Sabana REIT needs more time to re-evaluate its status as a Shari’ah-compliant REIT, but a decision will probably be made by end-2019, said the CEO of its manager, Donald Han.
Han was responding to a question from REITsWeek during a call to discuss the REIT’s 2Q 2019 results.
Sabana REIT has reported a distribution per unit (DPU) of 0.62 cents for the quarter, a fall of 24.4% on-year from the 0.82 cents recorded in 2Q 2018.
The REIT’s gross revenue and net property income (NPI) fell by 9.3% and 4.2% to SGD18.2 million and SGD12 million respectively.
On the back of the completed divestment, Sabana REIT has reduced its aggregate leverage to 30.9% from 36.8% in the preceding quarter, with financing cost at 4.1%.
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