Singapore Exchange Ltd. · SGX:S68
Singapore Exchange — Sabana Industrial REIT — Q1 2025 Earnings Presentation
27 slides from Singapore Exchange's earnings presentation, Apr 15, 2025
Slide 1: 1Q 2025 Results Presentation
1Q 2025 RESULTS PRESENTATION 15 April 2025 1 For the period ended 31 March 2025
Slide 2: Disclaimer
Disclaimer This presentation shall be read in conjunction with the financial information of Sabana Industrial Real Estate Investment Trust (“Sabana Industrial REIT” or the “REIT”) for the full year from 1 January 2024 to 31 December 2024 (“FY 2024”). This presentation may contain forward-looking sta
Slide 3: Agenda
Agenda 01 Key Updates and Highlights 02 Financial Performance 03 Capital Management 04 Portfolio Performance 05 Market Outlook and Strategy 3
Slide 4: Key Updates and Highlights
01 Key Updates and Highlights
Slide 5: CEO's Message
1Q 2025 CEO’S MESSAGE Market outlook The Ministry of Trade and Industry (“MTI”) downgraded Singapore’s growth forecast to “0.0 to 2.0 per cent” from “1.0 to 3.0 per cent” on concerns that the sweeping tariffs introduced by the US and the ongoing US-China tariff war could weigh significantly on globa
Slide 6: Key Financial Highlights
1Q 2025 KEY FINANCIAL HIGHLIGHTS Gross Revenue 1Q 2025 Results • Gross revenue increased by 4.6% year-on-year (“y-o-y”) to $29.1 million, uplifted by higher 1Q 2025 $29.1m (+4.6% y-o-y) occupancy at the majority of our multi-tenanted portfolio, particularly at Sabana@1TA4 and 1Q 2024 $27.8m 33, 33A
Slide 7: Key Quarterly Highlights
1Q 2025 KEY QUARTERLY HIGHLIGHTS Occupancy Portfolio Occupancy • Overall portfolio occupancy at 86.4% as at 31 March 2025, an increase from the 85.0% as at 1Q 2025 86.4% (+1.4 pp) 31 December 2024 4Q 2024 85.0% • Occupancy rate of 151 Lorong Chuan (“New Tech Park”) increased to 85.0%, up from 82.3%
Slide 8: Emphasis of Matter 1 – Independent Auditors' Review Report
1Q 2025 EMPHASIS OF MATTER1 – INDEPENDENT AUDITORS’ REVIEW REPORT Loans due in March 2026 Outcome of the Internalisation Process Emphasis of matter relates to material uncertainty involving the ability of Emphasis of matter relates to potential financial implication to the Sabana Industrial REIT and
Slide 9: Internalisation Costs Incurred up to 31 March 2025
1Q 2025 INTERNALISATION COSTS INCURRED UP TO 31 MARCH 2025 • $1.371 million of expenses incurred in connection with (and up to) the requisition of the 7 August 2023 Extraordinary General Meeting (“EGM”) • $3.27 million of internalisation expenses in respect of implementation of the resolutions passe
Slide 10: Updates on 33, 33A & 35 Penjuru Lane
1Q 2025 UPDATES ON 33, 33A & 35 PENJURU LANE Legal and Liquidation Updates Court Actions Further to the Singapore Court granting judgment against Kleio One-Solution Pte. Ltd. (“Kleio”) in the court actions taken by the REIT in 2024, the REIT pursued two further lawsuits involving 1) committal procee
Slide 11: Updates on 30 & 32 Tuas Avenue 8
1Q 2025 UPDATES ON 30 & 32 TUAS AVENUE 8 Liquidation Updates Appointed liquidators (on tax, legal matters) are investigating ex-master tenant GDMC before determining the amount available for distribution to creditors. Adjudication of claims submitted by creditors (including the REIT) has commenced.
Slide 12: Updates on Sabana@1TA4
1Q 2025 UPDATES ON SABANA@1TA4 Regulatory Updates Certificate of Statutory Completion obtained on 2 April 2025 following the Temporary Occupation Permit received on 9 July 2024. Operational Highlights Occupancy of the premises is approximately 64% of the total lettable area as at 31 March 2025, the
Slide 13: Updates on New Tech Park Phase 3
1Q 2025 UPDATES ON NEW TECH PARK PHASE 3 Background 1. NTP+ Mall, consisting of fully commercial use, was granted by URA on the condition that the REIT optimises New Tech Park’s plot ratio to 2.5 (i.e. additional gross floor area of circa 200,000 square feet). The site will be rezoned in the process
Slide 14: Updates on New Tech Park Phase 3
1Q 2025 UPDATES ON NEW TECH PARK PHASE 3 Challenges 1. Knight Frank has opined that the “business park market segment is facing challenges, mainly attributed to the consolidation of activities from companies and downsizing operations and cutting costs1”. 2. Savills Research highlighted that islandwi
Slide 15: Future Proofing of Assets with Sustainability Initiatives
1Q 2025 FUTURE PROOFING OF ASSETS WITH SUSTAINABILITY INITIATIVES Milestone completion of solar panel installations marked at a ribbon cutting ceremony held jointly by the REIT and Keppel EaaS at Sabana@1TA4 in February 2025 • The solar panel installations at all nine properties are fully activated
Slide 16: Financial Performance
02 Financial Performance | | a
Slide 17: Distribution Statement
1Q 2025 DISTRIBUTION STATEMENT 1Q 2025 1Q 2024 Variance ($’000) +(%) Gross Revenue (1) 29,106 27,825 4.6 NPI (1) 16,042 13,146 22.0 Finance Costs (1) (2) 3,808 3,580 6.4 Total Income Available for Distribution 9,729 7,644 27.3 Income Available for Distribution per Unit (cents) 0.86 0.68 26.5 (1) Ple
Slide 18: Balance Sheet
1Q 2025 and FY 2024 BALANCE SHEET As at As at ($’000) 31 March 2025 31 December 2024 Investment properties(1) 994,540 992,929 Other assets 32,534 31,648 Total assets 1,027,074 1,024,577 Borrowings, at amortised cost 354,307 348,994 Other liabilities 117,547 110,683 Total liabilities 471,854 459,677
Slide 19: Capital Management
03 Capital Management
Slide 20: Capital Management
1Q 2025 CAPITAL MANAGEMENT Key Credit Metrics • Increase in total borrowings and aggregate leverage mainly due to the drawdown of loan for Capex, and liquidity buildup for capital management purposes As at As at 31 March 2025 31 December 2024 • Average all-in financing cost increased to 4.57% mainly
Slide 21: Capital Management
1Q 2025 CAPITAL MANAGEMENT • Upcoming repayment and refinancing requirements Debt Maturity Profile ($ millions) involving: As at 31 March 2025 • $8.0 million due for repayment in October 2025 120 • $75.0 million due for refinancing in March 2026 100 • In consideration of the potentially tightened li
Slide 22: Portfolio Performance
04 Portfolio Performance *
Slide 23: Sustained Positive Rental Reversions Since 1Q 2021
1Q 2025 SUSTAINED POSITIVE RENTAL REVERSIONS SINCE 1Q 2021 Quarterly Rental Reversion (%) 30% 27.1% 27.1% 25% 23.7% 20% 17.5% 17.4% 17.4% 16.8% 15.3% 15% 13.6% 10.2% 9.7% 10% 9.4% 8.8% 7.8% 6.2% 5% 4.0% 3.1% 0% 1Q 2021 2Q 2021 3Q 2021 4Q 2021 1Q 2022 2Q 2022 3Q 2022 4Q 2022 1Q 2023 2Q 2023 3Q 2023 4
Slide 24: Portfolio Performance as at 31 March 2025
1Q 2021 2025 Interim Business Update PORTFOLIO PERFORMANCE AS AT 31 MARCH 2025 Breakdown of Asset Types Portfolio Occupancy By Gross Rental Income 100% 84.9% 85.0% 86.4% 78.8% 80% 7.6% High-Tech Industrial 60% 26.4% Chemical Warehouse & Logistics 40% 58.3% Warehouse & Logistics 20% 7.7% General Indu
Slide 25: Market Outlook & Strategy
05 Market Outlook & Strategy
Slide 26: Market Outlook and Strategy
1Q 2025 MARKET OUTLOOK AND STRATEGY Singapore Economic Outlook Industrial Property Outlook Sabana Industrial REIT • The Ministry of Trade and Industry (“MTI”) • According to Savills Research in a 3 February 2025 • The REIT’s performance in 2025 is expected to be downgraded Singapore’s growth forecas
Slide 27: Contact Us
Sabana Real Estate Investment Management Pte. Ltd. (Company registration no: 201005493K, Capital markets services licence no: CMS100169) 151 Lorong Chuan #02-03 New Tech Park Singapore 556741 Tel: +65 6580 7750 Fax: +65 6280 4700 www.sabana-reit.com Contact Us For enquiries, please contact: Mr Joshu
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