Soilbuild Reit's Q1 DPU up 6.1% from forecast to 1.562 cents

SOILBUILD Business Space Reit (Soilbuild Reit) has reported a distributable income of $12.6 million, a 6.1 per cent increase over its initial public offering forecast following its listing in August last year.

Distribution per unit (DPU) was 1.562 cents for the first quarter ended Mar 31, also an increase of 6.1 per cent from its forecast.

Net property income was $14.2 million, 5.3 per cent better than expected while gross revenue was 3.9 per cent ahead of its forecast at $16.8 million.

The manager of Soilbuild Reit, SB Reit Management, said it continues to focus on early renewals or re-leasing of space that expires this year.

It added that over 78 per cent of the total lease area that expires this year has already been renewed, re-let or pre-committed.