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LOWER contributions from certain properties in its portfolio eroded second-quarter results for industrial landlord Sabana Reit.
Sabana Reit's gross revenue fell 2.9 per cent to S$22 million, while net property income for the second quarter was S$12.9 million, which represented a fall of 7.4 per cent from the year-ago period.
The fall was mainly due to lower contribution from several of its properties, as well as from 39 Ubi Road 1, which was converted into multi-tenanted lease arrangements in Q4 2016.
Distribution per unit (DPU) shrank to 0.81 Singapore cent from 1.07 Singapore cents in the preceding year. The latter is a restated figure to reflect the effect of a bonus element in the rights issue.
To soften the dilutive impact of cash payment on its DPU, Sabana's Reit manager also provided a further reduction of its base fee in Q2 2017 by 25 per cent.
Q2 income available for distribution dropped 5.5 per cent to S$8.6 million from the preceding year.
Sabana Reit units closed unchanged at S$0.46 on Tuesday.