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Time to internalize Manager
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Alignment
Elite |
02-Sep-2026 18:21
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Bad news just keeps on hitting | ||
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asianguy
Senior |
01-Sep-2026 10:48
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Me too, he got a bad name in the industry.
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Smallinvestor
Senior |
01-Sep-2026 10:03
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Saw your post then I go goggle the news and saw some comments on reddits (quite interesting comments and some background on their business). And someone commented on reddit: "不 怕 富 二 代 吃 喝 玩 乐 ， 就 怕 富 二 代 雄 心 勃 勃 去 创 业 ." Lol.
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luckyguy3
Master |
01-Sep-2026 03:28
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http://www.8days.sg/eatanddrink/newsandreviews/bai-nian-food-court-loses-250k-7-months-862751?fbclid=IwY2xjawUCtFRwZG9mBWV4dG4DYWVtAjExAGJyaWQRMW9UTndmT2QxQ0l1dG14ZGpzcnRjBmFwcF9pZBAyMjIwMzkxNzg4MjAwODkyAAEeHf6w8rX2X61gJlfrhYrtpZ-H3mbINAXGrJEpvwSJ4emQJrJ-Jb7P8oVageg_aem_L1ToVKfQw5hHqPe2WEvKDg
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Smallinvestor
Senior |
31-Aug-2026 06:16
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The Edge Singapore understands that Chui will still be in the real estate sector, possibly linked to healthcare. I need to open my eye big big before my next investment. | ||
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BillionX
Senior |
30-Aug-2026 12:31
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The only one positive news about this reit. The resignation of the underperforming CEO.👏 | ||
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luckyguy3
Master |
29-Aug-2026 10:24
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NTA was 55 cents ($5.50) in 2017 when Adrain took over as CEO. DPU was around 4.5 cents ($45) in 2017 Now NTA $2.50 and DPU around $20. Value destruction gao gao
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luckyguy3
Master |
29-Aug-2026 10:21
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Yes strange he resigns without ESR already found someone to replace him.. quite sudden i think.. maybe he wants to run road first to avoid kana scolding from shareholders due to the following: DPU potentially dropping 10%, i think same thing to NTA. He will have to answer to shareholders the awful performce of the reit since 2017 when he took over. NTA was around 50+ cents and DPU was 4 cents then. 
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Smallinvestor
Senior |
28-Aug-2026 21:39
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The 50-year-old is stepping down from his positions to ?pursue other professional interests?, a representative from the Reit manager told The Business Times.. he is "soooooo good", why step down? | ||
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Smallinvestor
Senior |
28-Aug-2026 21:34
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Adrian Chui steps down as CEO of ESR-Reit. | ||
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Alignment
Elite |
19-Aug-2026 12:46
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So many concerns you are listing... there are easier ways of making money (even on SGX!). | ||
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Smallinvestor
Senior |
13-Aug-2026 02:30
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I also like esr reit last time but nav down really a lot and kept going down. Dpu also dropped a lot. Worse is after xd, price always down a lot. Always e.g give ~10c dpu then drop around 30c~40c. For me i noticed, the best for this counter is, sell before xd and after drop a lot then buy back. This time i will wait for price lower than the last time before deciding to buy again due to lower nav, possible fx risk(sgd more stable than yen and aud), portfolio change, rent default, fees incurred, etc. (please do your own due diligence and research) | ||
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Alignment
Elite |
12-Aug-2026 14:25
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Another Australian nightmare for Singaporean investors. It should make everyone question why ESR REIT intends to buy more assets in Australia given the track record. |
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Joelton
Supreme |
12-Aug-2026 12:31
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Lai of DBS likes ESR-REIT for active portfolio repositioning Dale Lai of DBS Group Research likes ESR-REIT for its active portfolio repositioning exercise. He observes that in 1HFY2026 alone, some $440 million in divestments of non-core assets have been executed, and that the REIT will likely continue to divest non-core assets and recycle the proceeds into higher-yielding opportunities, with another few divestments expected in the coming months. " The rejuvenation of its portfolio entails redevelopment projects and asset-enhancement initiatives to drive organic growth in earnings and NAV, as well as redeployment of proceeds into better quality assets in Singapore and abroad," says Lai in his Aug 11 note. On the other hand, the REIT has recently announced it is investing $295 million into a portfolio of freehold logistics assets in Australia. Lai notes that ESR-REIT enjoys strong " enviable" backing from its sponsor. " While its peers find it increasingly challenging to make accretive acquisitions in most major markets, ESR-REIT can look to its sponsor&rsquo s pipeline that is valued at around US$2 billion," he says. He points out that in FY225, the REIT completed the acquisition of a modern logistics facility in Japan from its sponsor at a relatively attractive yield that will generate accretion to DPU. " We understand there remains ample sponsor pipeline that remains available for ESR-REIT to tap on," says Lai. In the medium term, the REIT' s focus is to divest older assets with shorter remaining land tenures, and redeploy proceeds into assets with longer remaining tenures, or into freehold assets overseas, such as Japan and Australia. " Although this may lead to some near-term drag to earnings, the repositioning of its overall portfolio will drive longer-term resilience in valuations and drive stronger organic income growth," he adds. Lai warns that as the REIT continues to diversify its portfolio outside of Singapore, forex volatility is a key risk. " Although ESR-REIT proactively hedges its foreign income exposure on a forward six to twelve month rolling basis, a long-term weakness in JPY and AUD will weigh on earnings," he warns. Thus, having also accounted for recent acquisitions and transactions, and with the likely vacancy of three properties in Brisbane, Lai has cut his discounted cash-flow based target price to $2.80 from $3.10, and has accordingly cut his call from " buy" to " hold" . |
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Smallinvestor
Senior |
08-Aug-2026 16:21
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Nav drop to 2.50 from 2.55(was 3.20 3.5years ago). Kept selling sg properties. Now 3 properties no rental why now then announce? | ||
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Joelton
Supreme |
08-Aug-2026 15:12
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ESR-REIT to divest 15 Gul Way at 16.9% above valuation, default of rent payment in three Australian properties ESR-REIT (SGX:9A4U) announced that it has entered into a sales and purchase agreement on Aug 7 to divest 15 Gul Way for $24.2 million, excluding divestment costs and applicable goods and services tax. The sales consideration represents a 16.9% premium above its valuation of $20.7 million. The manager expects the divestment to have no material impact on its net asset value and distribution per unit for FY2026 ending Dec 31, 2026. The net proceeds from the divestment will be used to repay outstanding borrowing, finance potential acquisitions, asset enhancement initiatives and redevelopments and/or fund general working capital requirements. Meanwhile, the manager announced that ACFS Port Logistics (ACFS), which is the tenant for its three properties in Australia, is currently in arrears in relation to rental payment. As at July 31, ACFS is in arrears of around A$12.2 million ($11 million). The manager says that breach notices have been issued to ACFS demanding payment of the outstanding arrears. ESR-REIT adds that the drawdown and offset of the bank guarantees held by the REIT will reduce the outstanding arrears to around A$1.5 million. On Aug 6, ACFS has entered into administration and receivers were also appointed. The manager says that under Australia' s insolvency laws, the administrators and receivers have an initial period of five business days to determine whether to continue operating ACFS&rsquo business from the properties &ldquo Should the administrators and receivers decide not to continue using any of the properties, the manager will assess and pursue its contractual and legal rights as landlord, including seeking to secure replacement occupancy for the relevant properties where appropriate,&rdquo the manager adds. On this matter, the manager of ESR REIT has engaged legal counsel to advise on this matter. The manager says that it would work with the legal counsel to explore the various options in relation to this matter. As at June 30, ACFS contributed to approximately 5.2% of ESR-REIT&rsquo s effective gross rents. Units in ESR-REIT closed 4 cents lower, or down 1.61% to $2.45 on Aug 7. |
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Joelton
Supreme |
01-Aug-2026 16:11
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ESR-REIT sees no &lsquo surprises&rsquo for cost of debt towards year-end, expects 29 Tai Seng to be fully occupied soon For 1HFY2026 ended June 30, ESR-REIT (SGX:9A4U) has reported a rather resilient set of results, with distribution per unit (DPU) increased 2.4% y-o-y to 11.51 cents. Core DPU, which excludes capital gains, rose by 4.5% y-o-y to 11.25 cents. In a results briefing on July 28, CEO and executive director of ESR-REIT, Adrian Chui, shared that there is still a fair bit of capital gains to be paid out. &ldquo As we mentioned at the start of the year, we will slowly distribute the remaining capital gains. This will probably last for another two more semi-annual distributions,&rdquo says Chui. He believes that the rental reversions and completions of asset enhancement initiatives (AEI) will be able to make up for the absence of the capital gains. &ldquo This has always been our target over the last two to three years,&rdquo Chui adds. On the AEI front, Chui shares that the REIT is in advanced negotiations with a major anchor tenant, which will take up the remaining space at 29 Tai Seng. &ldquo We should be announcing this within the next few weeks, and this will mean that 29 Tai Seng will be 100% occupied. It is going to be a long-term lease with built-in rental escalation,&rdquo Chui adds. For 16 Tai Seng, Chui says that the REIT is also in advanced negotiations with a major tenant that will take up additional spaces that will translate to an improvement in the building&rsquo s occupancy rate to 68%, from the previous 53%. &ldquo This leasing progress is in line with our feasibility study, and we are quite comfortable with the leasing progress,&rdquo continues Chui. Looking ahead, Chui says ESR-REIT will focus on the upcoming redevelopment of 2 Fishery Port. &ldquo We are currently in the midst of planning and should announce the redevelopment plan probably in 4QFY2026. This redevelopment project will take about 24 to 30 months,&rdquo he adds. No surprises for cost of debt ahead In terms of capital management, Chui foresees that there will be no &ldquo surprises&rdquo for ESR-REIT&rsquo s cost of debt going forward. &ldquo We have guided analysts in the market that our cost of debt will likely be at 3.5% towards the end of the year,&rdquo Chui adds. Currently, around 75.5% of ESR-REIT&rsquo s debt is at fixed interest rates. On the refinancing side, he says that the REIT is currently in advanced negotiations with banks on the refinancing of its Japanese yen term loan that is due to expire this year. Apart from that, ESR-REIT will redeem the $125 million unsecured notes maturing in August by using its available cash on hand, and this will bring its gearing down to 39.9%. &ldquo We do not need to issue another bond to pay back this expiring bond as we could utilise the cash generated from the divestment proceeds to bring down our gearing,&rdquo Chui adds. Australia&rsquo s carry trade Prior to the release of its half-year results, ESR-REIT had announced a slew of acquisitions in Australia. On the funding decision for these acquisitions, Chui shares that if the REIT were to fund it with Australian debt, the cost of debt will probably be around 5% today and will result in minimal accretion. &ldquo Hence, we decided to make use of the Singapore dollar-denominated debt, which has lower interest cost to finance the acquisitions. And yes, this constitutes a carry trade, and I am not denying it,&rdquo says Chui. However, Chui will be looking to tweak this carry trade when the interest rate environment in Australia starts to move in the favour of the REIT. &ldquo We will conduct a cross-currency swap to make sure that it becomes an Australia dollar loan itself,&rdquo adds Chui. Meanwhile, he shares that if the REIT were to borrow in Australian dollars, the banks would want it to be on a secured basis. &ldquo I have to pledge or mortgage my assets with them, which I am not willing to do as this will affect my credit rating,&rdquo he adds. ESR-REIT maintains an investment-grade BBB credit rating with a &ldquo stable&rdquo outlook by Fitch Ratings. Chui is leaning towards the relatively cheaper Singapore dollar loan for now, which will allow the REIT to borrow on an unsecured basis. &ldquo Once the interest cost in Australia moves in our favour, we will enter into a currency swap to take advantage of lower interest rates in Australia, and that&rsquo s where our strategy is,&rdquo says Chui. |
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Alignment
Elite |
29-Jul-2026 11:21
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More selling Singapore property to buy Australia property. Alamak... | ||
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Joelton
Supreme |
29-Jul-2026 10:02
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ESR-Reit to divest Ang Mo Kio industrial property for S$33.3 million at 2.1% premium [SINGAPORE] The manager of ESR-Reit on Tuesday (Jul 28) announced that it has entered into a contract of sale to divest 12 Ang Mo Kio Street 65 for S$33.3 million, excluding divestment costs and applicable goods and services tax. The sale consideration represents a 2.1 per cent premium over the property&rsquo s independent valuation of S$32.6 million as at Jun 30. The valuation was conducted by Edmund Tie & Company (SEA), utilising both the income capitalisation method and discounted cash-flow analysis. The manager stated that the divestment is not expected to have a material impact on the real estate investment trust&rsquo s (Reit) net asset value and distribution per unit for the financial year ending Dec 31, 2026. The net proceeds from the transaction will be deployed to repay outstanding borrowings, finance potential acquisitions, fund asset enhancement initiatives and redevelopments, and support general working capital requirements, said the Reit&rsquo s manager. Property overview Located at 12 Ang Mo Kio Street 65, the high-specifications industrial building spans a gross floor area of 16,754 square metres. The property, which has a building age of about 30 years, is zoned as &ldquo Business 1&rdquo under the Master Plan 2025. As at Jun 30, the site has a remaining land lease of about 24 years. The divestment is slated for completion in the third quarter of 2026. Upon completion, ESR-Reit&rsquo s diversified portfolio will be reduced from 62 to 61 properties, excluding 48 Pandan Road, which is held through a joint venture. These properties are spread across the developed markets of Singapore, Japan and Australia, in addition to investments in three Australian property funds. Currently, ESR-Reit holds interests in a diversified portfolio of logistics properties, high-specifications industrial properties, business parks and general industrial properties, with total assets amounting to about S$5.6 billion. Units of ESR-Reit closed 1.2 per cent or S$0.03 higher at S$2.48 on Monday. |
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Joelton
Supreme |
28-Jul-2026 09:20
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ESR-REIT&rsquo s 1HFY2026 DPU rises 2.4% y-o-y to 11.51 cents, to divest 12 Ang Mo Kio Street 65 at 2.1% above valuation ESR-REIT (SGX:9A4U) has reported a 2.4% y-o-y increase in distribution per unit (DPU) to 11.51 cents for 1HFY2026 ended June 30. Core DPU increased by 4.5% y-o-y to 11.250 Singapore cents, and accounted for approximately 98% of total DPU, underpinned by higher core earnings and improved asset performance. Gross revenue for 1HFY2026 dipped by 0.3% y-o-y to $222.3 million, driven by the loss of income from the divestment of 10 non-core properties back in FY2025 and 1HFY2026, which partially offset by positive rental reversions from lease renewals, higher rental rates from new leases and improved occupancy. As a result of the lower gross revenue, net property income (NPI) declined 2.2% y-o-y to $162.7 million. Excluding the divestment impact, on a same-store basis, gross revenue and NPI grew by 2.3% and 0.7% respectively. Total amount available for distribution to Unitholders stood at $93.0 million in 1HFY2026, which was an increase of 3.2% y-o-y. Meanwhile, ESR-REIT saw a positive rental reversion of 9.8% in 1HFY2026, led by the logistics (+11.3%) and High-Specifications Industrial (+5.0%) sectors, with occupancy remaining stable at 91.9% as at June 30. In 1HFY2026, ESR-REIT leased out 260,976 square metres (sqm) of space, comprising 179,263 sqm of lease renewals (68.7% of total leases) and 81,713 sqm of new leases (31.3% of total leases). Weighted average lease expiry (WALE) as at June 30 was 4.8 years, while rental collections were at approximately 97.4% of total receivables. On the capital management front, ESR-REIT&rsquo s gearing stood at 41.4% and is expected to reduce to 39.9% after the redemption of the S$125 million of unsecured notes maturing in August using the balance proceeds from above-mentioned divestments. Meanwhile, interest coverage ratio stood at 2.6 times. All-in cost of debt increased to 3.52%, mainly due to the pay down of the committed revolving credit facilities using proceeds from the divestments. Around 75.5% of ESR-REIT&rsquo s debt is on fixed rate with weighted average debt expiry of 2.1 years. Looking ahead, we expect Core DPU to continue benefiting from an increasingly resilient and higher quality portfolio, supported by completed asset enhancement initiatives, improving occupancies, positive rental reversions and built-in rental escalations. Together with our proactive cost management and active asset management, we remain focused on delivering sustainable income growth and attractive total returns for our Unitholders over the long term,&rdquo says Adrian Chui, CEO and executive director of the manager. Divestment of 12 Ang Mo Kio Street 65 In conjunction of the half year results, the manager has announced the divestment of 12 Ang Mo Kio Street 65 for a sale consideration of $33.3 million (excluding divestment costs and applicable goods and services tax). The sale consideration represents a 2.1% premium above its valuation of $32.6 million obtained back in June 30. The manager says that the divestment is not expected to have a material impact on its net asset value and DPU for FY2026 ended Dec 31. Net proceeds from the divestment will be deployed to repay outstanding borrowings, finance potential acquisitions, asset enhancement initiatives and redevelopments and/or fund general working capital requirements. The manager expects the divestment to be completed in 3Q2026. Units in ESR-REIT closed 3 cents higher, or 1.22% up at $2.48 on July 27. |
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