(26-01-2016, 06:59 PM)Caelitus Wrote: [ -> ]The latest valuations of their 23 properties carried out on 31 Dec 2015 put their portfolio at S$1.1432bn. The press release would be better if they have had the older valuations beside the new one.
Taking the Changi South Street 2 property out, that is a decline of S$115.8m for the 22 other properties. Meanwhile, they are waiting to divest 2 properties valued at S$53m. DPU has been cut. Down the slope they go.
That is because the valuation has declined by around 10% on average.
presenting it this way, shows the decline to be less, around 5%.
Attached is the comparison.
COMPLETION OF DIVESTMENT OF 200 PANDAN LOOP, PANTECH 21, SINGAPORE 128388
The Board of Directors of Sabana Real Estate Investment Management Pte. Ltd., as manager of Sabana Shari’ah Compliant Industrial Real Estate Investment Trust (“Sabana REIT”, and the manager of Sabana REIT, the “Manager”), wishes to announce that further to its announcement dated 21 December 2015 (the “21 December 2015 Announcement”), the divestment of the Property located
at 200 Pandan Loop, Pantech 21, Singapore 128388 has been completed today. Unless otherwise
defined herein, all capitalised terms used and not defined herein shall have the same meanings
given to them in the 21 December 2015 Announcement.
The Property has been divested for S$38.0 million and the sales proceeds will be used for repaying
outstanding borrowings. The Divestment is in line with the Manager’s strategy to divest non-core
assets with limited redevelopment potential and to recycle Sabana REIT’s capital to optimise
portfolio returns for Unitholders.
In line with the 21 December 2015 Announcement, the Manager has waived the 0.5% divestment
fee (approximately S$190,000) which it is entitled to pursuant to Sabana REIT’s Trust Deed dated 29
October 2010 (as amended).
Following the Divestment, Sabana REIT will own 22 properties, all of which are located in Singapore.
The book value was 36.8 million, so, divested property at 38 million, around 3.2% premium to book value.
However, if you look at book value on 31 Dec 2014, it was 44.9 million, so, sale is around 15.3% discount to old book value.
(23-04-2014, 07:06 AM)valuebuddies Wrote: [ -> ]I don't even take a look at its latest presentation, I am probably the one remain greedy when others are fearful. A big chunk of vacant spaces means higher upside potential, the prices was resilient meaning many of them in the market has probably the same thought as me. My view has not changed, will collect more if falls below a dollar.
How much did you lose?
(28-03-2016, 11:50 AM)Shrivathsa Wrote: [ -> ]COMPLETION OF DIVESTMENT OF 200 PANDAN LOOP, PANTECH 21, SINGAPORE 128388
The Board of Directors of Sabana Real Estate Investment Management Pte. Ltd., as manager of Sabana Shari’ah Compliant Industrial Real Estate Investment Trust (“Sabana REIT”, and the manager of Sabana REIT, the “Manager”), wishes to announce that further to its announcement dated 21 December 2015 (the “21 December 2015 Announcement”), the divestment of the Property located
at 200 Pandan Loop, Pantech 21, Singapore 128388 has been completed today. Unless otherwise
defined herein, all capitalised terms used and not defined herein shall have the same meanings
given to them in the 21 December 2015 Announcement.
The Property has been divested for S$38.0 million and the sales proceeds will be used for repaying
outstanding borrowings. The Divestment is in line with the Manager’s strategy to divest non-core
assets with limited redevelopment potential and to recycle Sabana REIT’s capital to optimise
portfolio returns for Unitholders.
In line with the 21 December 2015 Announcement, the Manager has waived the 0.5% divestment
fee (approximately S$190,000) which it is entitled to pursuant to Sabana REIT’s Trust Deed dated 29
October 2010 (as amended).
Following the Divestment, Sabana REIT will own 22 properties, all of which are located in Singapore.
The book value was 36.8 million, so, divested property at 38 million, around 3.2% premium to book value.
However, if you look at book value on 31 Dec 2014, it was 44.9 million, so, sale is around 15.3% discount to old book value.
COMPLETION OF DIVESTMENT OF 3 KALLANG WAY 2A FONG TAT BUILDING, SINGAPORE 347493 The Board of Directors of Sabana Real Estate Investment Management Pte. Ltd., as manager of Sabana Shari’ah Compliant Industrial Real Estate Investment Trust (“Sabana REIT”, and the manager of Sabana REIT, the “Manager”), wishes to announce that further to its announcement dated 18 November 2015 (the “18 November 2015 Announcement”), the divestment of the Property located at 3 Kallang Way 2A, Fong Tat Building, Singapore 347493 has been completed today. Unless otherwise defined herein, all capitalised terms used and not defined herein shall have the same meanings given to them in the 18 November 2015 Announcement. The Property has been divested for S$16.6 million and the net proceeds (including the divestment gains), after taking into account all relevant costs and expenses including a divestment fee of 0.5% on the sale consideration (approximately S$83,000) which is payable to the Manager pursuant to Sabana REIT’s Trust Deed dated 29 October 2010 (as amended), will be fully used for repaying outstanding short-term borrowings in April 2016. The application of the net proceeds (including the divestment gains) towards repaying outstanding borrowings would aid in reducing the overall debt liabilities of Sabana REIT, lowering its gearing to approximately 39.0% in April 2016. This divestment is in line with the Manager’s strategy to divest non-core assets with limited redevelopment potential and to recycle Sabana REIT’s capital to optimise portfolio returns for Unitholders. Following this divestment, Sabana REIT owns 21 properties, all of which are located in Singapore
(27-01-2016, 02:50 PM)Shrivathsa Wrote: [ -> ] (26-01-2016, 06:59 PM)Caelitus Wrote: [ -> ]The latest valuations of their 23 properties carried out on 31 Dec 2015 put their portfolio at S$1.1432bn. The press release would be better if they have had the older valuations beside the new one.
Taking the Changi South Street 2 property out, that is a decline of S$115.8m for the 22 other properties. Meanwhile, they are waiting to divest 2 properties valued at S$53m. DPU has been cut. Down the slope they go.
That is because the valuation has declined by around 10% on average.
presenting it this way, shows the decline to be less, around 5%.
Attached is the comparison.
A drop by around 9.9% for annualized DPU yield.
10.1% drop in DPU annualized.
Quarterly drop of 11.3% for DPU.
I expect that the reit price will do a leg down to the mid 50 cents mark starting from XD date.
Sabana Real Estate Investment Management Pte. Ltd., the Manager of Sabana Shari’ah Compliant Industrial Real Estate Investment Trust (“Sabana REIT” or the “Trust”), today announced a distributable income of approximately S$9.8 million for 1Q 2016. This translates to DPU of 1.33 cents, based on approximately 735.8 million units issued and to be issued as at 31 March 2016.
On a year-on-year (Y-O-Y) basis, NPI and income available for distribution dipped by 18.4% and 24.7%
respectively, mainly due to lower gross revenue arising from negative rental revisions for certain master leases
renewals and the non-renewal of one master lease (218 Pandan Loop), higher property expenses arising from
higher service, repairs, maintenance, property tax, land rent, utilities and marketing expenses from three
properties (15 Jalan Kilang Barat, 23 Serangoon North Avenue 5 and 34 Penjuru Lane) due to the conversion into
multi-tenanted properties. In addition, there were higher property tax and land rent expenses for another three
properties (26 Loyang Drive, 30 & 32 Tuas Avenue 8 and 21 Joo Koon Crescent) from the conversion into nontriple
net master lease tenancies. All of the above conversions took place in 4Q 2015.
For 1Q 2016, Sabana REIT registered a gross revenue of S$23.6 million, which is 6.9% lower as compared to 1Q
2015’s gross revenue of S$25.4 million.
Distributable income and distribution yield in 1Q 2016 fell by 11.5% and 9.9% respectively on a quarter-on-quarter basis.
Just too many industry flatted factories were and are being built, over supply and demand are no there . Many industries closed or move out to other countries. Worst has yet to come .
(19-04-2016, 01:16 PM)cfa Wrote: [ -> ]Just too many industry flatted factories were and are being built, over supply and demand are no there . Many industries closed or move out to other countries. Worst has yet to come .
I just did a quick analysis on Soilbuild Business space reitl. The DPU dropped over the quarter due to increasing vacant occupancy.
And I agreed worst is yet to come.
Soilbuild link
This one really got sold down very badly .
Base on Sabana Reit's 2016 Q1 presentation slide,
Total # of properties: 21
master leases: 11
multi-tenanted: 9
---
Did I missing something here? How about ONE more properties? O.O
It was also mentioned in the presentation slide that there are about 20% (4) master leases properties, where the lease will expired by 1Q 2016.
How many of this master leases will be renewed and at what rate?
These could determine whether the price will further deteriorate.