Sabana Reit posts 5.7% gain in Q2 distribution per unit

Sabana Shari'ah Compliant Industrial Real Estate Investment Trust (Sabana Reit) has posted a 5.7 per cent rise in second quarter distribution per unit of 2.4 cents.

Distributable income for the three months to June 30 climbed by 7.5 per cent to $15.6 million.

Gross revenue was 5.9 per cent higher at $21.6 million while net property income rose by 6 per cent to $20.2 million.

Sabana Reit's portfolio consists of 21 properties, with total asset value of $1.2 billion across four main industrial property segments of high tech industrial, chemical warehouse and logistics, warehouse and logistics, as well as general industrial.

The total portfolio occupancy of Sabana Reit stood at 100 per cent as at the end of the second quarter.

Since listing, the reit manager has made significant strides in engaging and adding value to its master tenants.

The reit manager works closely with master tenants to fill up available space or negotiate subtenancy renewals.

So far, it has successfully worked with the master tenants in securing 74 lease transactions - both renewal and new tenants - spread across the entire portfolio.

With about 4.9 months to go before the expiry of the above five master leases, the manager expects to successfully renew at least one master lease.

Unitholders can expect to receive their distributions for the second quarter on Aug 29.