Singapore-listed industrial landlord Sabana Shariáh Compliant REIT (Sabana REIT)(SGX:M1GU) has reported a 9.4 per cent jump in gross revenue which grew from S$81.8 million in FY2012 to S$89.5 million in FY2013.
|DPU for Sabana REIT has been fairly stable for the financial year despite seeing an increasing base due to a placement|
Sabana REIT’s FY 2013 NPI increased by 4.4 per cent to S$80.4 million, compared to S$76.9 million achieved in FY 2012. The REIT has attributed the increase to acquisitions made during the financial year, namely 23 Serangoon North Avenue 5 and 508 Chai Chee Lane.
During the quarter, the REIT registered a distributable income of S$15.1 million, which translates into a DPU of 2.19 cents.
However Sabana REIT saw a 9.4 per cent decline in annualised DPU of 8.69 cents as compared to the 9.59 cents for FY2012. Portfolio occupancy for the REIT lingers below the Singapore industrial average at 91.2 per cent.
Units of Sabana REIT closed the trading day flat to finish at SGD 1.07 on the Singapore Exchange.