We continue to like LREIT (BUY, TP SGD 0.75) as one of our preferred picks within the S-REIT space. Our constructive view is supported by stable operational fundamentals in Singapore, healthy rental reversions and upside from the PLQ Mall reconfiguration works. We also expect double-digit declines in both total interest expense and perpetual distribution expense y/y heading into FY27, which should support stronger DPU growth as the manager actively manages overall debt obligations, partially from the Jem office divestment proceeds. Pro forma gearing has also improved to 37.5%, which we view as a more optimal level for the REIT, and we expect ICR to progressively strengthen as lower financing costs and refinancing savings flow through.