Distribution Income was up 2.5%, great for shareholders. There was a lot of gloom and doom towards office assets, however the results were not as negative as many thought. NAV per unit at $1.72, still a big discount to the current $1.42 price level. A worrying sign would be the large blocks of debt to be renewed this year and in 2016. However given the outlook that the fed wouldn't be raising rates this year and it would lift rates very slowy next year, I do no see a sharp increase in debt cost. Average rent still on a uptrend, a healthy sign. Only a small portion of leases are due in the coming 2 years, with the bulk in 2019 onwards, the weighted average lease expiry is still healthy at 7.7 years. The extra office supply in singapore seems to be taking some effect already ......