Sabana Reit Q4 DPU falls 9.1% to 2.19¢

DISTRIBUTION per unit (DPU) for Sabana Reit fell 9.1 per cent to 2.19 cents in the fourth quarter of 2013.

Distributable income dropped 2 per cent to $15.1 million, as net property income slipped 1.8 per cent to $19.9 million.

The trust attributed this to a fall in occupancy rate at the portfolio level, stemming from some properties being converted into multi-tenanted lease arrangements. This was in spite of a 15.7 per cent growth in gross revenue to $24.8 million, due to contribution from its new acquisition of the property at 508 Chai Chee Lane.