Soilbuild Business Space Reit distribution per unit (DPU) for the fourth quarter rose 1.8 per cent to 1.614 Singapore cents, buoyed by higher income.
Its DPU in the year-ago quarter stood at 1.585 Singapore cents.Net property income rose 17.1 per cent to S$17.5 million for the three months ended Dec 31, 2015, on the back of higher rental revenue, and as the gain in operating expenses was slower than that of revenue.
Also officially appointed Roy Teo as chief executive officer. He had been acting CEO since Aug 3, 2015.
Financial Highlights
- FY2015 DPU of 6.487 cents, an increase of 4.7% year-on-year
- 4Q FY2015 DPU of 1.614 cents, an increase of 1.8% year-on-year
- Portfolio occupancy 96.8% as at 31 December 2015
- Over 190,000 sq ft of renewals and new leases signed in 4Q FY2015
- FY2016 focus on active asset management of the approximately 500,000 sq ft (14.9%) lease expiries
During the quarter, renewals and new leases were signed for over 190,000 sq ft, bringing the total lease renewals and new take-up for financial year ended FY2015 to in excess of 880,000 sq ft.
Occupancy rates remained high at 96.8%, and the Weighted Average Lease Expiry by gross rental income stands at 4.8 years.
As at 31 December 2015, Soilbuild REIT has 11 properties in its portfolio, consisting of two business park properties and nine industrial properties, with a total net lettable area (NLA) of approximately 3.5 million sq ft.
Summary
With this moving forward, I will be taking a nibble as the price has fallen quite a bit. Hopefully it will be getting better occupancy rates and DPU in this year.
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