Net property income decreased 2.8% y‐o‐y to $12.6 million, versus a decline of 13.8% in 1Q18, mainly on cost savings relating to non‐performing assets. Property expenses were reduced by 16.8% on lower impairment losses for 1 Tuas Avenue 4 and 6 Woodlands Loop, as well as lower property expenses for 6 Woodlands Loop.
SINGAPORE (July 25): The manager of Sabana Shari’ah Compliant Industrial Real Estate Investment Trust (Sabana REIT) reported unitholders will receive a DPU of 0.82 cent for the 2Q18 ended June, 1.2% higher than in 2Q17.
Distributable income came in at $8.6 million despite challenging market conditions. Gross revenue declined 8.6% y‐o‐y for 2Q18, primarily on lower contribution from some of the trust’s multi‐tenanted properties as well as non‐contribution from 1 Tuas Avenue 4 – which is vacant – and 6 Woodlands Loop – which was divested in 1Q18. This was partially offset by improved occupancy in 39 Ubi Road 1.
