Sabana REIT net property income surges 23.4% in H1 to $33.5m

Higher overall occupancy and sustained positive rental reversions supported the growth.

Sabana Industrial Real Estate Investment Trust reported that its net property income (NPI) shot up 23.4% to $33.5m in H1 2025.

The group's gross revenue increased by 7.6% YoY to $59.3m for the same period. Total income available for distribution rose 26.8% YoY to $21.1m. The income available for its distribution per unit (DPU) was up by 27.2% YoY to 1.87 cents, the highest recorded since 2018, according to their latest report.

Excluding the retention of approximately 10% of distributable income that will be deployed to fund costs incurred and to be incurred in connection with the internalisation, the declared DPU increased by 26.9% YoY to 1.70 cents for H1 2025.

The group also highlighted that in line with its leasing strategy towards multi-anchor tenancies, 92.2% of its portfolio gross rental income in H1 2025 was contributed by multi-tenanted properties.

Sabana Industrial REIT recorded a portfolio valuation of $913.1m as of 30 June for its diversified portfolio of 18 properties, a marginal decline from $915.9m as at 31 December 2024.

The group attributed this to the decaying land lease tenure, though its full impact was largely offset by higher signing rents and strong positive rental reversion across the portfolio.