Remember Soilbuild Business Space Reit?

https://www.businesstimes.com.sg/property/w...ld-private-reit

Back then Blackstone privatized from "minorities" at S$ 700 million.

Now, it's sold to Lendlease and Warbug Pincus at S$ 1.6 billion...

That's 100% return in 2 years, 50% p.a.

Understand utilities with fixed term contracts.
The "loss" is normally because of depreciation/amortisation provision numbers ov er those contract periods.
However, these type of business trusts depends on cashflows to give out dividends.

But yeah, i don't like the increase in the manager's fees.

This post has been edited by prophetjul: Aug 28 2024, 06:11 AM

Tq TOS and bro prophet,...

Good to speak with you guys again,...

Appreciated the opinions,.... and I think I'll still think of diversification. If interest rates drop by more than 1%, the banks will start retreating and other sectors will do better. We want to be in a sector that does better.

Back to KIT, both of you opinions are valid. And are very true.

What worries me, tho',... is the distributable income report,... and how they are paying-out their dividends thru this distributable income. The P&L report does not really give me too much troubles. As bro prophet said,... we are more keen on the cashflow of KIT. But cashflow comes from distributable income, and when there are 'odd' things seen in the distrib income report, we have to open our eyes.

Look at the distrib income report, guys,....

Dasin's internal fight has resulted in the trustee manager suing some minority directors: https://links.sgx.com/FileOpen/DASINRT-Issu...t&FileID=817216

The DI report confirms the P&L statement, that most of the business segment see rising Capex and financing costs.

For the corporate side this round I see the hit's mainly on performance fee. KIT does well, managers take a cut out of it.

But it begs to ask, when share price goes down or business is bad, are they penalized?

Such asymmetric renumeration structure... seen too often in the corporate world.

What else do you spot uncle?

This post has been edited by TOS: Aug 29 2024, 12:23 PM

Thank you, TOS,... and pls don't call me uncle,... I help out in the war and I may be able to run faster than you,...

KIT perf fee is pegged increase in dividend y-o-y, and there is a formula to calculate this. But if the dpu stay constant or drops, there is no perf fee, that's all. Base fee still goes as normal. They call this as 'aligned to unitholders' interest' since unitholders are for more and more dpu payouts.

I saw that they paid out dpu for 1H FY2024 based on a 'jacked-up' DI instead of the actual DI that they generated. For 1Q FY2024 DI, they too talked abt one-offs and some revenue not collected 'YET' because of timing diff's.... If KIT's mgmt keeps talking like this,... it looks dangerous to me.....

Secondly,... I saw all of the assets contributed LOWER DI year-on-year from the DI report. And then the mgmt said again,... this is because of many one-offs.

Thirdly, in the webcast call recently for 1H FY2024 reporting, the way one of them answered questions, it was so 'dodgy' and defensive.

I have 'replaced' 50% of my KIT's allocation with Boustead SG Ltd.

2 1H 2024 DI would be $117.8 million after adjusting for performance fees ($13 million), growth capex ($8.9 million) and upfront financing fee ($6.5 million) net of base fees.

3 1H 2023 DI would be $115.4 million after adjusting for BKR2 debt amortisation ($22.4 million), upfront financing fee (S$2.2 million) and growth capex of ($0.7 million) net of base fees.

Let's see whether this is adjusted in H2.

Thank you, prophet,... KIT has a lot of funds now after the placement exercise. I suspect KIT's unit price will drop below 45c on Ex-Date.

CICT to acquire 50% of Ion Orchard, ask you to pay again

https://links.sgx.com/1.0.0/corporate-annou...96f7490fc9a4d71

EFR details: https://links.sgx.com/FileOpen/CICT%20-%20L...t&FileID=817758

It's funny to see how they come up with the meagre 1%ish DPU accretive numbers when NAV is actually dilutive (and they mention none of it in the presentation slides).

Impressed by their financial engineering. Leverage ratio is already 40%. There is very little room to borrow more money. Tony Tan is praying hard that Uncle Powell will save his day.

This post has been edited by TOS: Sep 3 2024, 12:06 PM

Haha opco-propco in the making. Capitaland wants to go asset light, so it throws Ion Orchard into CICT, at least that's how Bloomberg reports it.

https://archive.ph/OhOWb

i was one of the shareholder back then what went thru privatization. earned a premium, but lost a good reit counter.

Digital Core REIT to acquire data center in Frankfurt: https://links.sgx.com/FileOpen/Digital%20Co...t&FileID=818265

SGIC pressed for EGM at Sabana but trustee seems unwilling to take any risk, everything consult MAS lol

Typical Singapore kiasu kiasi mentality, throw everything to MAS, when things go wrong wash hand and run away

https://links.sgx.com/FileOpen/Sabana%20-%2...t&FileID=819117

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

LMIRT thinks they don't deserve to be junk so they ask the credit rating agencies to withdraw their ratings.

https://links.sgx.com/FileOpen/Withdrawal%2...t&FileID=818969

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

Over at Dasin, the directors are still fighting with each other. The statement issued below has not been approved or reviewed by the minority directors.

https://links.sgx.com/FileOpen/DASINRT-Upda...t&FileID=818959

Capitaland Ascott Trust in the news this time:

Senior executive of CapitaLand Ascott Trust in Australia allegedly stole $2.38 million

https://www.straitstimes.com/business/senio...ole-238-million

Even Sinchew Malaysia reports it: https://johor.sinchew.com.my/news/20240920/...7268221198bbd2b

Ascott Trust posted announcement on SGX regarding this matter: https://links.sgx.com/FileOpen/CLAS_General...t&FileID=819240

EC World REIT's updates on legal proceedings in relation to the imposition of the unauthorized mortgages

https://links.sgx.com/FileOpen/ECW_Updates%...t&FileID=820514

Sabana REIT's EGM details:

https://links.sgx.com/1.0.0/corporate-annou...41c72531ef16868

SGIC asked trustee to "stop wasting Unitholders' time and monies"

https://links.sgx.com/FileOpen/Sabana%20REI...t&FileID=820736

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

Elite UK to submit application to built datacenter in Blackpool

https://links.sgx.com/FileOpen/Elite%20UK%2...t&FileID=820842

Sabana REIT's trustee shoots back at SGIC: https://links.sgx.com/FileOpen/Sabana%20REI...t&FileID=821198

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

Updates from Dasin: https://links.sgx.com/FileOpen/DASINRT-Upda...t&FileID=821188

Frasers's Hospitality Trust unitholders beware: https://links.sgx.com/FileOpen/FHT_Announce...t&FileID=821391

The perils of doing business in kiasu kiasi land, as illustrated by Sabana REIT's case

https://links.sgx.com/FileOpen/Sabana%20REI...t&FileID=821685

More fireworks going on in Sabana. Have a look at managers' and trustee's response to unitholders question.

https://links.sgx.com/FileOpen/Sabana%20EGM...t&FileID=821833

My bet is all of the questions are coming from SGIC