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Sabana Shari’ah Industrial REIT Q1 Results–Met Expectations

Sabana REIT, the world’s first Shari’ah compliant REIT reported its maiden results

Current share price: 94 cents

Annualized DPU: 8.81 cents

Dividend Yield: 9.3%

DPU for last 5 months: 3.04 cents

Assets:892 mil

Cash:41 mil



Qtr Income:22.9 mil

Qtr Net Operating Cash flow:53 mil (includes 31 mil in Payable increase!)

Qtr Capex on existing properties: 0 mil

Qtr Free Cash flow:53 mil (22 mil if minus the payable increase)

Qtr Interest Expense paid:2 mil

Qtr Distribution to share holders: Not known. No past results.

PTB: 0.93 times

Lease Expiry Profile: 3.5 years

Land Lease Term: 40.9 years average

Occupancy: Near 100%

Interest Cover: 7.9 times

Average all-in financing cost: 4.8%

Headroom to Leverage up: 122 mil or 48% of debts

Could boost NPI by: 22.9*(12/5)*(122/892) = 7.5 mil

This REIT have been underwater since IPO. At IPO the yield is around 8%. Currently its 9.3% which is a fantastic yield for a low debt stock.

Industrial REIT is generally stable  but the lease expiry of 3.5 years can work to and against them.

You can compare against other Industrial REITs here.

Great to know another potential income source. I will be asking their investor relations some questions. Do keep tabs here for the response.

I run a free Singapore Dividend Stock Tracker . It  contains Singapore’s top dividend stocks both blue chip and high yield stock that are great for high yield investing. Do follow my Dividend Stock Tracker which is updated nightly  here.


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Sunday 1st of May 2011

Hi Drizzt,

Haha.. Hmmm, not that substantial. All the bad vibes from the market affected the size of my investment in this REIT. ;)


Friday 29th of April 2011

Hi Drizzt,

I know where you are coming from but it makes a big difference to me in terms of capital outlay, not to mention capital gains, if any. ;)


Friday 29th of April 2011

whoa. that means it should be substantial.


Thursday 28th of April 2011

Hi Drizzt,

I did not like it at its IPO price but I like it more recently. I got in at 92.5c and 93c. Today, I added some at 94.5c. :)


Friday 29th of April 2011

hi AK71 , i think you are addicted to it. like i say for cache, whether you got it at 91,92,94 it makes little diff in yield. if you got it at 94 vs 85 then probably 1%.

Sabana is still very questionable no doubt. its very young and not like First REIT which we known for a long time. But its got potential.

i post a question to the IR and they have yet to get back to me. First REIT and Cache IR is good.

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