Soilbuild Business Space REIT reported on Wednesday its first quarter net property income rose 7.7 percent on-year to S$18.29 million, mainly on the conversion of Solaris into a multi-tenanted property and contributions from two Australia properties.
Gross revenue for the quarter ended 31 March rose 16.6 percent on-year to S$22.68 million, Soilbuild REIT said in a filing to SGX after the market close on Wednesday.
Revenue increases were partly offset by the divestment of the KTL Offshore property and lower contribution form West Park BizCentral, Eightrium and 72 Loyang Way, the REIT said.
The distribution per unit (DPU) fell 9.5 percent on-year to 1.198 Singapore cents, down 12.2 percent from 1.324 Singapore cents in the year-ago quarter, the filing said.
Portfolio occupancy declined to 89.0 percent in the quarter from 89.5 percent in the fourth quarter, while rental reversions for the quarter were negative 2.5 percent and negative 4.0 percent for renewals and new leases, respectively, the filing said.
The Australia properties, located in Canberra and Adelaide, had 100 percent occupancy, the filing said.