Soilbuild Business Space REIT (Soilbuild REIT)

Soilbuild REIT 2Q DPU falls 6.7% to 1.18 cents on higher expenses

SINGAPORE (July 17): SB REIT Management, the manager of Soilbuild Business Space REIT (Soilbuild REIT), reported 2Q19 DPU of 1.179 cents, down 6.7% from 1.264 cents in 2Q18.

This brings 1H19 DPU to 2.377 cents, 8.2% lower than 2.588 cents in 1H18.

The REIT’s current portfolio comprises 11 properties in Singapore – Eightrium, Solaris, Tuas Connection, West Park BizCentral, NK Ingredients, COS Printers, Beng Kuang Marine, 39 Senoko Way, Speedy-Tech, 72 Loyang Way and Bukit Batok Connection – and two Australian properties – 14 Mort Street and Inghams Burton.

Soilbuild REIT kept at 'hold' by analysts on upcoming challenges

SINGAPORE (Apr 22): The manager of Soilbuild Business Space REIT (Soilbuild REIT) declared that its 1Q19 DPU dropped 9.5% to 1.198 cents from 1.324 cents in 1Q18. Income attributable to unitholders fell 8.7% to $12.7 million in 1Q19, from $14.0 million a year ago.

This was mainly due to property operating expenses, finance expenses, other trust expenses and perpetual securities coupons outpacing an increase in revenue.

Revenue was 16.6% up y-o-y at $22.7 million, while net property income increased by 7.7% y-o-y to $18.3 million.

Soilbuild REIT posts 9.5% drop in 1Q DPU to 1.198 cents despite higher revenue

SINGAPORE (Apr 17): The manager of Soilbuild Business Space REIT (Soilbuild REIT) has announced distribution per unit (DPU) of 1.198 cents for the 1Q19 ended March, some 9.5% lower than DPU of 1.324 cents a year ago.

Income attributable to unitholders fell 8.7% to $12.7 million in 1Q19, from $14.0 million a year ago.

The manager says that this was due to property operating expenses, finance expenses, other trust expenses and perpetual securities coupons outpacing an increase in revenue.

1Q19 gross revenue rose 16.6% to $22.7 million, from $19.4 million a year ago.

Soildbuild REIT posts 4.9% increase in 4Q DPU to 1.451 cents

SINGAPORE (Jan 21): The manager of Soilbuild Business Space REIT (Soilbuild REIT) has declared distribution per unit (DPU) of 1.451 cents for the 4Q18 ended December, some 4.9% higher than DPU of 1.383 cents a year ago.

This brings total DPU for FY18 to 5.284 cents, some 7.5% lower than total DPU of 5.712 cents a year ago.

Gross revenue grew 24.3% to $25.8 million in 4Q18, from $20.7 million a year ago.

Soilbuild REIT valuations are now attractive, but is it worth a 'buy'?

SINGAPORE (Apr 18): OCBC Investment Research is maintaining its “buy” call on Soilbuild Business Space REIT (SB REIT) with a higher fair value estimate of 71 cents compared to 70 cents previously.

On the contrary, Jefferies has downgraded its call on the REIT from “buy” to “hold” with an unchanged target price of 70 cents after lowering FY18 and FY19 DPU estimates for SB REIT by 1.6% and 3.9%, respectively, to account for lower contributions from multi-tenanted properties.

Soilbuild REIT upgraded to 'buy' by OCBC after overhang on NK Ingredients lifted

SINGAPORE (Mar 29): OCBC is upgrading Soilbuild Business Space REIT to "buy" from "hold" now that there is greater clarity on the NK Ingredients issue.

To recap, Singapore High Court granted a temporary moratorium on Soilbuild REIT's proceedings to take possession of the asset following an agreement between Soilbuild REIT and tenant NK Ingredients.

This moratorium is subject to certain conditions including timely payment of rent for the month of January and a top-up of the security deposit.

Soilbuild REIT reports 11.9% lower 4Q DPU of 1.383 cents

SINGAPORE (Jan 17): The manager of Soilbuild Business Space REIT (Soilbuild REIT) announced a DPU of 1.383 cents for the 4Q17 ended Dec. This was 11.9% lower compared to 4Q16 DPU of 1.57 cents.

SB REIT Management says gross revenue and net property income (NPI) fell by 4.3% to $20.7 million and 6.0% to $17.8 million respectively mainly due to lower contribution from 72 Loyang Way.

Soilbuild REIT to explore investment opportunities in Australia

SINGAPORE (Nov 27): The manager of Soilbuild Business Space REIT (Soilbuild REIT) announced Monday that it is expanding its investment mandate to include Australia.

SB REIT Management says it is “actively exploring” investment opportunities in Australia for the REIT.

The manager says venturing beyond Singapore will help increase Soilbuild REIT’s pool of investment targets, provide access to assets with longer land tenures, and allow diversification of tenant base. It adds that these will strengthen Soilbuild REIT’s portfolio for long-term growth.

Soilbuild REIT announces 1.8% lower 3Q DPU of 1.374 cents

SINGAPORE (Oct 13): Soilbuild Business Space REIT of business parks and industrial properties, has declared a DPU of 1.374 cents for the 3Q17 ended Sept, 1.8% lower compared to 1.399 cents from a year ago.

Gross revenue rose 4.1% to $20.5 million while net property income rose 3.0% to $17.8 million due to higher revenue from Bukit Batok Connection, West Park BizCentral, Solaris, Tuas Connection and Tellus Marine.

However, this was partially offset by reduction in revenue from 72 Loyang Way, upon the full utilisation of security deposit in 2Q17.

Uncertainty for Soilbuild REIT as master lease tenant in arrears

SINGAPORE (Sept 20): OCBC Investment Research is maintaining its “hold” call on Soilbuild Business Space REIT (Soilbuild REIT) with a marginally lower fair value estimate of 66 cents, from 67 cents previously.

The trustee of Soilbuild REIT has issued a letter of demand to master lease tenant NK Ingredients for arrears amounting to $3.4 million and has called upon an insurance guarantee of $5.1 million. The balance of $1.7 million from the guarantee is equivalent to about four months’ rent.

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