Singapore-listed industrial REIT, Sabana (SGX:M1GU) announced on 16 July distributable income of approximately SGD13.2 million for 2Q 2015, a 1.2% increase from 2Q 2014.
Gross revenue and net property income for the quarter grew by 0.2% and 0.5% respectively for the quarter as compared to the corresponding period in 2014.
DPU for the quarter was 1.80 Singapore cents, an improvement from 1.78 Singapore cents generated in 1Q 2015 but a fall of 3.2% as year-on-year.
Sabana REIT has indicated that it is anticipating challenging market conditions ahead and looking to actively manage its lease expiry profile and continue aggressive marketing and leasing efforts to increase occupancy.
“On the 11 master leases expiring in year 2015, the manager is in the process of renewing or securing new master leases for 8 of them. The remaining 3 properties will likely be converted into multi‐tenanted buildings”, said the REIT in a statement announcing the results.
As at 30 June 2015, Sabana REIT’s weighted average lease expiry (WALE) stood at approximately 2.0 years.
Units of Sabana REIT last changed hands on the Singapore Exchange at SGD0.86.