Gross revenue increased 4.6% y-o-y to $29.1 million, lifted by higher occupancy at most of its multi-tenanted portfolio. These include Sabana@1TA4 and 33, 33A & 35 Penjuru Lane which saw the highest increases, and further boosted by strong rental reversions across the portfolio.
Portfolio occupancy came in at 86.4% as at March 31, 2025, an increase from the 85% reported in the previous quarter.
Rental reversions for the reporting period came in at 15.3%, and portfolio weighted average lease expiry by gross rental income stood at 2.7 years.
The REIT had 72.6% of its borrowings at fixed rates with an average term of 2.1 years, and $75 million is due for refinancing in March 2026. It had an aggregate leverage of 37.8%.
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The REIT saw 21 new and renewed leases concluded in 1QFY2025, totalling 348,749 sq ft.
The REIT says that approximately 10% of distributable income for FY2025 may be retained for prudent capital management in view of additional costs incurred and to be incurred in connection with the internalisation.
About $1.37 million in expenses was incurred with regards to the requisition of the Aug 7, 2023 EGM, and an additional $3.27 million of internalisation expenses were incurred in relation.
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Another $6.75 million and $0.49 million in internalisation expenses were later incurred from Jan 1, 2024 to March 31, 2025.
Units in Sabana REIT closed 0.5 cents lower or 1.449% down at 34 cents on Apr 15.
