[SINGAPORE] Sabana Industrial Real Estate Investment Trust (Reit) posted a distribution per unit (DPU) of S$0.017 for the first half of its fiscal year ended Jun 30, up 26.9 per cent from S$0.0134 in the corresponding year-ago period.
Total income available for distribution grew to S$21.1 million, up 26.8 per cent from S$16.6 million in the year-ago half year, its manager said in a Wednesday (Jul 23) bourse filing.
The income available for DPU was S$0.0187, up 27.2 per cent from S$0.0166 and the highest since 2018. But with the retention of approximately 10 per cent of distributable income – to be deployed to fund costs incurred and those to be incurred in connection with the internalisation of its manager function – the distribution amount declared per unit is S$0.017.
Gross revenue grew 7.6 per cent to S$59.3 million, from S$55.2 million in H1 2024. Net property income (NPI) rose 23.4 per cent to S$33.5 million, from S$27.2 million.
These were supported by higher overall occupancy and sustained positive rental reversions, the manager said.
In the second quarter, gross revenue was uplifted by positive rental reversions and higher occupancy at a majority of its high-tech industrial properties. These include those in New Tech Park, Sabana@1TA4, Serangoon North Avenue 5 and Jalan Kilang Barat.
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NPI for the period grew on the back of higher gross rental revenue and lower overall property expenses.
For H1, the total net retained amount utilised from FY2023 to H1 2025 was S$7.19 million. For the period, S$0.83 million of expenses were incurred to implement the August 2023 resolutions to effect the internalisation; cumulatively, internalisation expenses incurred up to Jun 30, 2025 totalled S$12.22 million.
In the first half of 2025, the manager executed 39 new and renewed leases, and achieved a tenant retention rate of 62.4 per cent. Rental revision was 12.6 per cent, marking 18 straight quarters of positive rental reversions.
Overall portfolio occupancy stood at 85.7 per cent as at Jun 30, 2025 – a dip from the 86.4 per cent as at Mar 31, 2025. Portfolio occupancy was 85 per cent as at Dec 31, 2024.
