Financial PerformanceThe payout ratio will be raised to at least 50%, with management seeing sufficient cash flow visibility to sustain the higher payout ratio.
Leasing ActivityStrong leasing momentum with large leases signed, lifting occupancy to 85.7%.
Market RecoveryMaintain BUY with a higher DDM-derived target price, with cost of equity lowered amid signs of recovery in the US office market and cash flow visibility from new leases.