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Manulife US REIT IPO Post Reply Rate topic
jamesng Master	24-May-2018 08:43        jamesng About Contact  Quote this Post!
x 0   x 0  Alert Admin	how to get the rights this time round? ATM or via brokerage firm?
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investshare Supreme	21-May-2018 18:14        investshare About Contact  Quote this Post!
x 0   x 0  Alert Admin	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: CCT just diversified to Europe, dpu accretive. subaru      ( Date: 18-May-2018 13:13) Posted: cct is mainly Singapore office while MUST is US office, diversification for portfolio.
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jamesng Master	21-May-2018 15:04        jamesng About Contact  Quote this Post!
x 0   x 0  Alert Admin	If I buy now, can I get the offer of the share? I need to pay 0.865 for the offer?
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chengwh1 Elite	21-May-2018 10:38        chengwh1 About Contact  Quote this Post!
x 0   x 0  Alert Admin	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,....
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chengwh1 Elite	18-May-2018 14:28        chengwh1 About Contact  Quote this Post!
x 0   x 0  Alert Admin	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.
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investshare Supreme	18-May-2018 13:18        investshare About Contact  Quote this Post!
x 0   x 0  Alert Admin	CCT just diversified to Europe, dpu accretive. subaru      ( Date: 18-May-2018 13:13) Posted: cct is mainly Singapore office while MUST is US office, diversification for portfolio.
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subaru Senior	18-May-2018 13:13        subaru About Contact  Quote this Post!
x 0   x 0  Alert Admin	cct is mainly Singapore office while MUST is US office, diversification for portfolio.
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puayheng Member	18-May-2018 13:07        puayheng About Contact  Quote this Post! Style: Fundamental   Mood:
x 0   x 0  Alert Admin	Can you advise what are the positives and negatives for CCT? investshare      ( Date: 18-May-2018 09:40) Posted: Why not switch to capital commercial reit?
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chengwh1 Elite	18-May-2018 12:54        chengwh1 About Contact  Quote this Post!
x 0   x 0  Alert Admin	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 ?
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investshare Supreme	18-May-2018 09:40        investshare About Contact  Quote this Post!
x 0   x 0  Alert Admin	Why not switch to capital commercial reit?
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puayheng Member	18-May-2018 08:42        puayheng About Contact  Quote this Post! Style: Fundamental   Mood:
x 0   x 0  Alert Admin	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.
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chengwh1 Elite	17-May-2018 18:50        chengwh1 About Contact  Quote this Post!
x 0   x 0  Alert Admin	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' . chengwh1      ( Date: 17-May-2018 18:39) Posted: 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 ?
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chengwh1 Elite	17-May-2018 18:39        chengwh1 About Contact  Quote this Post!
x 0   x 0  Alert Admin	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 ?
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chengwh1 Elite	17-May-2018 10:48        chengwh1 About Contact  Quote this Post!
x 0   x 0  Alert Admin	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.... chenkhoon      ( Date: 17-May-2018 08:18) Posted: 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: 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
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chenkhoon Senior	17-May-2018 08:18        chenkhoon About Contact  Quote this Post!
x 0   x 0  Alert Admin	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: 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. chenkhoon      ( Date: 16-May-2018 16:10) Posted: Hold lor ... anyway i purchase during IPO and at US$0.79
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chengwh1 Elite	16-May-2018 19:07        chengwh1 About Contact  Quote this Post!
x 0   x 0  Alert Admin	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. chenkhoon      ( Date: 16-May-2018 16:10) Posted: Hold lor ... anyway i purchase during IPO and at US$0.79. puayheng      ( Date: 16-May-2018 16:02) Posted: 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.
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chengwh1 Elite	16-May-2018 18:48        chengwh1 About Contact  Quote this Post!
x 0   x 0  Alert Admin	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.... puayheng      ( Date: 16-May-2018 16:02) Posted: 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. chenkhoon      ( Date: 16-May-2018 15:44) Posted: I still think this counter ok ... Of the US$197.2 raised, US$191.1 million goes into the purchase of offices for further investment while the rest US$6.1 for non-investment purpose only. This is better than more counters issue rights to pay off bank borrowings
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chengwh1 Elite	16-May-2018 18:42        chengwh1 About Contact  Quote this Post!
x 0   x 0  Alert Admin	In actual fact, being yield-accretive or not is a matter of HOW the people put in the numbers to calculate, in this case, the unit price against which the dpu is to compare. It becomes yield-accretive is they use a LOWER unit price as the denominator. This is why, I never buy the idea of an acquisition being yield-accretive or NOT yield-accretive. I WANT TO SEE it as being DPU-ACCRETIVE ! NOT ' yield-accretive' . I was merely saying that the final yield of this acquisition is 6.11% - that' s all. Not of it being yield-accretive or NOT yield-accretive,... puayheng      ( Date: 16-May-2018 15:21) Posted: I stand corrected on the preferential placement. Am still disappointed by the dilution in dpu. How is that yield accretive? chengwh1      ( Date: 16-May-2018 14:14) Posted: Bro PH,... it' s not a private placement, it' s a preferential offering. We have chances to paritcipate too. Even at 5.71 US Cts divvy per unit, the yield works out to be 6.11% against a unit price of US$ 0.935 today,... isn' t this good enough ? Would appreciate your opinions,..
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chenkhoon Senior	16-May-2018 16:10        chenkhoon About Contact  Quote this Post!
x 0   x 0  Alert Admin	Hold lor ... anyway i purchase during IPO and at US$0.79. puayheng      ( Date: 16-May-2018 16:02) Posted: 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. chenkhoon      ( Date: 16-May-2018 15:44) Posted: I still think this counter ok ... Of the US$197.2 raised, US$191.1 million goes into the purchase of offices for further investment while the rest US$6.1 for non-investment purpose only. This is better than more counters issue rights to pay off bank borrowings
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puayheng Member	16-May-2018 16:02        puayheng About Contact  Quote this Post! Style: Fundamental   Mood:
x 0   x 0  Alert Admin	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. chenkhoon      ( Date: 16-May-2018 15:44) Posted: I still think this counter ok ... Of the US$197.2 raised, US$191.1 million goes into the purchase of offices for further investment while the rest US$6.1 for non-investment purpose only. This is better than more counters issue rights to pay off bank borrowings. puayheng      ( Date: 16-May-2018 15:21) Posted: I stand corrected on the preferential placement. Am still disappointed by the dilution in dpu. How is that yield accretive
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