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Author: kimeng   |   Latest post: Fri, 22 Sep 2017, 03:51 PM

 

Soilbuild REIT: 72 Loyang Occupancy Increases 12.9ppt to 22.8%

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Soilbuild Business Space REIT (Soilbuild REIT) reported 2Q17 gross revenue of S$21.6m, representing an increase of 10.1% YoY and 25.2% of our full-year forecast. 2Q17 distributable income increased 4.3% YoY to S$15.4m.

DPU fell 6.3% to 1.466 S cents, partly due to payment of property management and lease management fees in cash instead of units. 2Q17 DPU came in within our expectations at 25.6% of full-year forecast. Portfolio occupancy rose from 91.8% (as at end-1Q17) to 92.6%.

The security deposit received for 72 Loyang has been fully utilized during the quarter; the asset’s occupancy came in at 22.8% in 2Q17, up from 9.9% in 1Q17. For leases renewed during the quarter, rental reversions were relatively flat while for renewals secured in advance, a -9.8% reversion was clocked.

In 2H17, 7.6% of Soilbuild REIT’s portfolio NLA is up for renewal. Given the recent run-up in share price, we place our Hold rating and S$0.64 fair value under review pending further details.

Source: OCBC Research - 14 Jul 2017

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