Soilbuild REIT Q3 NPI fell 8.8% to $16.22m

It blamed the divestment of KTL Offshore and lower contributions from properties.

Soilbuild Business Space REIT’s net property income (NPI) in Q3 went down 8.8% to $16.22m from $17.79m last year, whilst it’s gross revenue fell 3.6% to $19.80m from $20.54m.

The decreases in NPI and revenue was mainly attributed to the divestment of rigging equipment firm KTL Offshore and lower contributions from West Park BizCentral and Eightrium, according to its financial statement.

This was partially offset by higher revenues from Solaris which was converted into a multi-tenanted property on 15 August.

Interest income also fell 41.4% to $255,000 in Q3 from $435,000 last year. This was related to the repayment of their $55m interest-free loan, Soilbuild REIT said.

Also read: Soilbuild Business Space REIT NPI fell 11.6% to $16.m in Q1

In Q3, occupancy of Eightrium was boosted 0.8% to 89.3% due to new take-up. Tuas Connection saw a 2.3% dip in occupancy due to non-renewals.

In addition, Soilbuild REIT completed the acquisition of two Australian properties in Canberra and Adelaide on 5 October.

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