assuming that the management is able to put funds from the exercising of warrants to good use and push gearing to 35%, we could see DPU improve some 30+% from current levels (in JPY terms) based on the management's guidance. Remember that all the numbers here are based on the current exchange rate between the JPY and S$. As I ......