I will be comparing Sabana and Cambridge Reit in this post.

Both are smaller reits with weaker sponsors.

Sabana and Cambridge has similar Master Lease to Multi-tenant mix.

Sabana is 59% to 41%

Cambridge is 56.5% to 43.5%

Theoretically, Sabana with its higher Master Tenant Lease, should have a lower operating expenses. But given the difference in insignificant, lets not be too harsh.

Cambridge’s NPI to revenue is 78%

Sabana’s NPI to revenue is 72%

Cambridge managed “renewed approx 300,000 sq ft of leases in 3Q2014, amounting to 1.6 million sq ft of leases YTD2014 with positive rental reversion”, I cannot find similar statements in Sabana’s presentation. Maple is enjoying positive rental reversion too, although it might not be in the same league. Sabana’s sub-tenants have been in a increasing trend, although it is scant console to anyone with falling distribution, but it provide hope. That hope …