Sabana Reit Q3 DPU falls 32.2%

SABANA Shari'ah Compliant Industrial Real Estate Investment Trust (Sabana Reit) posted a 32.2 per cent drop in distribution per unit (DPU) to 1.20 Singapore cents for the third quarter ended Sept 30, 2016, from 1.77 Singapore cents a year ago.

Distributable income fell 31.7 per cent to S$8.86 million from S$12.97 million.

Net property income came in 24 per cent lower at S$13.91 million, while gross revenue fell 9.7 per cent to S$23.03 million.

The latter was mainly due to negative rental revisions for certain master lease renewals in Q4 2015, and lower portfolio property occupancy in Q3 2016 over Q3 2015.

In the three months ended Sept 30, multi-tenancy occupancy levels increased to 82.6 per cent - slightly higher than Q2 2016's 81.9 per cent.