Basic Profile & Key Statistics
Key Indicators
Performance Highlight
Gross revenue and NPI improved YoY, driven by positive rental reversions across the portfolio. Total income available for distribution also increased, supported by higher NPI and lower expenses related to internalization, despite a rise in finance costs. Additionally, the total distribution amount declared saw a higher proportion due to lower retention compared to the previous year.
Rental Reversion
The rental reversion for 3Q and 4Q stands at 9.7% and 27.1%, respectively. Notably, Sabana has achieved positive rental reversions for 16 consecutive quarters.
Asset Enhancement Initiative
Multiple AEIs are being carried out across the portfolio.
Related Parties Shareholding
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REIT Sponsor's Shareholding: Less Favorable
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REIT Manager's Shareholding: Less Favorable
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Directors of REIT Manager's Shareholding: Less Favorable
Lease Profile
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Occupancy: Less Favorable
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WALE: Less Less Favorable
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Highest Lease Expiry in 4 Years: Less Favorable
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Weighted Average Land Lease Expiry: Less Favorable
Debt Profile
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Gearing Ratio: Moderate
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Cost of Debt: Moderate
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Fixed Rate Debt %: Moderate
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Unsecured Debt %: Favorable
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WADM: Less Moderate
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Highest Debt Maturity in 4 Years: Moderate
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Interest Coverage Ratio: Moderate
Diversification Profile
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Top Sector Contribution: Favorable
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Top Geographical Contribution: Less Favorable
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Top Property Contribution: Less Favorable
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Top 5 Properties' Contribution: Moderate
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Top Tenant Contribution: Favorable
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Top 10 Tenants' Contribution: Moderate
Key Financial Metrics
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Property Yield: Moderate
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Management Fees over Operating Distributable Income: Favorable
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Operating Distributable Income on Capital: Favorable
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Operating Distributable Income Margin: Less Favorable
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Operating Distribution Proportion: Favorable
DPU Breakdown
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TTM Distribution Breakdown:91.9% from Operation8.1% being Retained
Trends (Up to 10 Years)
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Uptrend: Adjusted Interest Coverage Ratio, Operating Distributable Income on Capital, Operating Distribution Proportion
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Flat: Property Yield
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Slight Downtrend: Committed Occupancy, Operating Distributable Income over Manager's Fees
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Downtrend: DPU from Operations, NAV per Unit, Operating Distributable Income Margin
Price Range & Relative Valuation Metrics
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Dividend Yield: Average for 1y, 5y & 10y; Above +1 SD for 3y
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P/NAV: Above +1SD for 1y; Average for 3y, 5y & 10y
Author's Opinion
Performance has improved compared to the previous half-year period, reflecting stronger operational results. On the debt front, only 2.3% (revolving credit facilities) is set to expire this year.
On 16 January, the manager received a requisition notice from a former director and unitholders to convene an EGM. The resolutions relate to initiating a price discovery process, with the view of exploring a possible sale of all or a majority of the assets.
Regarding internalization, the trustee has provided the latest update on the indicative timeline, as outlined below:
The above is just a quick comparison without weightage assigned. For more information, check out REIT-TIREMENT
*Disclaimer: The information presented on this blog is for educational and informational purposes only. The materials, including research and opinions, are based solely on my own findings and should not be considered as professional financial advice or a definitive statement of fact. I cannot guarantee the accuracy, completeness, or reliability of the information provided. I shall not be held liable for any errors, omissions, or losses that may occur as a result of using the information presented on this blog. It should be noted that the information presented on this blog does not constitute a buy, sell, or hold recommendation for any security. It is crucial to conduct your own thorough research and due diligence before making any investment decision.
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