Soilbuild REIT reports 19.8% rise in 3Q DPU on better revenue from 25 Grenfell Street

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Data from Soilbuild REIT’s latest results have been updated into the Singapore REITs table.

Soilbuild REIT has reported distribution per unit (DPU) of 1.100 cents and 2.728 cents for its third quarter, and nine months ended 30 September 2020 respectively.

Its DPU for 3Q is an increase of about 19.8% year-on-year.

In 3Q FY2020, gross revenue rose SGD1.7 million or 8.0% year-on-year.

This is due to SGD3.1 million higher revenue from the newly acquired 25 Grenfell Street.

But this was partially offset by net rent waivers of SGD0.9 million and SGD0.5 million lower contribution from 2 Pioneer Sector 1 which is under redevelopment.

Net property income (NPI) grew 16.5% on-year to SGD19.7 million on the back of a reversal of allowance for doubtful receivables and provision for rent waivers of SGD1.5 million and lower property taxes.

3Q FY2020 total amount available for distribution rose 20.8% year-on-year to SGD14.0 million.

This includes tax-deferred distribution from its Australian portfolio but excludes reimbursements received from vendors in relation to outstanding rental incentives subsisting at the point of the completion of acquisitions.

Portfolio occupancy rate rose 3.4% to 92.9% in 3Q FY2020.

In 3Q FY2020, positive rental reversion of 1.3% was recorded for new leases and 1.2% for lease renewals.

Weighted average lease expiry (WALE) by net lettable area and gross rental income stood at 2.9 and 3.2 years respectively.

Soilbuild REIT was last done on the SGX at SGD0.49, which implies a distribution yield of about 9% according to data compiled on the Singapore REITs table.

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