Lendlease wins Grange Road tender

Soilbuild REIT 3Q DPU grew 19.8%

October 16, 2020 – SB REIT Management Pte. Ltd., the Manager of Soilbuild Business Space REIT, today announced a distribution per unit (DPU) of 1.100 cents and 2.728 cents for the third quarter and nine months ended 30 September 2020 respectively.

In 3Q FY2020, gross revenue rose S$1.7 million or 8.0% year-on-year  due to S$3.1 higher revenue from the newly acquired 25 Grenfell Street and was partially offset by net rent waivers of S$0.9 million and S$0.5 million lower contribution from 2 Pioneer Sector 1 which is under redevelopment.

Net property income grew 16.5% y-o-y to S$19.7 million on the back of a reversal of allowance for doubtful receivables/provision for rent waivers of S$1.5 million and lower property taxes. As at 30 September 2020, with better clarity on the amount of rent waivers required and having passed through a substantial portion of the rental waivers to our tenants, the allowance for doubtful receivables balance was reduced from S$2.1 million in 2Q FY2020 to S$0.6 million in 3Q FY2020.

3Q FY2020 total amount available for distribution rose 20.8% y-o-y to S$14.0 million. This includes tax-deferred distribution from our Australian portfolio but excludes reimbursements received from vendors in relation to outstanding rental incentives subsisting at the point of the completion of acquisitions.

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