SINGAPORE (Oct 18): Sabana REIT’s 3Q16 results saw DPU falling 32.2% year-on-year to $1.20 from $1.77 a year ago.
The fall comes on the back of falling revenue, with a 9.7% drop from $25.4 million in 3Q15 to $23 million in 3Q16. Net Property Income (NPI) fell 24% on year.
NPI took a hit when 34 Penjuru Lane, 23 Serangoon North Avenue 5 and 15 Jalan Kilang Barat were converted into multi-tenanted lease arrangements. This incurred higher property expenses from service, repairs, maintenance, property tax, land rent, utilities and marketing expenses.