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Sabana REIT DPU UP 10.5% In FY 2021

Sabana REIT DPU UP 10.5% In FY 2021

January 20, 2022 – Sabana Industrial REIT reported their latest financial results, showing that unitholders will receive a ful-year distribution per unit (DPU) of 3.05 cents in 2021, which marked a 10.5% year-on-year (y-o-y) increase from the 2.76 cents a year ago.

For the second half of 2021, however, Sabana REIT DPU hit 1.57 cents – a decrease of 31.4% y-o-y from 2H 2020. The REIT said this is mainly due to the higher base in 2H 2020 which included one-off rollover adjustments from prior years and withheld DPU previously retained in 1H 2020 for prudent cash management amidst COVID-19 uncertainties.

Gross revenue increased 14.4% y-o-y to $42.8 million for 2H 2021, mainly due to higher contribution from 151 Lorong Chuan, 23 Serangoon North Avenue 5 and 10 Changi South Street 2 on higher occupancy rates. NPI rose 10.4% y-o-y to $26.3 million on the higher revenue. Full year revenue and NPI increased 14.2% and 16.4% y-o-y respectively as compared to FY 2020.

“2021 was a key inflection point for Sabana Industrial REIT as reflected in our latest FY 2021 results. This has borne fruit from the Refreshed Strategy we unveiled in January 2018, that had three phases to ‘go back to basics’, and look ‘within’ for stability and growth. We were undaunted despite being one of the smaller REITs in Singapore,” Donald Han, Chief Executive Officer, Sabana Industrial REIT said.

“Today, we have stabilised and uplifted Sabana’s performance and are ready to further intensify Phase 2 and move into Phase 3 of our Refreshed Strategy to execute growth.”

Read more here..

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