In line, management fees paid in cash. 3Q08 results were in line with consensus and CIMB expectations. Gross revenue of S$18.3m was up 35.8% yoy on full contribution of acquisitions completed earlier. YTD DPU of 4.6cts forms 75.2% of our full-year estimate, in line.

Expect FY09 cost of debt to rise. The management is working on refinancing of S$337m of debt due by Feb 09. Cost of funding is expected to increase significantly “with a corresponding reduction in distributions” although the quantum was not guided.

Maintain Outperform at lower target price of S$0.52 (from S$0.90).