Sabana Shari’ah Compliant Industrial REIT reported Thursday its third quarter net property income increased 10.1 percent on-year to S$13.91 million, mainly on higher contributions from some multi-tenanted properties on improved occupancies.
The REIT also saw a one-off recovery of revenue from certain tenants’ usage of common areas, helping to offset lower rental income from a smaller portfolio of 18 properties, compared with 19 in the year-ago quarter, the REIT said.
In addition, property expenses fell 13.4 percent on-year to S$6.25 million in the quarter on changes to accounting for leases and the divestment of the 9 Tai Seng Drive property in January, Sabana REIT said.
Gross revenue for the quarter ended 30 September rose 1.6 percent on-year to S$20.17 million, the REIT said in a filing to SGX.
The distribution per unit (DPU) for the quarter was 0.78 Singapore cent, up 1.3 percent from 0.77 Singapore cent in the year-ago period, the filing said.
Occupancy levels for the REIT fell to 80.6 percent as of end-September, from 83.2 percent at end-June, the filing said.
Rental reversions in the quarter were up 5.5 percent, with eight new leases totaling 75,879 square feet secured, Sabana REIT said.
For the nine-month period, Sabana REIT reported net property income of S$38.61 million, down 3.0 percent on-year, on gross revenue of S$56.89 million, down 6.6 percent. The nine-month DPU was 2.15 Singapore cents, down 13 percent from 2.47 Singapore cents in the year-ago period, the REIT said.