To The Moon

$Sabana Reit(M1GU.SI)$

Basic Profile & Key Statistics

Key Indicators

Performance Highlight

For 1H 2025, gross revenue has improved YoY due to stronger performance across the portfolio. NPI saw a sharper increase, mainly driven by lower property expenses — notably a net write-back of impairment loss amounting to $202,000, compared to a net write-off of $1.17 million in 1H FY24. As a result, income available for distribution and DPU also recorded significant improvements.

Rental Reversion

Sabana REIT achieved a portfolio rental reversion of +12.6% in 1H FY25 — its 18th consecutive quarter of positive reversions.

Asset Enhancement Initiative

Refurbishment works at 508 Chai Chee Lane and New Tech Park have been completed.

Enhancements included modernised lift systems, improved wayfinding, and upgraded carpark facilities to enhance tenant experience and operational efficiency.

Related Parties Shareholding

• REIT Sponsor's Shareholding: Less Favorable

• REIT Manager's Shareholding: Less Favorable

• Directors of REIT Manager's Shareholding: Less Favorable

Lease Profile

• Committed Occupancy: Less Favorable

• Highest Annual Lease Expiry in 4 Years: Less Favorable

• WALE: Less Favorable

• Weighted Average Land Lease Expiry: Less Favorable

Debt Profile

• Adjusted Interest Coverage Ratio: Moderate

• Cost of Debt: Less Favorable

• Gearing Ratio: Moderate

• Fixed Rate Debt Proportion: Moderate

• Unsecured Debt Proportion: Favorable

• Highest Annual Debt Maturity in 4 Years: Moderate

• WADM: Moderate

Diversification Profile

• Major Sector Weightage: Favorable

• Top Geographical Weightage: Less Favorable

• Top Property Weightage: Less Favorable

• Top 5 Properties' Weightage: Moderate

• Top Tenant Weightage: Moderate

• Top 10 Tenants' Weightage: Favorable

Key Financial Metrics

• Property Yield: Favorable

• Manager's Fees over Operating Distributable Income: Favorable

• Operating Distributable Income on Capital: Favorable

• Operating Distributable Income Margin: Moderate

• Operating Distribution Proportion: Favorable

DPU Breakdown

• TTM Distribution Breakdown:92% from Operation8% being Retained

Trends (Up to 10 Years)

• Uptrend: Adjusted Interest Coverage Ratio, Top 5 Properties' Weightage, Operating Distributable Income on Capital, Operating Distribution Proportion

• Slight Uptrend: Property Yield

• Flat: Committed Occupancy, Operating Distributable Income over Manager's Fees

• Slight Downtrend: None

• Downtrend: DPU from Operations, NAV per Unit, Top 10 Tenants' Weightage, Operating Distributable Income Margin

Price Range & Relative Valuation Metrics

• Dividend Yield: Average for 1y, 3y, 5y & 10y

• P/NAV: Above +2SD for 1y; Above +1SD for 3y, 5y & 10y

Author's Opinion

Compared to the previous half year, NPI, distribution and DPU have improved, driven by improved gross revenue and lower property expenses. On the debt front, only 2.2% of the debt is expiring this year.

For more information, check out REIT-TIREMENT

*Disclaimer: The information presented on this blog is for educational and informational purposes only. The materials, including research and opinions, are based solely on my own findings and should not be considered as professional financial advice or a definitive statement of fact. I cannot guarantee the accuracy, completeness, or reliability of the information provided. I shall not be held liable for any errors, omissions, or losses that may occur as a result of using the information presented on this blog. It should be noted that the information presented on this blog does not constitute a buy, sell, or hold recommendation for any security. It is crucial to conduct your own thorough research and due diligence before making any investment decision.