Soilbuild REIT announces its results for 1QFY2016 on 21st January 2016. Gross revenue increased 8.2% to S$20.1 million and net property income (“NPI”) grew 8.8% to S$17.2 million. Distributable income rose 9.6% to S$14.6 million from S$13.3 million in 1QFY2015.
Distribution Per Unit (DPU) fell 4.7% to 1.557 cents as compared to 1.633 cents a year ago. The annualised distribution yield is 8.5% based on the closing price of S$0.73 as at 31st March 2016.
| 1QFY2016 (S$’000) | 1QFY2015 (S$ ‘000) | YoY(%) | |
| Gross Revenue | 20,142 | 18,615 | 8.2 |
| Net Property Income | 17,193 | 15,798 | 8.8 |
| Distributable Amount | 14,609 | 13,325 | 9.6 |
| Distribution Per Unit (“DPU”) (cents) | 1.557 | 1.633 | (4.7) |
| Annualised DPU (cents) | 6.228 | 6.487 | (4.0) |
Weighted Average Debt Maturity
With the post refinancing in April 2016, the weighted average debt maturity was lengthen from 3 years to 3.6 years.
Occupancy
Soilbuild REIT has a portfolio occupancy rate of 94.8% as at 31 March 2016. The portfolio renewals achieved a positive rental uplift of 7.6%.
Weighted Average Lease Expiry
Weighted average lease expiry (by gross rental income) stands at 4.7 years.
Mr Roy Teo, CEO of the Manager, said: “For 1Q FY2016, the fall in occupancy is partially cushioned by a 6.6% positive rental reversion, despite several quarters of declining rental in various sub-industrial sectors.”
I have previously added more of Soilbuild REIT to my portfolio. (Read more at Summary of January 2016 Transactions)