Sabana Real Estate Investment Management, the manager of Sabana Shari’ah Compliant Industrial Real Estate Investment Trust, announced a distributable income of $14.5 million for the period from 1 April 2012 to 30 June 2012. This is the sixth consecutive quarter since the Trust was listed and which had exceeded DPU forecast.
Based on 639,527,534 units entitled to distribution, Sabana Shari’ah Compliant REIT’s distributable income translates into DPU of 2.27 cents for 2Q 2012, exceeding its forecast DPU of 2.17 cents per unit for the quarter.
Commenting on the results, Mr Kevin Xayaraj, Chief Executive Officer and Executive Director of the Manager said, “The Trust has had a good first half in 2012, enjoying healthy DPU growth which arose from the rental income of the five new buildings acquired at the end of 2011. We will continue to diligently execute our strategy of proactive asset and capital management to achieve sustainable distributions for the Unitholders.”
As at 30 June 2012, Sabana Shari’ah Compliant REIT’s portfolio comprised of 20 properties, spanning close to 4.0 million sq ft in gross floor area (GFA). Total portfolio occupancy was 99.9% for 2Q 2012 with 19 buildings under master leases and one multi���tenanted building.
In terms of GFA, 40.1% of the portfolio was in the high���tech industrial sector. The allocation to the high���tech segment increased by 4.0% from 1Q 2012 due to a re���classification of the Trust’s property at 1 Tuas Avenue 4. The next significant segment was warehouse and logistics space, accounting for 33.6%. Chemical warehouse & logistics space represented 10.5% of the GFA, while general industrial space accounted for the remaining 15.8% of the total GFA. The weighted average land lease of these properties is 39.7 years.
The main revenue driver in Sabana Shari’ah Compliant REIT’s portfolio continued to be the high���tech industrial sector, which made up 53.7% of the Trust’s gross revenue. The gross revenue of this sector increased by 1.6%, attributed to the re���classification of the property at 1 Tuas Avenue 4, as well as a higher rental concluded with a new tenant for that property during the quarter. In contrast, gross revenue in the chemical warehouse and logistics segment declined by only 0.4% as a result of the reclassification, contributing to 11.2% of the Trust’s gross revenue in 2Q 2012. Warehouse and logistics space contributed 23.8% and the remaining 11.3% of revenue came from general industrial space.
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