SoilBuild REIT's distributable income up 4.3% to $15.4m

But DPU fell due to the payment of fees in cash.

SoilBuild Business Space REIT announced a 10.1% increase in gross revenue to $21.6m for the quarter ending in June. 

According to OCBC Investment Research analyst Deborah Ong, the distributable income for the quarter increased 4.3% YoY to $15.4m.

However, DPU fell 6.3% to 1.466 S cents, partly due to the payment of property management and lease management fees in cash instead of units.

"2Q17 DPU came in within our expectations at 25.6% of full-year forecast. Portfolio occupancy rose from 91.8% (as at end-1Q17) to 92.6%," Ong said.

Meanwhile, the asset’s occupancy came in at 22.8% in 2Q17, up from 9.9% in 1Q17. For leases renewed during the quarter, rental reversions were relatively flat while for renewals secured in advance, a -9.8% reversion was clocked.