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Bro,... there will be regular deduction every qtr to payout the dividends for the perps since the perps were launched in August, won' t there ? Would you know how it works ? Probably the divdend payout for the perp is twice a year, and the manager will deduct every qtr to accumulate the payout into two qtrs. So, they may still need to deduct.
AUD-wise,... the RBA is targetting to do another OPR cut in the beginning-of-November. This might weaken further the AUD if this event does take place.
Frankly,... if the dpu can be maintained at 2c moving forward, it wouldn' t be too bad,.. but if we look at the trend of the dpu payout, it has been going down throughout the years. Today, they added one more ' loading' to their NPI, namely the perp dividend payout. Hence,... or myself, I can' t be too happy abt this.
Warehouses had been having a hard time in the last few years, but this year, since the outbreak, warehouses have been filled to the brim. This is the good news abt Aims APAC for me.
AUD-wise,... the RBA is targetting to do another OPR cut in the beginning-of-November. This might weaken further the AUD if this event does take place.
Frankly,... if the dpu can be maintained at 2c moving forward, it wouldn' t be too bad,.. but if we look at the trend of the dpu payout, it has been going down throughout the years. Today, they added one more ' loading' to their NPI, namely the perp dividend payout. Hence,... or myself, I can' t be too happy abt this.
Warehouses had been having a hard time in the last few years, but this year, since the outbreak, warehouses have been filled to the brim. This is the good news abt Aims APAC for me.
kwwongm ( Date: 28-Oct-2020 13:21) Posted:
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Quite happy with 2 cents divvy
There are fees for the acquisition and perpetual which need to be paid upfront. This had drag down NPI for this quarter. Hopefully next Q be better with interest rate down and stronger AUD.
pkli899 ( Date: 28-Oct-2020 10:58) Posted:
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Rather lacklustre performance.
Hope the newly acquired Bulim property can improve DPU going forward.
Hope the newly acquired Bulim property can improve DPU going forward.
Joelton ( Date: 28-Oct-2020 09:00) Posted:
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AIMS Apac Reit cuts Q2 DPU by 20% on lower net property income
AIMS Apac Reit' s distribution per unit (DPU) fell by 20 per cent to two Singapore cents for its second quarter ended Sept 30, from 2.5 cents a year ago.
This was mainly due to lower net property income (NPI), management fees being paid fully in cash for the quarter, as well as having an amount reserved for distribution to perpetual securities holders, the real estate investment trust' s (Reit) manager said in a bourse filing on Tuesday.
Gross revenue was down 0.3 per cent to S$30.5 million for the quarter, from S$30.6 million the year before.
This was mainly due to lower contributions from the conversion from master leases to multi-tenancy leases at the Reit' s 1A International Business Park and the expiry of the master lease at 541 Yishun Industrial Park A.
Rental contributions from 3 Tuas Avenue 2 and Boardriders Asia Pacific in Australia partially offset lower contributions from 1A International Business Park and 541 Yishun Industrial Park A, the manager said.
NPI declined 5.2 per cent on the year to S$21.3 million for the quarter, from S$22.5 million.
Distributions to unitholders dropped 18.9 per cent year on year to S$14.1 million, from S$17.4 million.
The distribution will be paid out on Dec 18, after the record date on Nov 4.
Meanwhile, for the half year ended Sept 30, DPU was down 20 per cent to four Singapore cents versus five cents a year ago, and distributions to unitholders fell 18.8 per cent to S$28.3 million. Gross revenue was 5.6 per cent lower at S$57.7 million, while NPI eased 12.1 per cent to S$40 million.
Koh Wee Lih, chief executive of the manager, said the Reit achieved resilient performance amid global uncertainties.
" Our resilient portfolio, anchored by 50 per cent in the logistics and warehouse sector, has continued to enjoy a high occupancy, well above JTC industrial average," he said.
Notably, the Reit has experienced a " healthy demand" for logistics facilities, arising from pandemic conditions, which led to a shift in global supply chains and the resulting additional warehousing needs, Mr Koh added.
When it comes to calculating gearing ratio, reits do not have to take perpertual securities into account, and as the name perpetual implies, there is no maturity date to pay off the debt
Sputnik ( Date: 12-Aug-2020 23:33) Posted:
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Why didn' t they just draw on their credit line under more favorable conditions ??
AIMS Apac Reit proposes to buy Bulim Street logistics facility for S$129.6m
THE trustee of AIMS Apac Reit (AA Reit) on Aug 7 entered into a put and call option agreement with Titan (Wenya) to acquire a ramp-up logistics warehouse at 7 Bulim Street for a purchase price of about S$129.6 million.
The total cost of acquisition is around S$135.5 million, after including an estimated stamp duty of around S$3.9 million and estimated transaction costs of about S$2 million.
The property will be acquired at an initial net property income (NPI) yield of 7.07 per cent, based on its NPI in the first year of ownership of S$9.2 million over the S$129.6 million purchase price. When based on the estimated total acquisition cost of S$135.5 million, NPI yield will be 6.76 per cent.
7 Bulim Street is a master-tenanted four-storey logistics facility with an ancillary office on each level. The property sits on a land area of 34,095 square metres (sq m), with a remaining land tenure of approximately 22.2 years as at June 30, 2020. The gross floor area of the property is 68,190 sq m.
It is located within the Jurong Innovation District - a planned one-stop, 600-hectare advanced manufacturing campus by the Singapore government which is in close proximity to the future Tuas Mega Port, current PSA ports and Tuas Checkpoint.
The property will be acquired with an existing master lease to KWE-Kintetsu World Express, a wholly-owned subsidiary of major Japanese freight forwarding and logistics group Kintetsu World Express.
KWE fully leased the property for a term of 10 years from Jan 1, 2014, with an option to renew for an additional five years.
The Reit manager has proposed to fund the acquisition through a combination of the net proceeds from the issuance of S$123.5 million in perpetual securities and debt financing of S$12 million.
The proposed acquisition will add 0.18 Singapore cent to the fiscal 2020 distribution per unit of 9.5 cents, amounting to 9.68 cents on a pro forma basis.
Koh Wee Lih, chief executive of AA Reit' s manager said: " The yield-accretive acquisition will enhance the income of AA Reit' s portfolio amid the current challenging market conditions, and the strong lease covenant and master tenant provide stability."
The proposed acquisition is expected to increase AA Reit' s logistics and warehouse cluster to 51.1 per cent from 46.4 per cent if completed. It will also raise rental contribution from master leases to 36.4 per cent from 30.3 per cent.
Overall portfolio occupancy rate will improve to 94.2 per cent from 93.6 per cent on a pro forma basis.
The perpetual pays 5.65% coupon.That is very high. The reit had just announced the purchase of Bulim Street logistics facilities at 129 million at yield of 7.07% . Is the perpetual bond is actually for this purpose ? Cannot use bank facilities ? Anyone got any ideas to share ?
Hi There, it seems that the recent loan deal by AIMS is extremely unfavorable and high in interest.
Does anybody have an idea why they have to pay that much and why they went down that road of securing more funds?
Does anybody have an idea why they have to pay that much and why they went down that road of securing more funds?
Sorry bro,... but for a new entrant/investor into this REIT, for someone who has never held ths REIT before, it would be a good opportunity to buy this REIT if a merger is announced,.. wouldn' t you think so ?
mrwise ( Date: 08-Aug-2020 09:47) Posted:
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AIMS Apac Reit proposes issue of S$125m in perpetual securities at 5.65%
THE trustee of AIMS Apac Reit has priced S$125 million of perpetual securities at 5.65 per cent, as part of the real estate investment trust' s (Reit) S$750 million multicurrency debt issuance programme.
The Series 002 perps, which are unconditional, subordinated and unsecured, are expected to be issued on Aug 14, 2020, at par, the Reit' s manager said in a regulatory update on Thursday.
The coupon is fixed at 5.65 per cent, but from the first reset date of Aug 14, 2025, it will be the swap offer rate plus the initial spread of 5.207 per cent.
United Overseas Bank (UOB) has been appointed the sole dealer of the issue.
Net proceeds from the proposed issue of the Series 002 perps will be used for the general corporate purposes of the Reit and its subsidiaries. This includes financing the general working capital, capital expenditure and investments of the group, and the partial or full refinancing of existing borrowings.
These borrowings may come from banks, including UOB and its affiliates who will receive a portion of the proceeds from the perp issue. UOB and its affiliates will continue to have additional relationships with the trustee, the Reit, its manager and/or respective affiliates.
The manager said an application will be made to the Singapore Exchange for the permission to deal in, and the listing and quotation of, the Series 002 perps on the bourse.
run for the exit before someone merge it at an unfair price again.
laksaman57 ( Date: 07-Aug-2020 21:22) Posted:
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https://investor.aimsapacreit.com/newsroom/20200806_173003_O5RU_E3EQWWWIN6LUBRNM.2.pdf
" 400,000 units in AA REIT, trades done on 5 Aug 20 by EHKML on the SGX-ST ...
ESR HK Management Limited (" EHKML" ), a company established in the Cayman Islands, is a wholly-owned subsidiary of ESR. EHKML acquired 400,000 units in AA REIT via market transactions, and has interests in 54,785,641 units in AA REIT directly. As ESR has control of EHKML, ESR is deemed to have interests in the 54,785,641 units held by EHKML. Accordingly ESR is deemed to have interests in the aggregate 82,793,776 units held by ES Infinity and EHKML. "
" 400,000 units in AA REIT, trades done on 5 Aug 20 by EHKML on the SGX-ST ...
ESR HK Management Limited (" EHKML" ), a company established in the Cayman Islands, is a wholly-owned subsidiary of ESR. EHKML acquired 400,000 units in AA REIT via market transactions, and has interests in 54,785,641 units in AA REIT directly. As ESR has control of EHKML, ESR is deemed to have interests in the 54,785,641 units held by EHKML. Accordingly ESR is deemed to have interests in the aggregate 82,793,776 units held by ES Infinity and EHKML. "
laksaman57 ( Date: 07-Aug-2020 21:00) Posted:
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Worth a read at the Sabana reit thread and at www.savesabanareit.com, just in case one fine day ESR take control of AA reit manager and then initiate a ' merger' .
laksaman57 ( Date: 06-Aug-2020 15:57) Posted:
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https://www.businesstimes.com.sg/companies-markets/quarz-to-sabana-reit-manager-will-you-sell-your-personal-property-at-a-25-discount
" NOT everyone is pleased with ESR-Reit&rsquo s offer to buy out unit holders of Sabana Reit, and one investor is arguing that the implied offer price &ndash which represents a 26 per cent discount to Sabana Reit&rsquo s book value &ndash is too low.
Activist fund Quarz Capital Management told The Business Times on Thursday: &ldquo Unless the management of Sabana Reit&rsquo s manager shows that they are willing to sell their personal properties at a 25 per cent discount to valuation, we are puzzled why they would propose to merge Sabana Reit at a 25 per cent discount to book value.&rdquo
" NOT everyone is pleased with ESR-Reit&rsquo s offer to buy out unit holders of Sabana Reit, and one investor is arguing that the implied offer price &ndash which represents a 26 per cent discount to Sabana Reit&rsquo s book value &ndash is too low.
Activist fund Quarz Capital Management told The Business Times on Thursday: &ldquo Unless the management of Sabana Reit&rsquo s manager shows that they are willing to sell their personal properties at a 25 per cent discount to valuation, we are puzzled why they would propose to merge Sabana Reit at a 25 per cent discount to book value.&rdquo
https://www.reitsweek.com/2020/03/esr-hong-kong-acquires-millions-of-aims-apac-reit-units-amid-sell-off.html
MARCH 12, 2020
" ESR Hong Kong acquires millions of AIMS APAC REIT units amid sell-off"
" ESR Hong Kong acquires millions of AIMS APAC REIT units amid sell-off"
https://www.businesstimes.com.sg/companies-markets/esr-cayman-increases-aa-reit-interest-by-4
On Nov 4, ESR Cayman Ltd (ESR) acquired 26,827,400 units in AIMS APAC Reit (AA Reit) for a consideration of S$37,290,086 at S$1.39 per unit. The married deal increased ESR Cayman Ltd' s deemed interest in AA Reit from 5.24 per cent to 9.09 per cent.
" higher DPU for shareholders "
Bro,.. I am actually very keen on this REIT,.. but I have checked a few times the dpu payout for this REIT in the last few years. It' s been dropping and dropping,... is the dpu payout going to turnaround this year ? Or,....... are we actually betting on ESR buying-up this REIT ?
Bro,.. I am actually very keen on this REIT,.. but I have checked a few times the dpu payout for this REIT in the last few years. It' s been dropping and dropping,... is the dpu payout going to turnaround this year ? Or,....... are we actually betting on ESR buying-up this REIT ?
drwealthz ( Date: 04-Jun-2020 19:07) Posted:
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in case anyone is interested, AA continuously increase/expand their net leasable area of buildings,
leading to higher DPU for shareholders (at the expense of earning manager fees for themselves by buying new buildings). These are signs of good management, in line with shareholder' s interest. Good managers will increase the value for shareholders. Let' s hope they don' t get bought/destroyed by ESR.
https://youtu.be/NhlsWlcOPsg
leading to higher DPU for shareholders (at the expense of earning manager fees for themselves by buying new buildings). These are signs of good management, in line with shareholder' s interest. Good managers will increase the value for shareholders. Let' s hope they don' t get bought/destroyed by ESR.
https://youtu.be/NhlsWlcOPsg