Manulife Reit announced their Q1 FY19 results this morning which saw a 27.7% increase in Net Property Income (NPI) year on year due to the 2018 acquisitions of two buildings – Penn in Washington DC and Phipps in Atlanta.  This trickles down to bottomline DPU performance which grows slightly by 0.7% year on year to 1.51 cents (up 0.01 cent from last year same quarter). If we compare this across quarter on quarter (Q4FY18 vs Q1FY19), NPI has actually slightly declined from US$25,491k in previous quarter to US$25,084k this quarter. There is a slight dip in the Gross Revenue by roughly the same amount, so there must be some small movement in the occupancy during the period.  The net income is also not comparable quarter on quarter because there’s a fair value adjustment in Q4FY2019 (end year) which results in a higher fair value gain. But this does...