Sabana REIT NPI up16% on stronger leasing and rental growth

Its portfolio occupancy rose to 87%, led by gains at New Tech Park.

Sabana Industrial REIT’s net property income (NPI) rose 16% year on year (YoY) to $16.9m in the third quarter, supported by higher rents and occupancy, as reported in a 22 October filing.

Revenue increased 5.3% to $29.9m, driven by stronger leasing across New Tech Park, Penjuru Lane, Serangoon North Avenue 5, and Toh Tuck Link.

Its portfolio occupancy also improved to 87%, with multi-tenanted assets contributing 92.4% of gross rental income. New Tech Park’s occupancy rose from 86% in June to 94.7% in September, exceeding the national business park average of 76.7%.

The REIT maintained an aggregate leverage of 38% and an interest coverage ratio of 3.4 times. About 72.6% of borrowings are fixed-rate, with a weighted average debt cost of 4.31%.

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Sabana Industrial REIT

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