Basic Profile & Key Statistics
Sabana Shari’ah Compliant Industrial REIT (Sabana) invests in industrial and logistics properties which currently owns 18 properties in Singapore.
Gross revenue and NPI decreased YoY by 5.5% and 11.7% respectively due to lower contribution from 10 Changi South Street 2 and higher allowances for impairment loss on trade receivables for certain tenants. However, distributable income increased by by 10.7% mainly due to one-time adjustment of around $3.2 million on the non-tax deductibility of certain expenses on vacant properties for 2019. Total distribution amount declared increased by 48.1% was due to the one-time adjustment as well as release of distribution retention from 1H FY2020. Without all these, the actual DPU from operation is 1.41 cents.
Rental reversion is at +4.4% for 1H and and -0.2% for 2H. For overall FY2020, rental reversion is +0.9%.
AEI for NTP+ mall is expected to be completed in this quarter which should improve the performance. The ongoing AEI for 23SNA5 has also achieved an increased in valuation.