Think this is not possible. Without sponsors, how are you going to create the financial stable of properties for listing as an Reit?
Like it or not, Reits are vehicles for sponsors to monetise their assets and we as minorities have a share in the rentals of such properties.

Well, a group of investors can pool together money to buy properties and list it as REIT on an exchange. The group of investor can be anyone, not necessarily large property firms.

To be fair, if the properties are really good, the cornerstone investors wouldn't list the properties on an exchange in the first place. So the IPO purpose should be scrutinized properly. Is it because the sponsors are desperate for money or is it because the properties are really shitty that the sponsors wanna get rid of them? (In the second case, the i-bankers will have to spend a lot of effort window-dressing the portfolio of properties...)

Kiasu kiasi culture in SG probably creates a fertile ground for investors to count on "sponsors" to support them when they themselves are being ripped off by the sponsors.

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REITs are a product of financial engineering. If the properties stay on the books of the sponsors, the ROA, ROE etc. of the parent company will be dragged down because the denominator of the metrics (assets, equities etc.) will be large, so the "sponsors" throw them into another vehicle (called REITS) to allow the parent company to be geared/leveraged further and help "massage" the numbers.

The whole financial engineering scheme is actually called "opco-propco": https://gab-commentary-pdf.s3.us-east-2.ama...hrisMarangi.pdf

https://www.investopedia.com/terms/o/opco-propco.asp

MIT results: https://links.sgx.com/1.0.0/corporate-annou...ef64cd14a4660f2

Suntec REIT results: https://links.sgx.com/1.0.0/corporate-annou...f28e30a27d83952

ESR continued to be barred from voting in Sabana's EGM: https://links.sgx.com/FileOpen/Trustee%20St...t&FileID=813009

First REIT results: https://links.sgx.com/1.0.0/corporate-annou...9a90d25b6b32369

Keppel DC REIT results: https://links.sgx.com/1.0.0/corporate-annou...b7480c1d4a97a61

Capitaland Ascott Trust results: https://links.sgx.com/1.0.0/corporate-annou...aaa107c92706c45

EC World's AGM Q&A: https://links.sgx.com/FileOpen/ECW_Response...t&FileID=813164

Once the darling of all S-REITs... Parkway LIFE REIT results: https://links.sgx.com/1.0.0/corporate-annou...103e41325cdec3a

KIT results: https://links.sgx.com/1.0.0/corporate-annou...05db98225ae08c9

Do a critique on KIT.
Thanks

Hmm let's see...

The charges will be 50 SGD per hour for a 2-hour analysis. 100 SGD in total then.

But early birds get a 50% discount, so you only need to pay 50 SGD.

If you agree with the terms and conditions, you may deposit the money into my DBS SG SGD account, the account number will be private-messaged to you shortly.

I am a nice businessman eh

Gotta recoup my PhD investment costs...

That said, looking at the figures here you wouldn't touch KIT in the first place: https://www.kepinfratrust.com/investor-info...ancial-results/

The only thing to buy on SGX are DBS, UOB and OCBC. Nothing else... (This piece of advice is free of charge, no worries. )

Capitaland India Trust results: https://links.sgx.com/1.0.0/corporate-annou...6f961f4802746a4

LMIRT results: https://links.sgx.com/1.0.0/corporate-annou...be9fa2d9dd6adfb

YTL Starhill Global REIT results: https://links.sgx.com/1.0.0/corporate-annou...61e9fade6cdc4ab

CLCT results: https://links.sgx.com/1.0.0/corporate-annou...8a4c9e8d763b67a

CDL Hospitality Trust results (financial statements + press release): https://links.sgx.com/1.0.0/corporate-annou...ccb86e32a0c07db

(Presentation): https://links.sgx.com/1.0.0/corporate-annou...c17e493e47f8eaa

Far East Hospitality Trust results: https://links.sgx.com/1.0.0/corporate-annou...032f0ec6e26f758

Keppel REIT results: https://links.sgx.com/1.0.0/corporate-annou...0849597518fe67c

Ascendas REIT results: https://links.sgx.com/1.0.0/corporate-annou...872c1ed2a855082

Parkway LIFE to acquire nursing home in Osaka: https://links.sgx.com/1.0.0/corporate-annou...398331085f301f8

MPACT results: https://links.sgx.com/1.0.0/corporate-annou...257c1a0cb8ed7cc

Some more results from

AIMS APAC REIT: https://links.sgx.com/1.0.0/corporate-annou...28c38ae753fd3da

KORE: https://links.sgx.com/1.0.0/corporate-annou...c91c9a6b9294d1b

ESR-Logos REIT: https://links.sgx.com/1.0.0/corporate-annou...98e7eba243e8aab

EGM goes on at Dasin: https://links.sgx.com/FileOpen/DASINRT-Upda...t&FileID=813605

Hmmm this Q3 overall result is below average. :/

FLCT 3Q FY24 business update: https://links.sgx.com/FileOpen/FLCT%20-%203...t&FileID=813699

SGIC's letter to Sabana unitholders: https://links.sgx.com/FileOpen/Sabana%20-%2...t&FileID=813829

Sabana's response to Q&A from unitholders for the upcoming EGM:

https://links.sgx.com/FileOpen/Sabana_EGM_q...t&FileID=813848

Another round of grilling

The criticisms lay bare a lot of behind-the-scene corporate stories which would never have surfaced in kiasu kiasi corporate Singapore.

This post has been edited by TOS: Aug 1 2024, 03:19 PM

Frasers Hospitality Trust business updates: https://links.sgx.com/FileOpen/FHT_3Q%20FY2...t&FileID=813986

Netlink NBN Trust results: https://links.sgx.com/1.0.0/corporate-annou...310979278030de8

Dasin's EGM will be held before end of September: https://links.sgx.com/1.0.0/corporate-annou...141030d327750ae