Sabana REIT: 4Q 2012 DPU 2.41c.

The management of Sabana REIT have once again exceeded their own forecast and they have announced a DPU of 2.41c for 4Q 2012.

The REIT goes XD on 23 Jan 13 and the income distribution is payable to unitholders on 28 Feb 2013.

Gearing: 37.6%

Interest cover ratio: 5.4x

NAV/unit: $1.07

All in financing cost: 4.3%

The numbers are all good except for the fact that 44.7% of leases by gross revenue are still expiring this year. There is no news on any progress made towards the renewal of these leases and that could explain Mr. Market's more cautious attitude towards this REIT.

Sabana REIT's distribution yield is currently the highest in the S-REIT universe. Annualised, we are looking at a distribution yield of some 8.38% based on the last closing price of $1.15 per unit.

Unless it is able to assure Mr. Market that all of the expiring leases in 2013 are being renewed and with positive rental reversions to boot, its unit price could find it harder to rise much higher.

In the meantime, however, we could see unit price moving higher as the REIT goes CD tomorrow.

See presentation slides: here.

Related post:
Sabana REIT: 3Q 2012 DPU 2.34c.

Bona fide invitation or phishing site?

I received this in my mailbox today. Highly suspicious!

Here, phishy, phishy, phishy!

Hello,

You were recently chosen to represent your professional community, deeming you eligible for the inclusion in the new 2013 Edition of Worldwide Registry for Business Professionals.

We are pleased to inform you that your candidacy was formally approved on October 1st, 2012. Congratulations!

Click here to verify your profile and accept the candidacy

The Publishing Committee selected you as a professional based not only upon your current standing, but focusing as well on criteria from executive and professional directories, associations, and trade journals. Given your background, the Director believes your profile makes a fitting addition to our publication.

There is no fee nor obligation to be listed. As we are working off of secondary sources, we must receive verification from you that your profile is accurate. After receiving verification, we will validate your registry listing within seven business days.

Once finalized, your listing will share prominent registry space with thousands of fellow accomplished individuals across the globe, each representing accomplishment within their own geographical area.

To verify your profile and accept the candidacy, please click here.

Please kindly note that our registration deadline for next year's publication is January 31st, 2013. To ensure you are included, we must receive your verification on or before this date.

On behalf of our Committee I salute your achievement and welcome you to our association.


Sincerely yours,

Robert C. Anderson
Vice-President, Publication Division
Worldwide Registry for Business Professionals

1833 Tennessee Avenue
Southfield, MI 48075
248-317-0041



So sweet! Must be bad for me!

I wonder what achievement are they referring to? Light on details and heavy on flattery. The Chinese have a saying for this. I can't quite remember the exact words. Help!

The email invitation doesn't even have my name on it! Oh, in case you think it was sent to my office email address, no, it was sent to my private email address. Duh.

Phishing is the act of attempting to acquire information such as usernames, passwords, and credit card details (and sometimes, indirectly, money) by masquerading as a trustworthy entity in an electronic communication. (Source: Wikipedia)

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