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
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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