Sabana Reit Q1 DPU falls 25%

SABANA Shari'ah Compliant Industrial Real Estate Investment Trust (Sabana Reit) posted a 25.3 per cent dip in distribution per unit (DPU) to 1.33 Singapore cents in the first quarter ended March 2016 from 1.78 Singapore cents a year ago.

Distributable income fell 24.7 per cent to S$9.77 million from S$12.97 million a year ago.

Net property income slipped 18.4 per cent to S$15.17 million while gross revenue fell nearly 7 per cent to S$23.61 million on the back of negative rental revisions for certain master lease renewals and non-renewal of one master lease and higher property expenses.