SINGAPORE (Jan 23): Soilbuild Business Space REIT has declared a distribution per unit (DPU) of 1.57 cents for 4Q2016, down 2.7% from a year ago. For the full year, the REIT reported a 6.1% decline in DPU to 6.091 cents.
The decline was due to revaluation losses of $50.9 million on its investment properties, attributed largely to Loyang Way, West Park, Tuas Connection and Eightrium. The decline in valuation of Loyang Way was mainly due to the termination of the lease with Technics Offshore Engineering (TOE), while the decline in the valuation of West Park and Tuas Connection was mainly attributed to higher vacancies and negative rental reversions.
Gross revenue for the quarter rose 6.1% to $21.7 million, mainly attributed to the increase in revenue from Bukit Batok Connection and was partially offset by reduction in revenue from West Park.