Sabana Reit

Sabana Shari'ah Compliant Industrial Real Estate Investment Trust (Sabana Reit) has chalked up a 2.2 per cent drop in distribution per unit to 1.77 cents for the third quarter.

This was despite income available for distribution rising by 2.2 per cent to $13 million for the three months to Sept 30.

The difference was due to an expansion in issued units.

Net property income grew by 1.4 per cent to $18.3 million while gross revenue was up 1.5 per cent at $25.5 million.

During the quarter, the Reit manager secured 11 multi-tenant leases - a mix of new leases and renewals.

It will continue to proactively manage Sabana Reit's lease expiries.

For the remaining 10 master leases that are slated to expire in the fourth quarter, the manager is in the process of renewing or securing new master leases for eight of them. The remaining two properties will likely be converted into multi-tenanted buildings.

Keppel DC Reit

Data centre-focused Keppel DC Reit reported third-quarter net distributable income of $14.5 million, 2.2 per cent higher than its initial public offer forecast.

This was due to realisation of hedging gains and lower interest expenses due to the interest rate swaps it had entered into.

Net property income for the three months to Sept 30, however, was marginally lower than forecast, due to higher property tax expenses as well as foreign exchange losses from the depreciation of certain foreign currencies that were not foreseen.

Distribution per unit was 2.5 per cent higher at 1.64 cents.

As at Sept 30, Keppel DC Reit was trading at 19 per cent above its net asset value per unit of 85.7 cents.

During the quarter, Keppel DC Reit successfully completed the sale and leaseback transaction with Macquarie Telecom for the shell and core building of Intellicentre 2 in Sydney.

This addition will increase the Reit's portfolio to nine quality data centre properties with aggregate lettable area of some 597,900 sq ft in key data centre hubs across the Asia-Pacific and Europe.