Basic Profile & Key Statistics Key Indicators Performance Highlight Gross revenue remains similar YoY, but NPI declined due to loss allowance for the uncollected rental from Guangdong DCs recorded in property expenses. Together with significantly higher finance costs, distributable income and DPU have declined YoY. Related Parties Shareholding The shareholdings for sponsor, manager and directors of REIT Manager are relatively low. Lease Profile The occupancy rate is high, and the Weighted Average Lease Expiry (WALE) is relatively long, albeit with a concentration of lease expiries in 2024. However, the weighted average land lease expiry is relatively short. Debt Profile The debt is 100% unsecured, and the interest coverage ratio is favorable. While the WADM is relatively long, there is a concentration of maturities in 2027. Diversification Profile The portfolio demonstrates diversification in terms of properties but shows concentration in terms of tenants' contributions. Key Financial Metrics The property yield, operating distributable income on capital, and operating distributable income margin...