Sabana Reit posts 32.2% rise in H2 DPU to S$0.0152, with 10% kept for capital management
SABANA Industrial Real Estate Investment Trust (Reit) posted a distribution per unit (DPU) of S$0.0152 for the half-year ended Dec 31, 2024, up 32.2 per cent from the year-ago period.
The increase came even as about 10 per cent of total income available for distribution in FY2024 was retained for “prudent capital management”, in view of additional costs incurred and to be incurred during the internalisation of the Reit manager, according to a bourse filing on Tuesday (Jan 21).
Further retention of distributable income may be required for FY2025, it said.
Revenue for H2 2024 rose 2.7 per cent year on year (yoy) to S$58.1 million, from S$56.6 million previously, lifted by strong positive rental reversions across the portfolio.
Net property income (NPI) grew 8.9 per cent yoy for the half-year to S$30.3 million, from S$27.8 million, which was mainly attributed to higher revenue and lower overall property expenses.
“The manager achieved a four-year high positive rental reversion in FY2024, while its positive rental reversion in Q4 2024 marks its 16th consecutive quarter of positive rental reversion since Q1 2021,” the filing said.
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Total income available for distribution in H2 2024 came in at S$18.9 million, up 19.2 per cent from S$15.9 million in the corresponding year-ago period.
The second half’s results bring the DPU declared for FY2024 to S$0.0286, a 3.6 per cent increase from S$0.0276 in FY2023.
For the full year, the Reit attained an all-time high revenue of S$113.3 million – an increase of 1.3 per cent yoy – since its initial public offering in November 2010, its manager said.
It also achieved a new high in NPI of S$57.5 million since 2016, despite a smaller portfolio, it added.
Units of Sabana Reit closed at S$0.375 on Tuesday, up S$0.005 or 1.4 per cent, before the announcement.