DPU 3.97 cents. A reduction of 0.6% QoQ without Tax Exempt. The result is pretty decent if we take it as one-off of prior year. To be frank, there are many other positives and negatives adjustments, and risks in the financial. Is quite hard to assess whether this is the only main difference even if we are to run the Reit ourselves.

Below Chart is manual collection of the quarters result of Ascendas Reit. As you can see the distribution looks fair enough.

The Reit occupancy at high 80 percent range for Singapore and 90 percent for Australia. I feel this is something we need to watch. Number of property managed 132. The gearing creeps up some but still relatively low. 70% of the loan is fixed rate.

Manager has elected to receive 20% of the base management fees in Units and the other 80% in cash. …