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Sabana Reit Q2 DPU falls 32%

SABANA Shari'ah Compliant Industrial Real Estate Investment Trust (Sabana Reit) posted a 32 per cent dip in distribution per unit (DPU) to 1.23 Singapore cents in the second quarter ended June 2016 from 1.80 Singapore cents a year ago.

Distributable income fell 31 per cent to S$9.06 million from S$13.2 million. Net property income came in 24 per cent lower at S$14 million while gross revenue fell 11 per cent to S$22.6 million due to negative rental revisions for certain master leases renewal, non-renewal and expiry of rental support and no contributions from two properties divested in the previous quarter.

As at June 30, 2016, overall portfolio occupancy level stood at 88.8 per cent.

The units closed unchanged at 54.5 Singapore cents on Friday.