Sabana Real Estate Investment Trust (Sabana REIT), today announced a distributable income of $19.3 million for the period 26 November 2010 to 31 March 2011, which is 2% higher than the IPO forecast.
Sabana REIT achieved gross revenue of $24.1 million comprising rental income from its property tenants.
Based on its 632.8 million of outstanding issued units, this translates into an annualised Distribution Per Unit (DPU) of 8.81 cents per unit for the period, well in line with its IPO forecast DPU of 8.63 cents for the year ending 31 December 2011 (FY2011).
As at 31 March 2011, the 15 properties in Sabana REIT portfolio have a total gross floor area (GFA) of over 3.2 million sq ft. Approximately 44% of the portfolio is in the High-tech Industrial sector, with the next significant segment in the Warehouse and Logistics space accounting for 28.7%. Chemical and Warehouse represented 17.6% while General Industrial accounted for the remaining 9.7%. The average land lease of these properties is 40.9 years.
Total assets under management stood at $850.7 million. The main revenue driver is the High-tech Industrial segment contributing 58.7%, Warehouse and Logistics contributed 19.3% while Chemical Warehouse and Logistics contributed 16.3%. The remaining 5.7% came from General Industrial.
Sabana REIT has a three-year secured commodity Murabaha facility of up to $256.0 million. As at 31 March 2011, Sabana REIT has a debt headroom of $122.6 million, without credit rating. The aggregate debt-equity ratio is 24.9% as at balance sheet date.
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