Sabana REIT has reported income available for distribution per unit (DPU) of 1.01 cents for the 3QFY2025 ended Sept 30, up 38.4% y-o-y. Y-t-d, this figure stood at 2.88 cents for 2025.
Gross revenue grew 5.3% y-o-y to $29.9 million for the 3QFY2025, uplifted by higher occupancy rates at 151 Lorong Chuan, 33, 33A & 35 Penjuru Lane, 23 Serangoon North Avenue 5 and 2 Toh Tuck Link.
The REIT says that top-line increase was also supported by higher positive rental reversions at New Tech Park, 51 Penjuru Road, 15 Jalan Kilang Barat, 10 Changi South Street 2 and 34 Penjuru Lane.
As such, net property income grew 16% y-o-y to $16.9 million for the 3QFY2025.
The REIT’s achieved positive rental reversion of 11.3% in 3QFY2025, which it says marks its 19th consecutive quarter of positive rental reversion since 1QFY2021.
The REIT notes that overall portfolio occupancy improved to 87% as at Sept 30, up from 85.7% as at June 30. This improvement was on the back of the REIT’s New Tech Park which saw occupancy rates surging to 94.7% as at Sept 30.
See also: Digital Core REIT’s distributable income up 1.9% y-o-y to US$35.2 mil in 9MFY2025
As at Sept 30, aggregate leverage stood at 38.0% with a weighted average debt maturity of 2.2 years. The REIT’s weighted average all-in financing cost decreased to 4.31%, with 72.6% of the REIT’s total borrowings hedged to fixed rates.
Interest coverage ratio was 3.4 times as at 30 Sept.
The manager of the REIT says that it had approached the lenders for the extension of the loan
facilities maturing in March 2026. Deliberation of the loan extension by the lenders is still ongoing.
Units in Sabana REIT closed flat at 43 cents on Oct 22.
