Soilbuild REIT’s net property income up 5.4% in Q3

This is the fifth quarter of outperformance since its IPO.

Mainboard-listed Soilbuild REIT yesterday revealed that its net property income climbed 5.4% year-on-year to $14.1m in Q3, compared to $13.5 in the same quarter last year.

It recorded a distribution per unit of 1.546 cents for the third quarter, representing a 7.6% year-on-year increase.
Soilbuild REIT’s Q3 results were brought about by a combination of higher revenue, partly attributable to income from the recently acquired Tellus Marine and lower property expenses due to lower maintenance costs for multi-tenanted properties.

Its portfolio occupancy stood at 99.9% as at 30 September 2014, an increase from the 98.5% in 2Q 2014 with new take-up at Tuas Connection.