Risk N Returns

Personal Finance and Investment Ideas

REITs

CapitaLand Retail China Trust (CRCT) FY2019 Results Highlights

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CapitaLand Retail China Trust (CRCT), another position of mine, reported their latest FY2019 financial results this week. Given that this REIT is operating in the epicentre of the Coronavirus outbreak, there was an added push for me to dive into the results announcement and analyst briefing recording. As usual, here are some highlights. Q4 DPU flat y-o-y, FY2019 … [Read more...] about CapitaLand Retail China Trust (CRCT) FY2019 Results Highlights

Evaluating Accordia Golf Trust’s Divestment Offer

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Accordia Golf Trust (AGT) recently received a non-binding proposal from its Sponsor to buy out its golf courses. After a lengthy 3 day trading halt, I was quite underwhelmed when the Trust decided to announce a single figure with a distinct lack of concrete details: JPY 63,167 mil OK it was a 2 page announcement, but the only relevant parts were 1 or 2 lines surrounding … [Read more...] about Evaluating Accordia Golf Trust’s Divestment Offer

ESR’s Growth Ambitions

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Early this week, an activist fund, Quarz Capital, called on ESR Cayman to merge ESR REIT with Sabana REIT. This news puts a spotlight on a phenomenon I noticed in the Industrial S-REIT space - ESR's ambitions in consolidating Singapore industrial REITs. In today's article, I lay out the various observations I have on this and my own take on this … [Read more...] about ESR’s Growth Ambitions

Mapletree Annual Lecture 2019 Highlights

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One of the perks of being in an education institution again is the ability to attend certain talks held on campus. One such talk held last week was the Mapletree Annual Lecture. The lecture held annually by Mapletree Investments is open to the public but with limited slots. Professor Todd Sinai of Wharton Business School conducted this year's lecture entitled Recent Trends … [Read more...] about Mapletree Annual Lecture 2019 Highlights

My views on REITs (Guest Appearance)

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I was recently contacted by Kevin Shee, an entrepreneur and investor from Hong Kong via Facebook. Apparently, he found me through my Prime US REIT article on DrWealth. We chatted a few times about S-REITs and he thought it would be great if I were to share my views on his podcast, the Kevin Shee Show. The Kevin Shee Show is a relatively new podcast about entrepreneurship, … [Read more...] about My views on REITs (Guest Appearance)

Prime US REIT IPO Highlights

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Prime US REIT is looking to IPO soon, with the application period currently open till next Monday, 15 July 2019. I've actually already written an IPO review for DrWealth which you can check it out through the link provided.  As such, for this post, I'll not dive into in-depth specifics but rather delve into something I couldn't do on that post - prepare more … [Read more...] about Prime US REIT IPO Highlights

Why size matters for REITs

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If you have been closely observing the S-REIT market recent years, you will notice there is an obsession by REITs to grow. This can be seen from the flurry of mergers that have happened / are going to happen like the Ascendas Hospitality - Ascott merger, OUE Commercial - Hospitality merger and ESR - Viva Industrial Trust merger. If they're not doing mergers, they are looking to … [Read more...] about Why size matters for REITs

Frasers Logistics and Industrial Trust to acquire 12 properties from sponsor Frasers Property

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It was a jam-packed newsworthy day yesterday in the REITs space with the proposed merger of Ascott REIT and Ascendas Hospitality Trust (AHT), the MAS consultation on increasing gearing limits on REITs and a proposed acquisition of 12 properties by Frasers Logistics and Industrial Trust (FLT) from its sponsor. To be honest, I was kinda irritated by the merger as I am in the … [Read more...] about Frasers Logistics and Industrial Trust to acquire 12 properties from sponsor Frasers Property

Building S-REIT Dashboards

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I've previously said that I feel that information on my website is difficult to find and needed reorganising. I've also mentioned on my REIT Spotlight series that I may share with you the REIT Data in the future. In the past week, I've been laying out some of the ground work for this by building out some sample S-REIT dashboards and creating a Resources menu, which I will … [Read more...] about Building S-REIT Dashboards

Follow up on Eagle Hospitality Trust

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It's almost a month since the IPO of Eagle Hospitality Trust and I thought I'll take a look at it again given the price performance. Here are some thoughts regarding the 2 main concerns I raised in my IPO review - Trust in management and the Queen Mary. About trust and alignment of interest One issue that I think most people have is trust in management and the … [Read more...] about Follow up on Eagle Hospitality Trust

Capitaland Retail China Trust (CRCT) to buy 3 malls from Capitaland- Is it a Good Deal?

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Capitaland Retail China Trust announced a planned acquisition of 3 malls from their sponsor Capitaland recently. As a unitholder, I obviously have a vested interest to know more. Here are the key highlights, with some financing structure speculation at the end. Property Highlights 0 Properties 0 m Property … [Read more...] about Capitaland Retail China Trust (CRCT) to buy 3 malls from Capitaland- Is it a Good Deal?

Why Singapore REIT ETFs have low yield

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While at the REIT Symposium last weekend, I noticed that Nikko Asset Management and Philip Capital had booths set-up in the exhibition hall. Their presence reminded me of the existence of REIT ETFs in Singapore. I've always wondered why their yields are typically lower (4-5%) than the REIT sector generally (4-7%). Curious to find out more, I took some time to examine the 3 REIT … [Read more...] about Why Singapore REIT ETFs have low yield