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Soilbuild REIT earlier this week reported an 11.3 percent increase in its net property income to S$15.798 million in Q1 2015 from S$14.195 million in the same period last year. This is on the back of a higher rental revenue.
The company’s gross revenue shoot up 10.5 percent year-on-year from S$16.839 million to S$18.615 million. Its property operating expenses went up 6.5 percent following completions of acquisitions made by the company last year, while its distributable income was S$0.7 million higher than last year.
The group also recorded a higher DPU in the first quarter of the financial year, citing “a stable performance from the existing portfolio as well as the benefit from the three acquisitions that were completed in FY2014,”
“In 1Q FY2015 all 17 expiring leases covering 294,000 sqft of space, have been renewed with an average positive rental reversion of 9.3 percent,’ said Soilbuild CEO Shane Hagan.
Notably, Soilbuild in March announced the proposed acquisition of Technis – a fully integrated facility comprising two blocks of ancillary office, two high ceiling production facilities, a blasting and spray painting chamber, a 200 worker dormitory and a jetty with 142 metres of sea frontage which serves as a offshore supply base. The property comes with a total acquisition cost of S$98.1 million. The acquisition is expected to be completed in June.
Nikki De Guzman, Editor at CommercialGuru, wrote this story. To contact her about this or other stories email nikki@propertyguru.com.sg
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