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Manulife US REIT: Private Placement Of 91.3 Million New Units 7 Times Covered At US$0.876
Private Placement was more than 7 times covered at the top end of the Private Placement Issue Price Range and saw strong participation from new and existing institutional and other accredited investors. The issue price per New Unit under the Private Placement has been fixed at US$0.876 per New Unit. The issue price per New Unit under the Preferential Offering has been fixed at US$0.860 per New ... Just for info sharing....Only.
any views on the recent acquisition, private placement and Preferential Offering ?
https://research.rhbtradesmart.com/attachments/20/rhb-report-sg_us-office-reits_compendium_20190712_rhb-16022222674018675d27d4a3eb730.pdf
Undervalued reit......
Undervalued reit......
I think yesterday the potential impact to the tax structure, which may impact the dividend was cleared up to a large extent. Here is my article on this: Manulife US REIT and Keppel KBS Announced Minimal Impact from Section 267A Regulations and Barbados Tax Rate Changes
I think there are some parts of the update from Business Times that is of note:
" On Thursday, the Reit noted that its specific tax structure had been &ldquo scoped out&rdquo of the proposed regulations, meaning that its Barbados entities would still benefit from the shareholder loan tax shield. In the proposed regulations, the US tax authorities had narrowed the focus to specific, limited kinds of hybrid entities. The Reit manager&rsquo s chief financial officer Jag Obhan told a conference call: &ldquo They were not really targeting our kind of structure.&rdquo
However, the Reit is now in a tax planning phase, said Mr Obhan. He added: &ldquo We do have multiple levers that we can pull to mitigate most of that one per cent impact that we have put as a worst-case scenario.&rdquo These alternatives include merging the current three different layers of entities in Barbados, as a higher total income will enable them to enter the lowest one per cent tax bracket.
He also acknowledged the possibility of reverting to the Reit&rsquo s original structure in which the Barbados entities do not feature.
In sum, the worst-case scenario for the effective tax rate faced by the Reit in 2019 would be &ldquo slightly above one per cent&rdquo , with the best-case scenario being a zero per cent tax rate, he added."
I think there are some parts of the update from Business Times that is of note:
" On Thursday, the Reit noted that its specific tax structure had been &ldquo scoped out&rdquo of the proposed regulations, meaning that its Barbados entities would still benefit from the shareholder loan tax shield. In the proposed regulations, the US tax authorities had narrowed the focus to specific, limited kinds of hybrid entities. The Reit manager&rsquo s chief financial officer Jag Obhan told a conference call: &ldquo They were not really targeting our kind of structure.&rdquo
However, the Reit is now in a tax planning phase, said Mr Obhan. He added: &ldquo We do have multiple levers that we can pull to mitigate most of that one per cent impact that we have put as a worst-case scenario.&rdquo These alternatives include merging the current three different layers of entities in Barbados, as a higher total income will enable them to enter the lowest one per cent tax bracket.
He also acknowledged the possibility of reverting to the Reit&rsquo s original structure in which the Barbados entities do not feature.
In sum, the worst-case scenario for the effective tax rate faced by the Reit in 2019 would be &ldquo slightly above one per cent&rdquo , with the best-case scenario being a zero per cent tax rate, he added."
I think KBS has a higher dividend yield, its Grade B properties compared to to what Manulife US REIT has. Having gotten in touch with the management, I think I trust their competency. I think I deployed a larger portion of my funds over to Manulife US REIT to the point it became my top 3 holdings. I think as of now a lot of what KBS has done have made me question their ability. Particularly their release of the most recent tax clarficiation where they seem to copy whole sale from Manulife.
laksaman57 ( Date: 28-Dec-2018 17:41) Posted:
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hi there, i think its ok.
chengwh1 ( Date: 28-Dec-2018 13:18) Posted:
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Kep-KBS reit would be a better choice. Yes?
humblepie ( Date: 26-Nov-2018 19:07) Posted:
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To Humblepie : I APPRECIATED YOUR COMMENTS, BUT I HAVE FORMED MY OWN CONCLUSIONS AND HAVE SOLD-OFF EARLIER !
humblepie ( Date: 26-Nov-2018 19:07) Posted:
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Manulife US REIT (US$0.725, down US$0.015) had garnered much investor
interest during late-Oct 2018 to mid-Nov 2018 after its unit price dropped by
a collective 7.2% in the last two trading days for the month of Oct 2018.
Owing to worries on whether its US tax structure would be sustainable,
investors had opted to vote with their feet when fears surfaced that
any distributions paid out by Manulife US REIT may be taxed by the US
government. Management of Manulife US REIT reacted swiftly to the
situation (which we applaud), and quickly hosted a conference call with
the various analysts and investors to address the various questions over
its tax structure.
Following the conference call, the unit price of Manulife US REIT then
subsequently rebounded during early-Nov 2018. Nevertheless, investors&rsquo
concerns over whether or not its distributions would be affected due to
changes in the US tax structure were not totally dispelled. Management
had noted that they cannot predict when such regulations or other
administrative guidance will be released by the US government, or
whether any such regulations or administrative guidance will adversely
affect the deductibility of interest by Manulife US REIT' s US subsidiaries
or in any other way, or whether any such regulations or administrative
guidance will have retroactive effect.
Just this morning, however, this overhang is now seemingly removed as
Manulife US REIT announced that they are not expecting any changes
to its structure as a result of US tax regulations. It was noted that on
20-Dec-18, the United States Department of the Treasury released
proposed regulations under Section 267A. The Manager of Manulife US
REIT updated that the current tax paid or payable by Manulife US REIT in
US and Barbados is approximately 1.5% of distributable income before
income tax for the financial period from 01-Jan-18 to 30-Sep-18. Under
the proposed Barbados Tax Rates, the Manager expects the additional
tax expense will not be more than 1% of the distributable income before
income tax.
Additionally, the Manager will continue to review various tax planning
alternatives to mitigate any future tax impact. Nevertheless, Manulife US
REIT cautions that the proposed 267A regulations are still in proposed
form. Final regulations under Section 267A, expected to be effective as
of 01-Jan-18, could differ materially from the proposed 267A regulations
and could result in additional costs. Meanwhile, the United States
Department of the Treasury has stated that it expects final regulations
under Section 267A to be promulgated by 22-Jun-19.
All in, we view this latest development on Manulife US REIT as being
positive as concerns over whether its distributable income would be
affected are further assuaged. Going forward, after having paid out a
distribution per unit of US$0.0253 for 1H18, we are expecting Manulife
US REIT to dish out a higher DPU of US$0.03 in 2H18. For the whole of
FY18, this would equate to DPU of US$0.0553 and a high distribution yield
of 7.6%. Manulife US REIT also presently trades at just 0.9x P/B, which
is comparatively more attractive than the benchmark FTSE Straits Times
REIT Index that is currently priced at 1.0x P/B and a distribution yield of
just 5.1%.
Manulife US REIT' s gearing of 37.4% is also well below the regulatory limit
of 45%, while its weighted average debt maturity is 3.0 years with well-spread
debt maturity profile. In addition, 100% of the REIT' s debt are fixed
rate loans which mitigates any near term interest rate risk on existing debt.
During its latest 3Q18 quarter, Manulife US REIT also witnessed strong
leasing momentum and recorded an average positive rental reversion of
13.5%. Occupancy rates have increased in four of their properties, with
two at full occupancy, bringing their total portfolio occupancy to 96.5%.
(Lim & Tan)
Just for info, not vested.
interest during late-Oct 2018 to mid-Nov 2018 after its unit price dropped by
a collective 7.2% in the last two trading days for the month of Oct 2018.
Owing to worries on whether its US tax structure would be sustainable,
investors had opted to vote with their feet when fears surfaced that
any distributions paid out by Manulife US REIT may be taxed by the US
government. Management of Manulife US REIT reacted swiftly to the
situation (which we applaud), and quickly hosted a conference call with
the various analysts and investors to address the various questions over
its tax structure.
Following the conference call, the unit price of Manulife US REIT then
subsequently rebounded during early-Nov 2018. Nevertheless, investors&rsquo
concerns over whether or not its distributions would be affected due to
changes in the US tax structure were not totally dispelled. Management
had noted that they cannot predict when such regulations or other
administrative guidance will be released by the US government, or
whether any such regulations or administrative guidance will adversely
affect the deductibility of interest by Manulife US REIT' s US subsidiaries
or in any other way, or whether any such regulations or administrative
guidance will have retroactive effect.
Just this morning, however, this overhang is now seemingly removed as
Manulife US REIT announced that they are not expecting any changes
to its structure as a result of US tax regulations. It was noted that on
20-Dec-18, the United States Department of the Treasury released
proposed regulations under Section 267A. The Manager of Manulife US
REIT updated that the current tax paid or payable by Manulife US REIT in
US and Barbados is approximately 1.5% of distributable income before
income tax for the financial period from 01-Jan-18 to 30-Sep-18. Under
the proposed Barbados Tax Rates, the Manager expects the additional
tax expense will not be more than 1% of the distributable income before
income tax.
Additionally, the Manager will continue to review various tax planning
alternatives to mitigate any future tax impact. Nevertheless, Manulife US
REIT cautions that the proposed 267A regulations are still in proposed
form. Final regulations under Section 267A, expected to be effective as
of 01-Jan-18, could differ materially from the proposed 267A regulations
and could result in additional costs. Meanwhile, the United States
Department of the Treasury has stated that it expects final regulations
under Section 267A to be promulgated by 22-Jun-19.
All in, we view this latest development on Manulife US REIT as being
positive as concerns over whether its distributable income would be
affected are further assuaged. Going forward, after having paid out a
distribution per unit of US$0.0253 for 1H18, we are expecting Manulife
US REIT to dish out a higher DPU of US$0.03 in 2H18. For the whole of
FY18, this would equate to DPU of US$0.0553 and a high distribution yield
of 7.6%. Manulife US REIT also presently trades at just 0.9x P/B, which
is comparatively more attractive than the benchmark FTSE Straits Times
REIT Index that is currently priced at 1.0x P/B and a distribution yield of
just 5.1%.
Manulife US REIT' s gearing of 37.4% is also well below the regulatory limit
of 45%, while its weighted average debt maturity is 3.0 years with well-spread
debt maturity profile. In addition, 100% of the REIT' s debt are fixed
rate loans which mitigates any near term interest rate risk on existing debt.
During its latest 3Q18 quarter, Manulife US REIT also witnessed strong
leasing momentum and recorded an average positive rental reversion of
13.5%. Occupancy rates have increased in four of their properties, with
two at full occupancy, bringing their total portfolio occupancy to 96.5%.
(Lim & Tan)
Just for info, not vested.
I think if you do not trust their good English and not to invest or do not trust that they restated the DPU, then perhaps this investment is a suspect.
I written 2 articles that provides some nuance information so that you can supplement the skeptism.
Manulife US REIT Reaches a Dividend Yield of 7.80%. Here&rsquo s More Insights about the REIT
What is covered:
11 Deeper Things I Learned about Manulife US REIT
What is covered:
I written 2 articles that provides some nuance information so that you can supplement the skeptism.
Manulife US REIT Reaches a Dividend Yield of 7.80%. Here&rsquo s More Insights about the REIT
What is covered:
- Their ability to raise dividend with out acquisitions
- How the Management Could Navigate the Rising Interest Rate Environment
- The Ability to Tap A Strong Pipeline of Manulife&rsquo s Properties
- Tapping Upon the Economies of Scope and Scale of the Parent for Property Management and Investment Advisory Capabilities
- Where to review the properties listing to investigate occupancy
- The Potential to Have Cheaper Cost of Funds and Better Acquisition Execution
- Why Didn&rsquo t the Parent Choose to list a $1 billion portfolio immediately during IPO?
- Reason for purchasing a low CAP rate Washington building
- Revisiting The Tax Structure Risk
- Ensuring a Feasible CAP Rate and Yield Accretiveness
- On Manulife US REIT&rsquo s Lofty Goal to Doubling their AUM
- Explaining the Big Disparity in Michelson&rsquo s Asking Rent and Average Rent. Putting Context on the Rental Data provided by CoStar Group
- Bringing some clarity to the Valuations of the Properties
- Making sense of the free cash flow
- How Long Does it Typically take for US Commercial Office to Be Listed Out?
11 Deeper Things I Learned about Manulife US REIT
What is covered:
- Of Michelson&rsquo s 2019 Lease Renewal Status
- The Impact of the Rise of Co-Working Spaces to Office Landlording
- The Nature of Lease Agreements for Manulife US REIT&rsquo s Properties
- The Appeal of the Flow Through of Rental Escalation to Net Rental Income
- Clarification on rental escalation, WALE of new renewals
- The Difference Between CBD and Suburban, Class A, Class B and Trophy Properties
- Is Management able to Switch to a Quarterly Dividend Payout?
- The Impact of Impending Clarifications to the 2017 Tax Cuts and Jobs Act &ndash Some thoughts about it
- Manulife US REIT&rsquo s Capital Strategy &ndash Unencumbered Assets, Perpetuals and Convertible Bond Issue
- Manulife US REIT&rsquo s Capital Strategy &ndash Trading Liquidity, AUM Size, Rights Issue, Preferential Offering, Placements
Manulife US REIT is included in Shariah Index.
http://mystocksinvesting.com/singapore-reits/shariah-reit/shariah-compliant-singapore-reit-for-muslim-investors/
http://mystocksinvesting.com/singapore-reits/shariah-reit/shariah-compliant-singapore-reit-for-muslim-investors/
Good observation 
I tend to steer clear of reit with good ' england' language.
Not vested and won' t be vested.
Dyodd.
I tend to steer clear of reit with good ' england' language.
Not vested and won' t be vested.
Dyodd.
chengwh1 ( Date: 06-Nov-2018 16:05) Posted:
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Latest 3Q report released on Monday morning, yesterday : http://infopub.sgx.com/FileOpen/MUST%203Q2018%20Results%20Press%20Release.ashx?App=Announcement& FileID=532432
Bros,... I' m afraid I am really confused by all these ' tactics' of reporting,...please see my concerns below :-
Hmm,... don' t know who' s leg these people are trying to pull,... I checked back into my own spreadsheets and I know for a fact that my records are tight. I saw,..ehh ??,... the dpu payout for 3Q17 was 1.60c. What 1.13c are these people talking abt ?
So,.. I checked back into last years 3Q17 report to confirm my records,... it is as below :-
http://infopub.sgx.com/FileOpen/MUSREIT%20...t& FileID=476686
THE DPU FOR 3Q17 WAS 1.60C AND NOT 1.13C.
3Q18 report as below :-
http://infopub.sgx.com/FileOpen/MUST%203Q2...t& FileID=532432
Then I read closer the ann' t in the current 3Q18 report and I saw the Note (2) on Pg 1 : 3Q 2017 DPU of 1.13 US cents was computed based on the enlarged Unit base from Rights Issue used to partially fund Exchange acquisition while there was no income from Exchange included in 3Q 2017 DPU since Exchange was only acquired on 31 Oct 2017 (U.S. Time). As such, 3Q 2018 DPU is 33.6% higher than 3Q 2017 DPU.
Huh ?? Why did they use 1.13c as the reference dpu to match to this year' s dpu when the actual dpu given out last year was 1.60c ???
The right rationale is : the enlarged unit base should only hit AFTER the 3Q17 dpu payout, and should HIT the 4Q17 dpu payout, NOT the 3Q17 payout. True enough,..if you guys refer,... the 4Q17 dpu payout was a low 0.97c.
If we use the CORRECT 1.60c as the ' reference' 3Q17 dpu payout, then the 3Q18 dpu payout of 1.51c is lower by 5.63% compared to the previous corresponding period (pcp).
Who' s pulling whose leg here !!!!!!!!!!!????????!!!!!!!!!!! Why are the reference calculations being deviated ??
Bros,... I' m afraid I am really confused by all these ' tactics' of reporting,...please see my concerns below :-
Hmm,... don' t know who' s leg these people are trying to pull,... I checked back into my own spreadsheets and I know for a fact that my records are tight. I saw,..ehh ??,... the dpu payout for 3Q17 was 1.60c. What 1.13c are these people talking abt ?
So,.. I checked back into last years 3Q17 report to confirm my records,... it is as below :-
http://infopub.sgx.com/FileOpen/MUSREIT%20...t& FileID=476686
THE DPU FOR 3Q17 WAS 1.60C AND NOT 1.13C.
3Q18 report as below :-
http://infopub.sgx.com/FileOpen/MUST%203Q2...t& FileID=532432
Then I read closer the ann' t in the current 3Q18 report and I saw the Note (2) on Pg 1 : 3Q 2017 DPU of 1.13 US cents was computed based on the enlarged Unit base from Rights Issue used to partially fund Exchange acquisition while there was no income from Exchange included in 3Q 2017 DPU since Exchange was only acquired on 31 Oct 2017 (U.S. Time). As such, 3Q 2018 DPU is 33.6% higher than 3Q 2017 DPU.
Huh ?? Why did they use 1.13c as the reference dpu to match to this year' s dpu when the actual dpu given out last year was 1.60c ???
The right rationale is : the enlarged unit base should only hit AFTER the 3Q17 dpu payout, and should HIT the 4Q17 dpu payout, NOT the 3Q17 payout. True enough,..if you guys refer,... the 4Q17 dpu payout was a low 0.97c.
If we use the CORRECT 1.60c as the ' reference' 3Q17 dpu payout, then the 3Q18 dpu payout of 1.51c is lower by 5.63% compared to the previous corresponding period (pcp).
Who' s pulling whose leg here !!!!!!!!!!!????????!!!!!!!!!!! Why are the reference calculations being deviated ??
https://www.theedgesingapore.com/manulife-us-reit-reports-2q-dpu-130-us-cents-down-172-year-ago-preferential-offering
Coming soon, result on 6 august.
Anyone knows when this reit is paying dividend again?
Only things good now is US$ up........hope it performs better soon
Only things good now is US$ up........hope it performs better soon
It took a long time for Sabana investor to learn. But learn we did.
The Trustee-Mgr in the ann' t below is not in good stead too,... they have to buy-in the Offering Units at USD0.8685 per Unit, but the mkt price today dropped to USD0.850 per unit,...
http://investor.manulifeusreit.sg/newsroom/20180628_193813_BTOU_N4PHAGLIT7755G5X.2.pdf
http://investor.manulifeusreit.sg/newsroom/20180628_193813_BTOU_N4PHAGLIT7755G5X.2.pdf
One thing we can hope for is that MUST will chg its strategy later-on,...from increasing AUM to : stability and growing dpu for unitholders.
Regardless of what they say or write officially today, their strategy today is ONLY in increasing AUM.
Regardless of what they say or write officially today, their strategy today is ONLY in increasing AUM.
Lessons to be learnt from ex-Sabana mgr
Dyodd
Dyodd
puayheng ( Date: 25-Jun-2018 14:19) Posted:
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