Basic Profile & Key Statistics Soilbuild Business Space REIT (SBREIT) invests in business parks and industrial properties. SBREIT currently owning 13 properties in Singapore and Australia.
Quarter Performance Review Gross revenue increased by 8% and NPI increased by 16.5% due to contribution from 25 Grenfell Street which was acquired in December 2019 and a 26% reduction in operating expenses mainly due to a reversal of S$1.5 million of allowance for doubtful receivables.
DPU increased by 47.7% QoQ and 19.8% YoY. There is no retention mentioned in this result announcement, thus I’ve assumed management released all distribution retained. From the footnote, 2Q FY2020 DPU would be 0.875 cents if without retention, which is equivalent to 0.13 cents DPU. If we minus off this in 3Q, the actual DPU would be 0.97 cents, which increased 5.7% YoY.
Lease Profile Occupancy improved to 92.9%, still slightly