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
Debts:215mil
Debt/Asset:24%
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.
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AK71
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. ;)
AK71
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. ;)
Drizzt
Friday 29th of April 2011
whoa. that means it should be substantial.
AK71
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. :)
Drizzt
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.