SINGAPORE - Soilbuild Business Space Reit (Soilbuild Reit) has reported a distributable income of $12.1 million for the second quarter this year, a 1.3 per cent increase over its initial public offering forecast following its listing in August last year.

Distribution per unit (DPU) was 1.5 cents for the three months to June 30, also an increase of 1.3 per cent from its forecast.

Net property income was $14 million, 3.4 per cent better than expected while gross revenue was 0.9 per cent ahead of its forecast at $16.6 million.

The manager of Soilbuild Reit, SB Reit Management, said the outperformance was due to higher revenue, thanks to income from newly-acquired Tellus Marine, and lower property expenses due to lower maintenance costs for Eightrium @ Changi Business Park and Tuas Connection.

The Reit's portfolio occupancy is at 98.5 per cent as at June 30, due to a non-renewing lease expiring in Tuas Connection during the quarter.

It added that more than 85 per cent of all lease expiries due this year have already been renewed, re-leased or pre-committed in the first half of the year.