Shares & Derivatives
Sabana Reit: Its time to say goodbye
By Sillyinvestor  •  April 16, 2014
Sabana release its Q1 results. Q1 DPU is 1.88 cents is lower than the 2 cents that I projected. 2 cents is already 10% fall of DPU from Q4, and 20% fall in Q3. Although Gross rent is more or less stable, the costs of converting to multi-tenants is really horrible, and out of control. When Sabana has 100% Master leases, NPI is about 0.94 time of GPI. I expect NPI to be 0.8-0.85 times of GPI, since more than half of its leases are still master leases, but it is 0.75 times of GPI So, the fall is not one-off. The cost of fall is recurring. From QR: (b) Property expenses increased by 394.4% mainly due to: (i) Property and lease management fees incurred for the Acquisition Property; (ii) Higher property tax, maintenance, utilities and applicable land rent expense, in line with the ......
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By Sillyinvestor
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