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Soilbuild Business Space REIT’s 1H15 Earnings Up 8.8%
Daily Bulletin | 15 July 2015
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Soilbuild Business Space REIT announced total return before distribution of $22.6 million for 1H15, an 8.8 percent increase from $20.8 million in 1H14.

Revenue grew 13.9 percent to $38.2 million in 1H15 mainly due to additional rental revenue from several properties.

Property operating expenses increased $0.4 million due to higher property tax and lease commissions for West Park as well as property and lease management fees for newly acquired properties.

Finance expenses increased 45 percent to $6.5 million due to loans drawn down to finance the acquisition of the three new properties in FY14.

Despite soft market conditions, the manager has negotiated and secured renewals and new leases for over 500,000 square feet of space in 1H15, and will now focus on the leases expiring in 2H15 which amount to just over 400,000 square feet.

Soilbuild Business Space REIT  -- -- --   
Business: S'pore real estate investment trust with a focus on biz space ppties.

Insight: Jan-19, FY18 gross revenue fell marginally by 1.2%... Read More

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