The fund said that acquisitions‚ contractual escalations on the bulk of the portfolio and stringent cost control contributed to distributable income.

Property expenses lifted by just 1.7% from a year ago‚ mainly due to cost control‚ a reduction in leasing expenses and lower maintenance costs from historical high levels.

Emira said vacancies reduced to 4.9% for the overall portfolio compared with 5.1%‚ while distribution per participatory interest was up 9% to 64.65c.