Sabana REIT

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not vested

Time: 3:35PM
Exchange: SGX
Stock: Sabana REIT(M1GU)
Signal: Bullish MACD Crossover
Last Done: $1.275

Source: UOBKH

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not vested

Time: 4:26PM
Exchange: SGX
Stock: Sabana REIT(M1GU)
Signal: Bullish MACD Crossover
Last Done: $1.295

Source: UOBKH

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vested

Time: 10:04AM
Exchange: SGX
Stock: SaizenREIT(DZ8U)
Signal: Resistance - Breakout with High Volume
Last Done: $0.205

Source: UOBKH

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vested

Sabana REIT: Wins "Most Outstanding Islamic Real Estate Product" At The 10th Kuala Lumpur Islamic Finance Forum.

Sabana Shari'ah Compliant Industrial Real Estate Investment Trust is proud to announce that it has been awarded "Most Outstanding Islamic Real Estate Product" at the 10th Kuala Lumpur Islamic Finance Forum.

The prestigious accolade was awarded to Sabana REIT to recognise its successful issuance of an S$80 million convertible sukuk, the first in the world to be convertible into units in a real estate investment trust.

http://sabana.listedcompany.com/news.html/id/374254

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vested

Time: 4:52PM
Exchange: SGX
Stock: Sabana REIT(M1GU)
Signal: Resistance - Breakout with High Volume
Last Done: $1.1

Source: UOBKH

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vested

Sabana REIT: 3Q 2013 Gross Revenue Increase 6.3% Y-o-Y, Continues To Grow Via Acquisition.

Gross revenue in 3Q 2013 grew by 6.3% year-on-year to S$21.6 million, compared to S$20.3 million in 3Q 2012.

Acquisition of 508 Chai Chee Lane brings total number of properties from 21 to 22, total asset size is over S$1.2 billion.

Sabana REIT to directly manage four expiring leases from 25 November 2013. Awarded "Most Outstanding Islamic Real Estate Product" by 10th Kuala Lumpur Islamic Finance Forum...

http://sabana.listedcompany.com/news.html/id/376782

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vested

Sabana Shariah Compliant REIT ($1.04, down 4 cents) 1Q’14 distribution per unit declined 22% yoy to 1.88 cents, coming in below expectations.

The weaker than expected DPU refl ects the lower net property income as their Lorong Chuan property was converted into a multitenanted lease arrangement and straight-lining adjustments on rental income for a major tenant given rent-free period in 1Q’14.

Net profi t fell 29% yoy in 1Q’14 to $9.4mln due to lower property income, higher property tax, land rent, maintenance and lease admin expenses, as well as 39% increase in finance costs due to an early re-fi nancing exercise in 1Q’14.

If not for new contributions from 508 Chai Chee Lane which was acquired in Sept’13, performance would have been even weaker.

Looking ahead, management will continue to intensify their marketing and leasing efforts to improve their portfolio occupancy and also look for opportunities to recycle their capital by divesting underperforming assets and use the sale proceeds to re-invest in new acquisitions, pare down debt and distribute capital gains from
divestments.

According to DTZ research, rents for conventional industrial space was held up on the back of expansion in the manufacturing sector, although that may face supply side pressures going forward.

Capital values were stagnant for the 3rd consecutive quarter due to cooling measures having been implemented (sellers stamp duty and total debt servicing ratio).

Annualizing Sabana’s latest DPU would translate to a forward yield of 7.2%. This would put it on par with much stronger peer such as Mapletree Industrial Trust’s (MIT) 7.1%. We prefer MIT given its expected 11% DPU growth in 2014 (against Sabana’s 22% declined) as well as stronger parentage and tenant base.

Source: Lim & Tan

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Sabana Reit (S$1.045): Q2 distribution per unit lower at 1.86 cents

Sabana Reit posted a DPU of 1.86 cents for its 2Q ended June 30, 2014, will be paid on Aug 19, but unitholders may choose to receive their distributions in units instead of cash.

The three months saw income available for distribution fall 16.6% to $13mil, due to lower net property income and higher profit expense incurred on higher borrowings.

As at end‐June, the Reit had outstanding borrowings of $455.8mil, of which 91% was effectively fixed. Its weighted average debt tenor stood at 2.5 years, with $10.2mil due for refinancing in November this year.

Source: Am Fraser

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Sabana REIT’s ($1.045, down ½ cent) 2Q’14 DPU fell 22.5% yoy to 1.86 cents

a) impacted by 429% increase in property expenses due to higher property tax, land rent, maintenance, lease administration expenses as well as higher property and lease management fees;
(b) net finance costs increased by 5.9% due to additional borrowings draw-down in 3Q’13 to fund the acquisition of 508 Chai Chee Lane;
(c) higher straight-lining adjustments on rental income for tenants on rent-free period.

On a sequential basis, DPU fell 1.06% in 2Q’14 to 1.86 cents as a result of the company’s newly established distribution reinvestment plan with 2.7mln new units being issued in 2Q’14, enlarging the unit base of the trust.

On 11 June’14, S&P affirmed the company’s “BBB-“ long term corporate credit rating and “aXA-“ long-term ASEAN regional scale rating with a stable outlook.

The company’s borrowings remain stable at $455.8mln with aggregate leverage of 37% with an all-in financing cost of 4.1%.

The weighted average tenor of debt is 2.5 years and interest coverage is 4.3x. Out of the $455.8mln, $10.2mln is coming due in 2H14, $177.6mln in Aug’15 and $48mln in 2016.

Looking ahead, with the upcoming huge supply of completing industrial properties over the next 1-2 years, the recent changes in government policies on industrial property as well as expiry of 2 master leases in 2H14, management expects the operating conditions to remain challenging.

Annualizing the latest DPU of 1.86 cents would give a yield of 7.1%. Given that this is similar to Mapletree Industrial Trust’s (MINT) yield of 7.05%, we much prefer MINT given its strong government backing, largely unencumbered assets, more than 2,000 customers (versus 152 for Sabana) and it being a likely beneficiary of the
recent government policy changes.

Source: Lim & Tan

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Sabana REIT has entered into an agreement to acquire a Property located at 10 Changi South Street 2 for S$50m.

The Property is a purpose-built part single-storey/part sixstorey warehouse building with ancillary office areas. It is situated within the Changi South Industrial Estate, next to Changi Business Park, and has a gross floor area of 189,609 square feet.

The Property is a JTC leasehold estate of 30 + 27 years tenure commencing from 1 October 1994, with a remaining tenure of approximately 37 years.

The acquisition is in line with the Manager’s aim to invest in income producing real estate and real-estate related assets used for industrial purposes in Asia which provide attractive cash flows and capital growth opportunities so as to generate stable and growing returns to Unitholders.

Source: DBS