Soilbuild Business Space REIT NPI up 8.3% to $53.6m in 9M 2019

The income boost came from higher contributions from Australian assets and business park Solaris.

Soilbuild Business Space REIT's net property income (NPI) grew 8.3% YoY to $53.6m for 9M 2019, an announcement revealed. Its gross revenue rose 14.2% to $66.2m over the same period.

The growth was attributed to higher contributions from earlier Australian assets and business park Solaris, although partially offset by lower contributions from Eightrium, KTL Offshore, 39 Senoko Way, West Park BizCentral and NK Ingredients.

The REIT's DPU fell 22.1% QoQ to 0.918 cents, which DBS Group Research attributed to a 19% enlargement in shareholder base.

According to a DBS Group Research report, the income weakness for its master-leases to NK Ingredients and Beng Kuang Marine is expected to weigh on the REIT's profits.

However, its recent foray into Australia, including its latest acquisition in Adelaide (Grenfell Centre), is expected to provide the REIT some earnings stability and potential upside in the medium-term.

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