Soilbuild Reit DPU falls 26% in Q3 after tenant default, rights issue

Singapore

SOILBUILD Business Space Reit on Wednesday posted a third-quarter distribution per unit (DPU) of 0.918 Singapore cent, down 26.3 per cent from 1.245 cents in the same period a year earlier.

The decline was due mainly to the enlarged unit base after the industrial Reit's recent preferential offering, as well as the cessation of revenue recognition from tenant NK Ingredients (NKI), which defaulted on its lease in July.