Financial Performance - Gross revenue for FY2025 decreased by 6.5% YoY to S$206.5 million, while net property income (NPI) fell by 10.0% YoY to S$148.8 million, primarily due to the upfront recognition of supplementary rent from lease restructuring in FY2024 [5] - On a proforma basis, after adjusting for supplementary rent, gross revenue and NPI for FY2025 were 1.1% and 0.1% higher YoY respectively [5] - Distribution per unit (DPU) for 2H FY2025 increased by 1.8% YoY to 1.80 cents, with distributions expected on 24 September 2025 [6] Capital Management - The Manager agreed to divest Jem office for S$462.0 million, which will be used primarily to repay borrowings, reducing aggregate leverage from 42.6% to approximately 35% [3][10] - As of 30 June 2025, gross borrowings stood at S$1,664.3 million with a weighted average debt maturity of 2.6 years, and approximately 86% of total committed debt facilities were sustainability-linked [7] - The interest coverage ratio (ICR) improved to 1.6 times from 1.5 times as of 31 December 2024, with a weighted average cost of debt at 3.46% per annum [8][10] Operational Performance - The portfolio's committed occupancy rate was 92.1% as of 30 June 2025, with a well-spread lease expiry profile [9] - The retail portfolio maintained a strong occupancy rate of over 99% and achieved a positive rental reversion of 10.2% [12] - Positive rental uplift of 1.7% was recorded for commercial Building 1 and 2 in Milan, reflecting annual rental escalation [14] Portfolio Valuation - As of 30 June 2025, the portfolio valuation increased by 2.2% YoY to S$3.76 billion, supported by a positive outlook for Singapore assets [11] - The core Singapore portfolio, including Jem and 313@somerset, delivered robust operational performance in FY2025 [15]