Within my limited experience on Sgreit for number of years.
Small cap have better yield, but in term of share price, large cap offer better stability as well as DPU stability.
Also on the issue of better asset recycled with strong sponsor backing.

Nothing beat convenience sake.

We can't squeeze every drop out. Sometimes a little price paid for easier management, especially aging time, memory may wane.
Also, for the sake quick and easier for families member for Will execution.

A good long term investment return often overwhelmed the cost saving squeezed.

It is about income.

If foreign dividend is taxed,
Eg.
You received dividend SGD100 which is an income, converted when repatriate back at RM3.10 = RM310 which added into your taxable income.
If repatriate at Rm3.00, then add RM300 into taxable income.
So forex gain or loss is never involve as your origin income is SGD100, the forex rate only affect the amount of taxable income in RM.

Forex gain or loss occurs when :
If original investment converted at RM3.00 to SGD and invested, then repatriate back at RM2.90 or RM3.10, then the gain or loss is on capital, so it doesn't affect the SGD100 dividend as income.

Let's wait for more details and guidelines, especially if the dividend is already taxed at foreign countries.
There are many KLSE listed companies have overseas subsidiary companies and associated companies that paid dividend to local parent companies, they are also eager to know the details and guidelines.

Many and most countries already signed OECD AEOI (Automatic Exchange of Information), that banks and financial institutions need to comply the CRS that overseas account holders info will be send to relevant country tax authorities every year.

With yield 2.7~2.8%?

Don't sound a lot of logic especially with treasuries yield interest rate is seen on trajectory upwards.

No matter how, the 2.x% yield is difficult to justify for reit although it is very stable.

In fact, recent many Sreit price even for malls and hospitality related (whereby situation has yet back to pre-pandemic level and has long road to go before we can say back to normal, as travelling won't be back to total normal at least until after 2023, in the mean time, some malls may face negative rental reversion) are actually creeping to upside despite treasuries yield is at upward trajectory, which defy normal reit vs bond/treasuries inverse relationship.

Offer price for MNACT is 1.1949, but market price is 1.22?

Don't worry too much about the dilution.
As minority shareholders, the % dilution is not an big issue, your holding in a reit dilute from 0.0000002 to 0.00000015, is not meaningfull.

The more important criteria is look at dilution of DPS, not shareholding %.

Any PP, or any fund raised if it is accretive aka after increase number of shares, the reit manages to deliver more profit and DPS, then it is good for shareholders.

eg.
Invested 10K, currently the reit yield is 5% or DPS is 500.
After PP, aka shareholding dilution effect, the reit managed to deliver better yield, 5.5%, means you are getting 550 each year, despite the dilution in shareholding %.

Also, if the rights is renounceable, the rights can be dispose through market at some money, if the rights is in money.

Look at impact on DPS on any corporate exercise.

Inflationary normally beneficiary to property, indirectly to reit, as during inflationary environment, property value increases, rental rate increases, if the inflationary is accompanied with robust economy growth, that we witnessed from the last rate hike cycle.

The current fear is current inflationary become a stagflation, aka the inflation force fed to hike interest rate which resulted higher cost of reit funding, while stagnant economy resulted in leasing of property become sluggish, and poor rental reversion or worst case scenario rental retention issue.

Also, with high interest rate, reit yield needs to be higher (hence reit price needs to be lower) so that it becomes more attractive.

Need to watch treasuries yield closely.

Reits are dropping fast across.

Many big names are yielding more than 5~6%.

Please have a look on the page 14/31 of the financial report.
It does state the details of "other income" that resulted higher DPU in the previous Q compared to current Q.

Summarised
Income increases compared to previous Q, but DPU is lesser due to absence/significant reduction from "other income" segment.

Curious about Manulife US Reit.

Seem like the share price is dropping a lot lately, based on latest DPU, yield is > 10%, what's the reason of such big sharp drop?
Rising future borrowing cost?

I never doubt about Plife fundamental, but currently, the problem is its yield.

With treasuries yield 2T already >4.1%, 10Y>3.7%. Current Plife yield lose out to both.

Currently, it is about yield "competition".
Treasuries, bond yield, even FD rate are rising fast. Hence Reit price needs to go lower for the " yield competition".

Reit is considered mild risky asset while Treasuries and FD rate are almost risk free.
So reit yield needs to have some room of premium over them normally 100 ~200 basic points.
Reit price is sensitive to Treasuries yield.

Also, reit's cost of borrowing may be rising as well due to interest rate environment.
Those with high level of fixed rate borrowing may be spared, but once the debt needs to be refinanced, the borrowing cost may go up may reduce DPU.
So need to watch out whether specific reit can pass the cost to tenants as well. If can, then no issue.

Shipping rate already seen drastic down turn. From port congestion just early this year, now container ships brace for empty vessel, so this may affect logistic demand going forward.

Borrowing cost escalates quickly, that may affect floating rate borrowing as well as affecting tenants businesses going forward aka demand for warehouses.
There are news of a number of big international corporate name may undergo retrenchment.

Headwind is ahead, investors are cautious on the impact of DPU going forward.

Having said that, yield is getting attractive when price keep on sliding.

Hedged debt give room for relief, but hedging is not forever, most reit debts even at fixed rate or full hedged, are not likely to go more than 3-5 years.
Reit debt is not the same with personal property fixed rate loan.
Reit debt generally is shorter and rely on refinancing from time to time.

So high borrowing cost eventually will happen, what matter is lease income should be also go up in tandem with inflation. Then effect of high borrowing cost will be neutralized.

Well managed reit with quality portfolio and with strong sponsors are likely can sail through the storm.

When I started Sreit, the norm yield for reit was about 7 to 8% yield, so I forsee this is the yield range, reit price may be more stable. Risk reward ratio of 7-8% seems more worthwhile.
Clock is dialing back.

It is the other way round for US. US economy is too strong, even rate hike to 5%, job number, retail sales are all pretty strong.
CPI won't go down with strong economy.

But with the world now full of debt and leveraged is norm mostly, soon and later we may see some economy problem issues arised from high interest rate.
By then interest rate cycle may reach a pivotal point, so does reit price, as once economy problem arises, rate likely need to go down again.