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 …