OUE Commercial REIT 1Q 23 business update: https://links.sgx.com/1.0.0/corporate-annou...4c668e1f83edd5e

AIMS Apac REIT full-year FY23 result: https://links.sgx.com/1.0.0/corporate-annou...fab1cf2f17fdcc8

And another default event triggered for Dasin Retail Trust:

1. A pending winding up petition has been filed against Sino-Ocean Capital Holding Limited (formerly known as Sino-Ocean Capital Limited) (“Sino Ocean Capital”), an entity which has an indirect interest in the Trust and the Trustee-Manager, in Hong Kong, which is fixed for hearing on 7 June 2023; and

2. Mr. Zhang Zhencheng (a director of the Trustee-Manager and a unitholder of the Trust) on 2 May 2023 issued a notice to Dasin seeking to terminate the shareholders’ agreement dated 23 July 2021 (the “Shareholders’ Agreement”) entered into between himself, New Harvest Investments Limited (“New Harvest”), Shun Fung Investment Limited and the Trustee-Manager, on the basis that the winding up petition filed against Sino Ocean Capital is a default event under the Shareholders’ Agreement.

https://links.sgx.com/FileOpen/DASINRT-Anno...t&FileID=758015

For KIT investors:

For those who can understand Mandarin:

欧元区利率涨 拥欧资产S-REITs总杠杆率或上升

by 黄琇惠

2023-05-04 23:26

https://www.zaobao.com/finance/singapore/st...0230504-1390783

Paragon REIT 1Q FY 23 business update: https://links.sgx.com/FileOpen/PGN%20REIT_1...t&FileID=758261

Lendlease Global Commercial REIT 3Q FY23 business update: https://links.sgx.com/1.0.0/corporate-annou...b46590f17e11730

For Digital Core REIT unitholders:



-------------------

REIT Watch, from BT 080523:

Sasseur REIT 1Q 23 Business and Operational Updates: https://links.sgx.com/FileOpen/Sasseur_REIT...t&FileID=758461

Prime US REIT 1Q 23 key business and operation updates: https://links.sgx.com/1.0.0/corporate-annou...s%20Updates.pdf

Daiwa House Logistics Trust 1Q 23 business update: https://links.sgx.com/FileOpen/DHLT%20-%201...t&FileID=758613

Manulife US REIT 1Q 23 operational update: https://links.sgx.com/FileOpen/Manulife%20U...t&FileID=758601

KIT and Keppel Corp to jointly acquire Swedish wind farm: https://links.sgx.com/FileOpen/20230511_MRE...t&FileID=758644

BHG Retail REIT 1Q 23 business update: https://links.sgx.com/FileOpen/BHG%20Retail...t&FileID=758632

EC World REIT 1Q 23 results: https://links.sgx.com/1.0.0/corporate-annou...f91220706dda403

Cromwell European REIT 1Q 23 business update: https://links.sgx.com/1.0.0/corporate-annou...a4eb69415504629

Wow, Ascendas REIT's proposed acquisition of Seagate building in One-North has a post-transaction-cost NPI yield of 7.8%... Good REIT -> good assets...

SGX announcement: https://links.sgx.com/1.0.0/corporate-annou...5de685a193a0a9e

Launch of private placement to partially fund the acquisition (and standby for another European asset): https://links.sgx.com/FileOpen/Launch%20of%...t&FileID=759250

Notice of advanced distribution: https://links.sgx.com/FileOpen/Notice%20of%...t&FileID=759251

Ya you are right. "Proforma" is one well-known trick to fool investors. I checked Ascendas's bonds, the yield for a 2-year bond is around 3.7-4%, and for a 6 year bond, yield is 3.9-4% p.a.

2-year bond: https://www.bondsupermart.com/bsm/bond-factsheet/AR4642047

6-year bond: https://www.bondsupermart.com/bsm/bond-fact...et/SGXF98299294

The yield level rose 100% from 1.8-2% ish in early 2022 to 4%.

Their latest slides mentioned an all-in debt cost of 3.3%. https://investor.capitaland-ascendasreit.co...PSTLTDNR9.1.pdf

Substituting some numbers with full year FY 22 figures, 7.8% NPI yield - 0.7% management fee - 3.3% interest cost - 0.15% other trust expense = 3.65% net income "yield".

Debt is indeed a more attractive investment vehicle relative to equity these days.

Netlink NBN Trust result: https://links.sgx.com/1.0.0/corporate-annou...b47560c7558b380

WSJ REAL ESTATE: PROPERTY REPORT

Slow Return to Work Pummels Office Stocks
Vacancies climb and rents sink amid a stalled return-to-office rate

https://www.wsj.com/articles/stock-prices-o...share_permalink

----------------------

WSJ MARKETS: HEARD ON THE STREET

Top Property Owners Are Creditworthy—They Might Default Anyway
Powerful investors such as Brookfield are starting to cut losing real estate bets to protect returns

https://www.wsj.com/articles/top-property-o...share_permalink

For Manulife US REIT investors:



Sourced from BT 220523.

MUST update on strategic review: https://links.sgx.com/FileOpen/MUST%20-%20U...t&FileID=760219

2 announcements:

1. It has entered into a letter of intent with Manulife (the “Sponsor”) in relation to the proposed sale of the property known as “Phipps Tower” (the “Property”) located at 3438 Peachtree Road, Atlanta, Georgia, United States 30326 (the “Proposed Divestment”) to an affiliate of the Sponsor (the “Buyer”). No divestment fee on this one.

2. The exclusivity period with Mirae has lapsed. While the Manager remains open to ongoing discussions with Mirae, it is also considering proposals from other prospective partners in relation to a strategic transaction involving Manulife US REIT, which will strengthen Manulife US REIT. Besides the divestment of Tanasbourne and the Proposed Divestment, the Manager will continue to explore various fundraising options, including further asset dispositions to reduce gearing. Proceeds from these divestments will be prioritised towards near-term loan maturities and essential capital expenditure.

MIT to acquire data center in Osaka. More private placement plus more debt.

https://links.sgx.com/1.0.0/corporate-annou...9789f34f48cfee1

MIT units' trading halted today.

This post has been edited by TOS: May 25 2023, 08:55 AM

Important article for S-REITs investors, from BT 240523:



MPACT is rumoured to offer Mapletree Anson office building for sale at 880 mil SGD, 17% above its 752 mil SGD valuation 2 months ago.

Entry yields for retail properties: 4.5-5%, for logistics properties with 20-30 years left on site lease, 6.5-7.5%

No wonder it's office that's hit the hardest and logistics outperformed...