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how to get the rights this time round? ATM or via brokerage firm?
https://sbr.com.sg/commercial-property/news/chart-day-cbd-office-supply-fall-700000-sqft-between-2018-2020
investshare ( Date: 18-May-2018 13:18) Posted:
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If I buy now, can I get the offer of the share? I need to pay 0.865 for the offer?
Hmm,... wondering what will happen when :-
1) comes X-Offering Date,... ie what will the unit price be,...
2) another acquisition comes along later this year,.... ie how much further will the dpu drop,....
1) comes X-Offering Date,... ie what will the unit price be,...
2) another acquisition comes along later this year,.... ie how much further will the dpu drop,....
Yeah,... true : https://www.theedgesingapore.com/capitaland-commercial-trust-acquires-949-stake-5696-mil-frankfurt-office-property-gallileo
I did some research too,... noticed that CCT' s price has been on a downtrend since start-January this year,... secondly, the payout is only twice a year,...four times a year is preferable,.... and I can' t understand it dpu structure when I see under : ' dividends.sg' for CCT.
I did some research too,... noticed that CCT' s price has been on a downtrend since start-January this year,... secondly, the payout is only twice a year,...four times a year is preferable,.... and I can' t understand it dpu structure when I see under : ' dividends.sg' for CCT.
CCT just diversified to Europe, dpu accretive.
subaru ( Date: 18-May-2018 13:13) Posted:
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cct is mainly Singapore office while MUST is US office, diversification for portfolio.
Can you advise what are the positives and negatives for CCT?
investshare ( Date: 18-May-2018 09:40) Posted:
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What if I don' t take-up any of the Pref Offerings ? Normally, we will suffer dilution in this case,... What can happen after we suffer dilution, bros, besides lessening of voting power ?
Why not switch to capital commercial reit?
NAV per unit has dropped from 82 cents in Dec 2017 to 79 cents in Q1 2018. So it is not just dpu dilution but NAV backing is also declining.
Cont' d :-
On Slide 13, for Phipps : over 90% of the NLA (and by GRI) is expiring in 2023 and beyond, hence, again, there will be no chance for rental revision for most of the properties inside Phipps till 2023. And then : Majority of leases with built-in rental escalations, typically mid-term or periodic. Mid-term means the rental escalation may take place at start of mid-2022. And what does it mean by periodic ?
Are we stuck with the same rental amount, hence the same divvy payout, right up till 2022 for this acquisition ? Many metrics are good, especially the one for WALE (increasing from 5.7 to 6.2 years post-acquisition), but there is no mention of increasing dpu for unitholders post-acquisition,... look at the round-up Slide 18.
To me, long WALE is good ONLY if there is a built-in yearly rental increase in the Leasing Agmt,... Otherwise, it becomes ' a trap to hold the rental by the lessee' .
On Slide 13, for Phipps : over 90% of the NLA (and by GRI) is expiring in 2023 and beyond, hence, again, there will be no chance for rental revision for most of the properties inside Phipps till 2023. And then : Majority of leases with built-in rental escalations, typically mid-term or periodic. Mid-term means the rental escalation may take place at start of mid-2022. And what does it mean by periodic ?
Are we stuck with the same rental amount, hence the same divvy payout, right up till 2022 for this acquisition ? Many metrics are good, especially the one for WALE (increasing from 5.7 to 6.2 years post-acquisition), but there is no mention of increasing dpu for unitholders post-acquisition,... look at the round-up Slide 18.
To me, long WALE is good ONLY if there is a built-in yearly rental increase in the Leasing Agmt,... Otherwise, it becomes ' a trap to hold the rental by the lessee' .
chengwh1 ( Date: 17-May-2018 18:39) Posted:
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Did some checking today : http://infopub.sgx.com/FileOpen/Manulife%20US%20REIT%20EGM%20Slides%2015%20May%202018.ashx?App=Announcement& FileID=505964
On Slide 10, for Penn : over 90% of the NLA is expiring in 2022 and beyond, hence, there will be no chance for rental revision for most of the properties inside Penn till 2022. And then : Leases with built-in rental escalations, typically mid-term or annual. Mid-term means the rental escalation may take place at start of 2021, but how many of the properties allow for annual rental increase ?
On Slide 10, for Penn : over 90% of the NLA is expiring in 2022 and beyond, hence, there will be no chance for rental revision for most of the properties inside Penn till 2022. And then : Leases with built-in rental escalations, typically mid-term or annual. Mid-term means the rental escalation may take place at start of 2021, but how many of the properties allow for annual rental increase ?
Yes - very good... You are spot-on here. Since we can' t be hoping for immediate dpu-accretion, then can we be hoping for dpu increase in the coming year ? This depends on whether there is a built-in yearly rental escalation clause in the Lease Agmt. I may have missed it, but I don' t recall seeing there is such a clause. I know the lease period is a few years though, quite long,...
I stand corrected in the above, perhaps other forummers can help me/us read back the Lease Agmt....
I stand corrected in the above, perhaps other forummers can help me/us read back the Lease Agmt....
chenkhoon ( Date: 17-May-2018 08:18) Posted:
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As the proceed from the rights offer mainly used to acquire offices, the question will be are we confident that the acquisition will bring better distribution in the near future say within a year or so?
chengwh1 ( Date: 16-May-2018 19:07) Posted:
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At US$0.79 average holding price, if you subscribe to the Pref Offering, you will be averaging UP your holding price. When your average holding price goes up, your margin-of-safety goes down,...
What' s more - your dpu will be reduced per unit, meaning your ROI is dropping.
What' s more - your dpu will be reduced per unit, meaning your ROI is dropping.
chenkhoon ( Date: 16-May-2018 16:10) Posted:
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We still have another 6 months to go before end-of-FY18. IF they' d do another acquisition in the latter part of this year after Penn and Phipps, we may not even get 5.71 cts anymore for this year. Lol,.....
Frankly, for MUST, I' m afraid of their acquisitions....
Frankly, for MUST, I' m afraid of their acquisitions....
puayheng ( Date: 16-May-2018 16:02) Posted:
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In actual fact, being yield-accretive or not is a matter of HOW the people put in the numbers to calculate, in this case, the unit price against which the dpu is to compare. It becomes yield-accretive is they use a LOWER unit price as the denominator. This is why, I never buy the idea of an acquisition being yield-accretive or NOT yield-accretive. I WANT TO SEE it as being DPU-ACCRETIVE ! NOT ' yield-accretive' .
I was merely saying that the final yield of this acquisition is 6.11% - that' s all. Not of it being yield-accretive or NOT yield-accretive,...
I was merely saying that the final yield of this acquisition is 6.11% - that' s all. Not of it being yield-accretive or NOT yield-accretive,...
puayheng ( Date: 16-May-2018 15:21) Posted:
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Hold lor ... anyway i purchase during IPO and at US$0.79.
puayheng ( Date: 16-May-2018 16:02) Posted:
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DPU history
2016 - 3.55c over 7 months 11 days. Annualized : 5.8 cents
2017 - dpu 5.77 cents
2018 - dpu 5.71 cents (pro-forma)
DPU dilution is small in percentage terms but still trending down.
2016 - 3.55c over 7 months 11 days. Annualized : 5.8 cents
2017 - dpu 5.77 cents
2018 - dpu 5.71 cents (pro-forma)
DPU dilution is small in percentage terms but still trending down.
chenkhoon ( Date: 16-May-2018 15:44) Posted:
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