Sabana Industrial REIT 2024 DPU up 3.6% YoY at $0.0286

Net property income also rose 4.5% YoY.

Sabana Industrial REIT reported a distribution per unit (DPU) of $0.0286 for FY2024, 3.6% higher year-on-year (YoY).

In the same period, net property income (NPI) stood at $57.5m, reflecting a 4.5% YoY increase from $55.0m in FY2023.

Gross revenue reached $113.3m, up 1.3% YoY despite a smaller portfolio. Meanwhile, the total distribution amount declared was $32.2m, 5.4% higher YoY.

On the flip side, the overall portfolio occupancy rate slipped to 85% as of 31 December 2024 compared to 91.2% a year ago.

The decline is mainly due to the repossessions of 33, 33A & 35 Penjuru Lane on 8 March 2024, and subsequently, 30 & 32 Tuas Avenue 8 on 14 June 2024.

Moreover, the REIT recorded a portfolio valuation of $915.9m as of 31 December 2024, compared to $914.5m as of 30 June 2024, and $903.9m a year ago.

The marginal increase was mainly due to the payment of an upfront land premium of $7.98m for the extension of 27 years of land tenure for 10 Changi South Street 2.

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