Full-year distributable income of S$97.4m for MLT was in line with expectations. However, full-year DPU of 7.24cts was above consensus and our expectations due to fewer units in issue than forecast after the rights issue. Full-year gross revenue of S$184.9m was up 30.5% yoy mainly on contributions from 11 acquisitions completed in 2008. Rental reversions were strong in Singapore and Hong Kong. We maintain our FY09-10 assumptions and introduce FY11 forecasts. Despite the fact that acquisitions are expected to take a back seat, we remain positive that full-year contributions from the 11 acquisitions made last year will supplement organic growth for MLT. Maintain Outperform.