Soilbuild REIT has announced a distribution per unit (DPU) of 1.5 cents for the second quarter ended June. This is 1.3% over its forecast of 1.481 cents during its IPO.
Distributable income for the quarter was $12.13 million compared with the forecast of $11.97 million.
The 2Q outperformance against the forecast was due to a combination of higher revenue received attributable to the recently acquired Tellus Marine, and lower property expenses due to lower maintenance costs for Eightrium@Changi Business Park and Tuas Connection.
Soilbuild REIT’s portfolio occupancy stood at 98.5% as at end June due mostly to non-renewing lease expiring in Tuas Connection during the quarter. Over 85% of all lease expiries due in 2014 have been renewed, re-leased, or pre-committed in the first half of the year.
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