Soilbuild REIT: 1Q16 results dented by sagging occupancies at Tuas and West Park
- 1Q16 DPU of 1.557¢ (-4.7% y/y), distributable income +9.6% to $14.6m
- Growth attributed to Technics Offshore and Solaris, offset by poorer contributions from Tuas Connections and West Park BizCentral on lower occupanices.
- Incoming industrial supply could see occupancies dip further, currently @ 94.8% (-2ppt q/q).
Currently trading at 8.4% annualised yield, 0.94x P/B.
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