Sabana Reit Q3 DPU rises on higher occupancies, one-off recovery of revenue

SABANA Reit on Thursday posted a distribution per unit (DPU) of 0.78 Singapore cent for its third quarter ended Sept 30, up slightly from 0.77 cent it paid out a year ago.

Gross revenue rose 1.6 per cent to S$20.2 million, mainly due to higher contribution from some multi-tenanted properties on improved occupancies, and a one-off recovery of revenue relating to prior usage of common area from certain tenants.

Net property income rose 10.1 per cent to S$13.9 million, as property expenses fell due to adoption of FRS 116 leases and the divestment of 9 Tai Seng Drive in January this year.

Distributable amount rose 1.7 per cent to S$8.2 million.

Rental reversions in Q3 were positive at 5.5 per cent, up from positive 3 per cent in Q2, with eight new leases totalling 75,879 sq ft secured in the latest quarter, double the number in the preceding quarter.