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Soilbuild Reit posts 5.1% rise in Q3 DPU

SOILBUILD Business Space Reit posted a 5.1 per cent increase in distribution per unit (DPU) from a year ago to 1.625 Singapore cents for the third quarter ended Sept 30.

The Reit manager attributed this to stable performance of existing portfolio and contribution from newly acquired industrial property known as Technics located at 72 Loyang Way, which was completed in May.

Distributable income rose 20.8 per cent year on year to S$15.15 million during the quarter, as net property income increased by 25.3 per cent to S$17.78 million.

Soilbuild Reit's gross revenue in the third quarter was 22.4 per cent higher than a year ago at S$20.7 million, mainly due to additional rental revenue from Technics, KTL Offshore, Speedy-Tech and Solaris.

During the quarter, renewals and new leases were signed for over 250,000 sq ft, bringing the total for nine months ended Sept 30 to over 780,000 sq ft. Occupancy rate of the overall portfolio remained high at 98.7 per cent.

"The progress of leasing activities in Q3 FY2015 affirms the attractiveness of our properties," Soilbuild Reit said. "The Manager will now focus on the leases expiring in Q4 FY2015 and FY2016. Barring any unforeseen events and subject to renewing and re-leasing the remaining space that expires this year, the Manager expects Soilbuild Reit's portfolio to maintain a stable performance in FY2015."