The income available for distribution was reduced mainly due to the increased financing costs on the back of higher borrowings and borrowing costs, as well as an enlarged unit base following the distribution reinvestment plan.
HSBC Institutional Trust Services (Singapore) Limited, Sabana Industrial REIT's Trustee, says that for the period between Jan 1 and June 30 this year, the Trustee has incurred expenses of $3.53 million in connection with the internalisation comprising (i) $2.13 million (Jan 1 – March 31) and (ii) $1.40 million (April 1 – June 30).
This includes expenses relating to (i) costs incurred in considering and responding to correspondence and proposals from certain unitholders in relation to the internalisation; (ii) additional requisitioned EGMs, and stakeholder engagement in connection with the requisitioned EGMs, that were not contemplated in the Trustee’s indicative internalisation timeline; (iii) the Order 32 Application; (iv) interactions with the Internalisation Committee; and (v) the ESR Appeal.
