Lower occupancy hits Soilbuild Reit's Q3 DPU

SOILBUILD Business Space Reit on Wednesday posted a 13.9 per cent drop in distribution per unit (DPU) to 1.399 Singapore cents for its third quarter ended Sept 30, 2016, down from 1.625 cents a year ago.

Gross revenue fell 4.7 per cent to S$19.7 million, while net property income fell 2.9 per cent to S$17.3 million.

"The reduction in revenue from West Park BizCentral and Tuas Connection of S$0.9 million and S$0.3 million, respectively, was partially offset by additional revenue from Solaris and Bukit Batok Connection amounting to S$0.1 million each. The reduction in revenue was largely attributed to lower occupancy," it said. This also impacted net property income.