Singapore’s only Japan-focused residential REIT, Saizen (SGX:T8JU), has declared a distribution per unit (DPU) of 2.93 Singapore cents for the six-month financial period ended 30 June 2015.
The DPU for the corresponding six-month financial period ended 30 June 2014 was 3.10 Singapore cents. “This decrease in DPU was mainly due to the depreciation of the JPY against the SGD”, said the REIT in its statement on the results.
“The decrease in net property income of 2.1% was mainly due to higher operating expenses, in particular repair and renovation expenses which were incurred to enhance the competitiveness of Saizen REIT’s properties”, it added.
Saizen REIT’s occupancy rate was 90.6% in FY2015, down from the 91.0% in FY2014. Overall rental reversion of new contracts entered into in FY2015 is also lower by about 0.6% from previous contracted rates.
Units of Saizen REIT are currently listed on the Singapore Exchange at SGD0.85.