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SOILBUILD Business Space Reit reported a 4.4 per cent drop in distribution per unit (DPU) to 1.489 Singapore cents in the first quarter to March, from 1.557 Singapore cents a year ago.
Gross revenue came in 9.2 per cent higher at some S$22 million mainly due to higher revenue from Bukit Batok Connection amounting to S$2.0 million. In addition, Solaris, Tellus Marine and Tuas Connection each contributed higher revenue of S$100,000. The revenue growth was partially offset by a reduction in revenue from West Park amounting to S$500,000.
Property operating expenses stood at S$2.8 million in the first quarter period, which was S$200,000 lower than the previous corresponding period due to a reduction in property tax for West Park.
Against that, net property income rose 12 per cent to S$19.2 million.
The counter rose 0.5 Singapore cent or 0.7 per cent to finish at 68.5 Singapore cents on Wednesday.