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Unless Prime goes belly up, will nibble a few 00s shares on its way down.
I am doing this with eyes open, hopefully dividends will sustain my patience thru its recovery.
Vested @ avg 0.133.
I am doing this with eyes open, hopefully dividends will sustain my patience thru its recovery.
Vested @ avg 0.133.
graham73 ( Date: 17-Oct-2023 16:01) Posted:
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Prime otw to meeting the price of Manulife US REIT at 5cts .
Prime managers still happily receiving their fees.
The fees should be cut by 50% at the next AGM.
Also, looks like passive Board of Directors sittng up there, watching as the world pass by.
Prime managers still happily receiving their fees.
The fees should be cut by 50% at the next AGM.
Also, looks like passive Board of Directors sittng up there, watching as the world pass by.
Broke low again
DBS Bank Ltd. was the Sole Financial Adviser and Issue Manager for the initial public offering of Eagle Hospitality Trust (& ldquo EHT& rdquo ).
Also, the secured syndicated lender and DBS Trustee, the Trustee of the Reit.
The Edge - sept 21, 2023
(Quote) Not long after the IPO, various substantial shareholders, including DBS, which arranged the listing, began to cut their respective stakes.
This triggered further scrutiny on this counter, made worse by the pandemic that started in early 2020.
This then led EHT, controlled by Howard Wu and Taylor Woods, to default on loans totalling some US$341 million.
The case is seen as a dent in the reputation of Singapore& rsquo s REITs market, which has gained popularity among investors, and for having attracted overseas assets to list here.
In its update, MAS says that it is in the process of reviewing the large amount of documents seized and information obtained in the course of the investigation and has sought advice from industry experts on the EHT case. (Unquote)
Also, the secured syndicated lender and DBS Trustee, the Trustee of the Reit.
The Edge - sept 21, 2023
(Quote) Not long after the IPO, various substantial shareholders, including DBS, which arranged the listing, began to cut their respective stakes.
This triggered further scrutiny on this counter, made worse by the pandemic that started in early 2020.
This then led EHT, controlled by Howard Wu and Taylor Woods, to default on loans totalling some US$341 million.
The case is seen as a dent in the reputation of Singapore& rsquo s REITs market, which has gained popularity among investors, and for having attracted overseas assets to list here.
In its update, MAS says that it is in the process of reviewing the large amount of documents seized and information obtained in the course of the investigation and has sought advice from industry experts on the EHT case. (Unquote)
marketuncle ( Date: 15-Sep-2023 13:39) Posted:
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Just received the dividend today. Looks loke the price went up becasue some unitholders must have reinvested their dividends !
You have no clue how to read financial statements of these reits. Eagle was a conjob from the START.
PRIME is in a totally different boat with Keppel and Temasek on board. Read their financial statements on their rentals properly and maybe look up their individual properties.
Meh , credibility suss , sounds like you are Short hahaha and Burning from the dividend.
marketuncle ( Date: 15-Sep-2023 13:39) Posted:
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Again, even at 40% of e value , 13ct share price , you wld gain abt a triple from here.
Plus they r NOWHERE near that , they lowered their leverage ratio from May 2023 to Sept 2023 from 43% to 42%.
Wake up , ppl . Or maybe don't wake up, scooping up tons of shares here.
50kusd dividend coming up in 1 week time !
Alignment ( Date: 15-Sep-2023 12:29) Posted:
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For one notable example of liquidated REIT, look no further than Eagle trust... see how much investors managed to get back.
Which collapsed reit so far did fire sales before bankruptcy? Most likely the managers will want to retain their jobs for as long as possible until the point of no return. Shareholder interests and manager interests are not aligned here.
We are all punting that us office reits will recover some day, don't need to justify your investment on valuation. Just hope that the end of year valuation will be less worse than expected.
We are all punting that us office reits will recover some day, don't need to justify your investment on valuation. Just hope that the end of year valuation will be less worse than expected.
The other issue is who is controlling the fire sale. If it is the REIT manager representing equity interests then that is a less worse situation. The real problem comes if it is the credit holders in charge following an event of default - in that case they only really care about getting their capital back which requires (say) 40% of property value. To give a hypothetical example, if they are faced with two options, first to do a sale process that maximises proceeds over say three years and achieves say 80% of value (which would leave shareholders getting a premium to the current share price), or second to do a fire sale that gets back in say 6 months only say 40% of value (which would make credit whole but wipe equity holders out), then they would likely choose the second option, because that is the better outcome for them.
Anyway company jus posted 2.45ct div , and I am happy w my $50k. Usd div , LOL.
Awaiting Feb dividend. Ppl who refuse to buy and want to continue "thinking", pls do.
Haha do you REALLY THINK. That 14. PRIME US OFFICE PROPERTIES will have No buyers? Or are worth 140million USD ( which is what the company is worth at 13ct ). Hahaahhaah . Market is severely mispricong these office reits period. It's akin to saying 14 MBFC buildings can be bought for ard $150million USD. Wait long long. Even fire sale , the properties WLD easily bring 1 billion in total.
Not so simple. Fire sale also need to make sure got buyers. If no buyers (or not enough), want to also can' t close the REITs. And even if go into liquidation, it is a long process of suspended trading and investors will have to wait literally long long to see their money (profit).
delsolvtec ( Date: 15-Sep-2023 10:12) Posted:
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Basically, the NAV is 75ct a share.
Even if we reduce the value of the properties by 30% , and the NAV drops to 50ct a share.
... at 13ct a share, I would jus institute a selloff of the entire Reit and real estate and distribute the assets to shareholders.
Even if u fire sale the individual properties at a 50% discount.... shareholders wld still triple their money at this level of 13ct.
Remember NAV is ( Asset MINUS liabilities)/share holding.
This the debts and all are already included.
Eg. For ManU life Reit , I wld jus mandate a complete sell off of ALL properties and close the REIT. This WLD easily yield 30ct a share ( their nav is 50ct currently). Even at fire sale prices. This buying them at 6ct is a steal.
Of cos people say when valuation drops , convenents may be triggered. Fine if convenents are triggered , then mandate a entire sell off of the entire Reit properties to settle the banks, what's the big deal rite? Close the REIT.
Rise in cap rates can lead to a decline in share prices if investors perceive it as an indicator of increased risk or reduced demand for the property. This may result in higher yields for investors, but it could also signal a potential downturn in the real estate market.
In contrast, a fall in cap rates could lead to an increase in share prices and lower yields for investors if investors perceive it as an indicator of reduced risk or increased demand for the property. This is because a lower cap rate implies a higher valuation for the property and could result in greater returns for investors.
Overall, investor sentiment and market conditions play a significant role in determining the relationship between cap rates and share prices. While a high expectation of cap rates can lead to a decline in share prices and higher yields for investors, it is not always a reliable indicator of actual property income or future returns on investment.
graham73 ( Date: 28-Aug-2023 08:43) Posted:
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Keppel Corporation AGM (9 December 2021)
https://www.kepcorp.com/en/file/investors/annual-general-meeting/2021/egm/gcat-minutes-of-egm-9-december-2021.pdf
Point 9.
Would Keppel support any synergistic combination between Keppel Oak Pacific REIT and Prime US REIT, should the proposed transaction be successful?
Chairman said that if there was a good rationale for a synergistic combination between Keppel Oak Pacific REIT and Prime US REIT and such combination appealed to unitholders, Keppel would support in its capacity as a unitholder
(caveat: I am vested in both Prime and Keppel Oak)
https://www.kepcorp.com/en/file/investors/annual-general-meeting/2021/egm/gcat-minutes-of-egm-9-december-2021.pdf
Point 9.
Would Keppel support any synergistic combination between Keppel Oak Pacific REIT and Prime US REIT, should the proposed transaction be successful?
Chairman said that if there was a good rationale for a synergistic combination between Keppel Oak Pacific REIT and Prime US REIT and such combination appealed to unitholders, Keppel would support in its capacity as a unitholder
(caveat: I am vested in both Prime and Keppel Oak)
Whilst the trends you mention are happening, the former clearly outweighs the latter, at least into the medium term.
Even just focusing on the co-working model as an industry in itself it is becoming saturated. Look at wework.- down 99%.
Even just focusing on the co-working model as an industry in itself it is becoming saturated. Look at wework.- down 99%.
In the US, while big tenants are downsizing office space, there are growing number of SMEs/ start-ups which are opting for co-working space, and are popular with employees because of the location/time/social flexibility.
Prime and Keppel Oak could collaborate with Singapore or Asia co-working companies, like JustCo, The Hive, The Executive Centre, The Great Room (by Industrious) - which have tens of offices in APAC, but none yet in US. US is where the big scale is, which will not be a surprise if this is on their expansion plans. The current downturn is a good opportunity for them to peetrate with lower cost entry barriers.
If they work together, it will not be for a single office location, but multiple office locations - to yield economies of scale of management.
To lower cost of barrier for Asia co-working companies, they could look at business model of base fee + revenue-sharing.
https://www.nytimes.com/2023/05/31/business/co-working-spaces-corporate-workers.html
https://www.nytimes.com/2022/05/17/technology/coworking-spaces-wework.html
https://www.justcoglobal.com/sg/
https://thehive.com/
https://www.executivecentre.com/en-sg/locations/
https://thegreatroom.co/ (part of global Industrious chain)
Prime and Keppel Oak could collaborate with Singapore or Asia co-working companies, like JustCo, The Hive, The Executive Centre, The Great Room (by Industrious) - which have tens of offices in APAC, but none yet in US. US is where the big scale is, which will not be a surprise if this is on their expansion plans. The current downturn is a good opportunity for them to peetrate with lower cost entry barriers.
If they work together, it will not be for a single office location, but multiple office locations - to yield economies of scale of management.
To lower cost of barrier for Asia co-working companies, they could look at business model of base fee + revenue-sharing.
https://www.nytimes.com/2023/05/31/business/co-working-spaces-corporate-workers.html
https://www.nytimes.com/2022/05/17/technology/coworking-spaces-wework.html
https://www.justcoglobal.com/sg/
https://thehive.com/
https://www.executivecentre.com/en-sg/locations/
https://thegreatroom.co/ (part of global Industrious chain)
Prime price has not reached capitulation yet
I like pessimistic analysts. I' ll be wary if they only say the good things.
marketuncle ( Date: 24-Aug-2023 11:17) Posted:
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