Sabana REIT's crown jewel, New Tech Park. (Photo: REITsWeek)Sabana REIT's crown jewel, New Tech Park. (Photo: REITsWeek)

Data from Sabana REIT’s latest disclosure has been updated into the Singapore REITs table

Sabana Industrial REIT (Sabana REIT) has reported gross revenue of SGD111.9 million for its FY2023.

The revenue represents an all-time high full-year revenue for the REIT, and is 17.9% higher year-on-year when compared to what was reported for FY2022.

Accordingly, the REIT’s net property income (NPI) of SGD55 million is the highest since 2016, despite a smaller number of 18 assets when compared to the earlier year’s 21.

Total income available for distribution in FY2023 was SGD33.7 million, 1.9% higher year-on-year.

However, the total distribution amount declared in FY2023 declined by 7.7% year-on-year to SGD30.5 million due to the retention of 10% of distributable income.

The retained amount will be deployed to fund costs incurred in connection with the internalisation, said the REIT.

Accordingly, FY2023 DPU declined by 9.5% year-on-year to 2.76 cents.

This comprises the payout of 1H 2023 DPU of 1.61 cents and 2H 2023 DPU of 1.15 cents.

As at 31 December 2023, Sabana REIT’s overall portfolio occupancy rate was 91.2%, unchanged from a year ago while weighted average lease expiry (WALE) by gross rental income remained stable at 3.0 years.

Sabana REIT was last done on the Singapore Exchange at SGD0.39, which presently implies a distribution yield of 7.08% according to data on the Singapore REITs table.

By Shariffa Al-Habshee

Shariffa joined REITsWeek in 2017, and monitors Asia-Pacific REITs for the publication.