The numbers for 1Q FY2014: DPU: 2.5c (payable on 20 Sep) NAV/unit: $1.50 Leverage: 25.4% Interest cover ratio: 5x. The DPU of 2.5c represents 99.4% of distributable income per unit. DPU would have been 2.78c if the share placement at $1.60 a unit did not take place in May 2013. Bummer. However, the share placement resulted in a stronger balance sheet which is prudent as the REIT embarks on redeveloping 103 Defu Lane 10 and Phase 2E & 3 of 20 Gul Way. As a result of having more cash, higher property valuations and much lower debt of $279.0m which is reduced from $359.3m three months ago, leverage lowered from 34% to 25.4%. Without asking unit holders for more money, the REIT's DPU is expected to increase in the next two years as: 1. Phase 2 of 20 Gul Way was completed seven months ahead of schedule and will contribute to income ......