Sabana Reit's Q4 DPU down to 0.88 cent on rights issue (Amended)

SABANA Shari'ah Compliant Industrial Real Estate Investment Trust (Sabana Reit) on Wednesday night announced that its distribution per unit (DPU) for the fourth quarter ended Dec 31, 2016, has fallen to 0.88 Singapore cent on the back of new units issued. This is down from 1.31 Singapore cents a year ago.

Full-year DPU is at 4.17 Singapore cents, down from 5.99 Singapore cents in FY2015.

Gross revenue for the quarter was down 8.2 per cent year on year to S$22.5 million. Net property income slid 14.7 per cent to S$13.9 million.

For the full year, gross revenue fell by 8.9 per cent to S$91.8 million. Net property income fell by 20.5 per cent to S$56.9 million.

The Reit had launched an underwritten and renounceable rights issue on Dec 20, 2016, of 310.7 million new units in the trust.

This is used to raise gross proceeds of about S$80.2 million. It will be used mainly to partially finance the proposed acquisitions located at 72 Eunos Avenue 7, 107 Eunos Avenue 3 and 47 Changi South Avenue 2, and their related costs.

The Reit's counter closed half a cent higher at S$0.375 on Wednesday.

Amendment: In an earlier version of the article, we wrote 310.1 million new units were launched in the trust. The figure should be 310.7 million.