Soilbuild REIT 4Q18 net property income rose 15 percent on Australia properties

Soilbuild Business Space REIT’s Solaris, a state-of-the-art business park development. Source: the company.Soilbuild Business Space REIT’s Solaris, a state-of-the-art business park development. Source: the company.

Soilbuild Business Space REIT reported its fourth quarter net property income rose 15.3 percent on-year to S$20.47 million, mainly on liquidation proceeds from Technics Offshore Engineering, conversion of Solaris into a multi-tenanted property and the maiden contribution from two Australia properties.

Gross revenue for the quarter ended 31 December rose 24.3 percent on-year to S$25.78 million, SB REIT Management, the REIT’s manager, said in a filing to SGX after the market close on Monday.

The distribution per unit (DPU) was 1.451 Singapore cents for the quarter, up 4.9 percent on-year from 1.383 Singapore cents in the year-ago quarter, it said.

Portfolio occupancy rose to 89.5 percent in the fourth quarter from 87.2 percent in the third quarter, Soilbuild REIT said.

For the full year, net property income fell 4.8 percent on-year to S$69.93 million, while gross revenue fell 1.2 percent on-year to S$83.77 million, it said. That was largely due to the divestment of the KTL Offshore property in February 2018, it said.

The DPU for the full year was 5.284 Singapore cents, down 7.5 percent on-year from 5.712 Singapore cents in the previous year, the REIT said.

The REIT’s current portfolio has 11 Singapore properties and two Australian properties, it said.

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