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ManulifeReit USD
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Manulife US REIT IPO
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teeth53
Supreme |
23-Sep-2019 22:42
Yells: "don't learn through life, learn to grow with life " |
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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. | ||||
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subaru
Senior |
22-Sep-2019 17:12
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any views on the recent acquisition, private placement and Preferential Offering ? | ||||
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jamesng
Master |
13-Jul-2019 15:51
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https://research.rhbtradesmart.com/attachments/20/rhb-report-sg_us-office-reits_compendium_20190712_rhb-16022222674018675d27d4a3eb730.pdf Undervalued reit...... |
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humblepie
Member |
28-Dec-2018 20:33
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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."   |
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humblepie
Member |
28-Dec-2018 20:26
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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.
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humblepie
Member |
28-Dec-2018 20:18
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hi there, i think its ok. 
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laksaman57
Supreme |
28-Dec-2018 17:41
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Kep-KBS reit would be a better choice. Yes?
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chengwh1
Elite |
28-Dec-2018 13:18
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To Humblepie : I APPRECIATED YOUR COMMENTS, BUT I HAVE FORMED MY OWN CONCLUSIONS AND HAVE SOLD-OFF EARLIER !
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sunview
Veteran |
27-Dec-2018 10:56
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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. |
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humblepie
Member |
26-Nov-2018 19:07
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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:
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marubozu1688
Master |
09-Nov-2018 22:59
Yells: "Be humble in front of Mr. Market." |
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Manulife US REIT is included in Shariah Index. http://mystocksinvesting.com/singapore-reits/shariah-reit/shariah-compliant-singapore-reit-for-muslim-investors/ |
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laksaman57
Supreme |
06-Nov-2018 16:21
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Good observation  I tend to steer clear of reit with good ' england' language. Not vested and won' t be vested. Dyodd.
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chengwh1
Elite |
06-Nov-2018 16:05
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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 ?? |
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laksaman57
Supreme |
06-Aug-2018 17:02
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https://www.theedgesingapore.com/manulife-us-reit-reports-2q-dpu-130-us-cents-down-172-year-ago-preferential-offering | ||||
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SimpleTrade
Senior |
05-Aug-2018 21:40
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Coming soon, result on 6 august.  | ||||
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jamesng
Master |
05-Aug-2018 08:52
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Anyone knows when this reit is paying dividend again?  Only things good now is US$ up........hope it performs better soon |
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laksaman57
Supreme |
29-Jun-2018 12:01
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It took a long time for Sabana investor to learn. But learn we did. | ||||
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chengwh1
Elite |
29-Jun-2018 11:29
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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 |
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chengwh1
Elite |
26-Jun-2018 12:08
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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. |
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laksaman57
Supreme |
25-Jun-2018 14:31
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Lessons to be learnt from ex-Sabana mgr
Dyodd
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