Soilbuild REIT's Eightrium in Changi Business Park (Photo: REITsWeek)Soilbuild REIT's Eightrium in Changi Business Park (Photo: REITsWeek)

Soilbuild Business Space REIT (Soilbuild REIT) has reported a DPU of 1.374 Singapore cents for its 3Q FY2017, a fall of 1.8% from the 1.399 cents achieved in the corresponding period of 2016.

Gross revenue and net property income for the quarter rose by 4.1% and 3.0% respectively year-on-year due to higher revenue from Bukit Batok Connection, West Park BizCentral, Solaris, Tuas Connection and Tellus Marine.

However this was partially offset by reduction in revenue from 72 Loyang Way, upon the full utilisation of the building’s security deposit in 2Q FY2017, said the REIT, in reference to the property that was the subject of a legal action in 2016.

Read: Soilbuild REIT warns of possible DPU impact after terminating lease on 72 Loyang Way

Subsequently, the REIT’s property expenses came 11.3% higher due to higher operating expenses for 72 Loyang Way and Bukit Batok Connection.

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By Ridzwan Rahmat

Ridzwan has been analysing REITs and business trusts since 2008, and personally manages a portfolio comprising mainly of SGX-listed REITs. He founded REITsWeek in 2013.