Sabana REIT had announced their 2Q 2014 a DPU of 1.86 cents for the quarter from 1 April 2014 to 30 June 2014. This is largely unchanged compared to the 1.88 cents quarterly DPU achieved in 1Q 2014 despite an increase in unit base by approximately 2.7 million as a result of new units issued in 2Q 2014 pursuant to the Distribution Re‐Investment Plan (DRP) established on 1 April 2014.
It was attributed by the stable results to successful marketing and leasing efforts in 2Q 2014. They had successfully secured 6 new leases and 12 lease renewals. Portfolio occupancy remained largely unchanged at 90.8% in 2Q 2014 as compared to 90.6% in 1Q 2014.
Looking ahead, the market conditions are expected to remain challenging. They will continue to intensify their marketing and leasing efforts to improve on their portfolio occupancy and also continue to make selective acquisitions. In addition, they are looking for opportunities to recycle their capital by divesting on underperforming assets.
As at 30 June 2014, Sabana REIT’s portfolio consisted of 22 properties, with 4.5 million square feet of gross floor area, leased to a diversified base 151 tenants. The portfolio’s weighted average lease term for underlying land in terms of gross floor area was 38.4 years. The largest allocation in terms of net lettable area was in the high‐tech industrial sector which is approximately 46%.
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