Sabana Industrial REIT revenue hits record-high 17.9% increase in FY23
The company recorded a DPU of 2.76 cents in 2023.
Sabana Industrial REIT reported a record-high gross revenue increase of $111.9m, up 17.9% YoY for FY2023.
In the same period, NPI increased by 3.2% YoY to $55.0m, the highest since 2016 despite a smaller number of 18 portfolio properties as compared to the 21 assets in 2016.
Meanwhile, the REIT’s DPU declined by 9.5% YoY to 2.76 cents comprising the payout of 1H23 DPU of 1.61 cents and 2H23 DPU of 1.15 cents.
Total income available for distribution increased 1.9% YoY to $33.7m however, the total distribution amount declared in FY2023 declined by 7.7% YoY to $30.5m.
This was due to the retention of 10% of distributable income to be deployed to fund costs incurred for internalisation.
For FY2024 and FY2025, further retention of distributable income is expected to be required due to the REIT's ongoing internalisation process.
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