 1H21 DPU of 2.70 US cts (-11.5% YoY) in line, at 47.5% of our FY21e estimate. 6.5% of NLA signed with 2.7% more expected in 3Q21. Headline reversions positive at 1.3%, though increase in tenant incentives and rent-free periods led to 10-15% declines in net effective rents. Stabilising of US office market and pick-up […]

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