SINGAPORE - Soilbuild Business Space Reit (Soilbuild Reit) reported on Monday a distributable income of $13.3 million for the first quarter, a 5.7 per cent increase compared with a year ago.
Distribution per unit (DPU) was 1.633 cents for the three months to March 31, up 4.5 per cent from a year ago.
The manager of Soilbuild Reit, SB Reit Management, said this was "a result of a stable performance from the existing portfolio as well as the benefit from the three acquisitions that were completed in the 2014 financial year".
Net property income rose 11.3 per cent to $15.8 million, while gross revenue increased 10.5 per cent to $18.6 million.
Mr Shane Hagan, SB Reit Management's chief executive, said in a statement that in the first quarter, all 17 expiring leases covering 294,000 sq ft of space, have been renewed with an average positive rental reversion of 9.3 per cent.
He added that management would continue to focus on the remaining lease expiring this year.