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Sabana Reit posts lower DPU for first quarter

SABANA Shari'ah Compliant Industrial Reit on Monday posted a distribution per unit (DPU) of 1.78 Singapore cents for its first quarter ended March 31, 2015, a 5.3 per cent drop from the 1.88 Singapore cents it paid a year ago.

This was partly due to a larger unit base.

Gross revenue inched up 3.2 per cent to S$25.4 million on higher gross revenue from 10 Changi South Street 2 which was acquired in December 2014.

Net property income rose 1.1 per cent to S$18.6 million on the back of higher revenue, offset slightly by higher property expenses from higher service, repairs, maintenance, utilities, property tax, and land rent expenses from 2 Toh Tuck Link which was converted into a multi-tenanted lease arrangement in Q4 2014.

The overall occupancy of its portfolio was maintained at 90.6 per cent.

CEO and executive director Kevin Xayaraj said: "The current portfolio occupancy continues to weigh down our overall performance. Our key focus will therefore remain in filling up any available space within the shortest time possible and in managing our lease expiries."