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Latest Forum Topics / ESR-REIT  Post Reply
Cambridge Ind Trust Results Announcement
baoyuk
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09-Dec-2022 19:28     
 
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 Alert Admin 		Vacancy rate of Changi Business Park is very jialat at  almost 25% in 2Q2022  according to a JTC and Savills report,

much much higher than islandwide -15%, One North - 4%

and its almost 10% of ESR REIT portfolio!!! OUCH 

and now even the manager is moving out    laughlaughlaugh

DYODD
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lukewong82
Master
30-Nov-2022 14:18     
 
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http://www.theedgesingapore.com/capital/brokers-calls/singapores-logistics-sector-sweet-spot-rhb
Singapore& rsquo s logistics sector in a ' sweet spot' : RHB

Lim Hui JieWed, Nov 30, 2022  & bull   01:13 PM GMT+08  & bull   17 minutes ago  & bull   4  min read

RHB Group Research has described Singapore& rsquo s logistics sector to be in a & ldquo sweet spot,& rdquo as demand for logistics services rises in the region.

The research team has pointed out that as the demand for such services rose, the governments of Indonesia, Malaysia, Singapore and Thailand have embarked on strategies to encourage the sector in their own countries to move up the value chain.

& ldquo That said, Singapore has enjoyed extraordinary success in this respect, over the past few decades,& rdquo the team says.

Among the Asean member countries covered in their report, they point out that only Singapore has been ranked among the top positions, at seventh out of 160 countries measured by the World Bank& rsquo s 2018 Logistics Performance Index (LPI) score. (see Figure 1)


As for the other countries, the quality of logistics-related infrastructure has put mild pressure on the LPI scores for Thailand, Malaysia, and Indonesia. & ldquo That said, all three countries should be able to mitigate this by offering a high quality of logistics services,& rdquo says the research team.

See also:    Analysts mixed on Frencken& rsquo s outlook following 3QFY2022 earnings miss

They believe that these four Asean nations can work together to & ldquo create positive synergies in areas like regional infrastructure connectivity, eliminating logistics barriers across borders, enhancing the efficiency of the clearance process.& rdquo

Specifically for Singapore, they think that it should maintain its pole position as Asia& rsquo s top logistics hub on the back of supply chain shifts, government policies and major infrastructure upgrades to its seaport and airport.

This is supported by the Singapore government' s expectations that the logistics sector will post an annual value-added (VA) growth of 2% to $6.9 billion by 2025 and add 2,000 new jobs.

See also:    ST Engineering order book reaches new high despite US divestment, analysts divided

To that end, the research team expects the demand for warehouses to remain robust, and Singapore logistics players should still enjoy healthy occupancy rates and rental rates increase.

Their stock picks within the sector for Singapore are ESR-Logos REIT, AIMS APAC REIT (AAREIT) and Capitaland Ascendas REIT (A-REIT).

In his section on Singapore, analyst Vijay Natarajan says its logistics industry is poised to benefit from Asia& rsquo s growth, with the anticipated rise of consumption and manufacturing in the region.

& ldquo As companies look towards diversifying their existing production bases and supply chains, the emergence of South-East Asia as a viable alternative location has also placed Singapore in a good position.& rdquo

Natarajan says Singapore is also a key regional hub for global logistic players, with the top 25 companies conducting operations here. Most of them, like DHL and Schenker, have set up regional or global headquarters functions here.

Singapore acts as a base for these firms to anchor major logistics and supply chain operations, specialise capabilities, and conduct innovation activities to provide new supply chain solutions.

He says that the sector has remained not only resilient, it also emerged strong post-Covid-19, as many businesses seized opportunities to consolidate and scale their operations.
 
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lukewong82
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18-Nov-2022 19:37     
 
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 Alert Admin 		That fear monger only speculates and talks nonsense. I wonder why Admin allows this type of user here.

Anyway I' ve done my part with real facts and figures. I think most users will treat that fear monger as " noise" :)

Cheers
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baoyuk
Member
18-Nov-2022 17:59     
 
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 Alert Admin 		Funny these guys... when you dispose assets to cut leverage, your DPU will fall which will also affect share price    laughlaughlaugh   
Since 2H22, it is also not easy to sell as interest cost for buyer is also super high

1H22 DPU (w/o one time capital distribution) only 1.365.. In 2H22, u will have higher interest rate. 3Q22 NPI per unit already -6% YoY.. so do you own calculation DYODD

The problem is that the REIT is gg into an economy slowdown with fast rising interest rate and cost with high leverage of 42+%

For example if a person leverage up to almost max to buy a property and then the property market start turning down... and price starts dropping. this is the problem

The book value of ESR REIT has dropped from $0.43 in 2019 to $0.36 now... let' s see if the higher interest rate environoment will make it drop further
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lukewong82
Master
18-Nov-2022 06:17     
 
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 Alert Admin 		ESR-LOGOS venturing into Japan is a good thing:
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lukewong82
Master
18-Nov-2022 06:14     
 
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 Alert Admin
ESR-LOGOS also mentioned that the value of the assets will not degrade because rental reversion is positive.
They also mentioned that their cost of fund is around 3% (this EGM was conducted in Oct aka Q4/22)
Compare this 3% to 2019 costs of fund of 3.9%, it shows that they have room to cater to high rates.
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lukewong82
Master
18-Nov-2022 06:08     
 
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 Alert Admin 		The minutes of the EGM on Oct (Q4/22),

There are 2 methods to bring down gearing: Placements/right issues or disposal of assets. ESR-LOGOS reiterate  that 
DISPOSAL OF ASSETS will be their method of bringing down the gearing.
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baoyuk
Member
17-Nov-2022 22:14     
 
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 Alert Admin 		looks like the rising interesting rate situation going to get worst. DBS estimate that US rate might peak at 4.75%, another 0.75% increase from now.

REITs like ESR REIT with high leverage of 42%+ will be hit the hardest due to the increase in interest rate cost

If they choose to do a placement to lower leverage level, this is often done at a discount to market price

DYODD
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lukewong82
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14-Nov-2022 22:26     
 
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lukewong82
Master
14-Nov-2022 22:22     
 
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 Alert Admin 		ESR-LOGOS venturing into Japan assets where interest rate is NEGATIVE, even Keppel reit also doing the same . Smart move


http://www.mingtiandi.com/real-estate/outbound-investment/keppel-reit-enters-japan-market-with-60m-ginza-office-buy/
Keppel REIT is entering the Japanese market with a S$85.7 million ($60.5 million) acquisition on the capital& rsquo s most famous shopping street,      according to an announcement by the manager of the Singapore-listed trust  late Friday.

The REIT is set to acquire Ginza 2-chome, a nine-storey building located close to landmarks including the Seiko House Ginza Clock Tower and Ginza Mitsukoshi department store, from Japan& rsquo s Tokyu REIT, in a move which the manager tied to geographic diversification and dependable cash flow.

& ldquo This strategic acquisition of Ginza 2-chome in Tokyo marks Keppel REIT& rsquo s entry into Japan, the world& rsquo s third largest economy and Asia& rsquo s largest developed market,& rdquo said Wee Lih Koh, chief executive officer at Keppel REIT Management Ltd      in the release. & ldquo In line with our active portfolio management strategy, we believe this quality addition will strengthen our geographical and income diversification, provide greater stability and enhance Keppel REIT& rsquo s overall portfolio returns.& rdquo    The SGX-listed trust pointed to Japan& rsquo s & ldquo    low interest rate environment& rdquo as part of its strategic expansion into the country, with rates at      -0.10 percent  as of 28 October, supporting      agency research  that shows the depreciation of the yen and the Bank of Japan maintaining its low interest rate policy as drivers for real estate investment by foreign investors in the country.

Tokyo Exposure

With chief executives from Singapore-listed trusts ESR-Logos REIT and LendLease REIT pointing to rising concerns regarding      funding costs and availability of quality assets  domestically at Mingtiandi& rsquo s Singapore forum last month, Keppel REIT has turned to the Japan market to help resolve some of those challenges.
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lukewong82
Master
14-Nov-2022 22:21     
 
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 Alert Admin 		The fruits of it' s AEIs coming... just like Sabana completion of NewTech Park AEI

lukewong82      ( Date: 01-Nov-2022 01:42) Posted:

ESR-LOGOS TaiSeng occupancy was 76% a few mths ago, now after AEI, becomes 100%. This quarter result will be good, with Japan asset
accretive of 2.9% + profit from disposal of assets at premium.


lukewong82      ( Date: 01-Nov-2022 01:41) Posted:

http://www.theedgesingapore.com/news/reits/e-log-reit-obtains-practical-completion-queensland-property-and-100-occupancy-19-tai-seng

E-LOG REIT obtains practical completion in Queensland property and 100% occupancy in 19 Tai Seng Avenue following AEI

Felicia TanMon, Oct 31, 2022  & bull   08:13 AM GMT+08  & bull   3 minutes ago  & bull   1  min read
 
Following its AEI at 19 Tai Seng Avenue, a New Economy tenant from the information and communications technology (ICT) sector was secured, bringing the property to full occupancy. Photo: E-LOG REIT

The manager of ESR-LOGOS REIT (E-LOG) REIT has announced that 53 Peregrine Drive, Port of Brisbane, a logistics property located in Queensland, Australia, has received its practical completion following the completion of its asset enhancement initiative (AEI) on Oct 24.


53 Peregrine Drive had gone through an AEI to increase its gross floor area (GFA) by 26,335 sqm with an additional warehouse space of 10,115 sqm and hardstand of 16,220 sqm. The property is fully leased to ACFS Port Logistics Pty Ltd and has started contributing income since Oct 25.

In Singapore, the REIT& rsquo s property at 19 Tai Seng Avenue has achieved 100% committed occupancy after the completion of its AEI.

The building was converted into a high-specs building from a general industrial building on Oct 27. According to the REIT manager, the revamped building is suitable for high-value-add tenants in the advanced manufacturing sectors. Following its AEI, a New Economy tenant from the information and communications technology (ICT) sector was secured, bringing the property to full occupancy.


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lukewong82
Master
14-Nov-2022 22:20     
 
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 Alert Admin 		http://www.theedgesingapore.com/news/reits/e-log-reit-obtains-practical-completion-queensland-property-and-100-occupancy-19-tai-seng

E-LOG REIT obtains practical completion in Queensland property and 100% occupancy in 19 Tai Seng Avenue following AEI
Felicia TanMon, Oct 31, 2022  & bull    08:13 AM GMT+08  & bull    3 minutes ago  & bull    1  min read
 
Following its AEI at 19 Tai Seng Avenue, a New Economy tenant from the information and communications technology (ICT) sector was secured, bringing the property to full occupancy. Photo: E-LOG REIT

The manager of ESR-LOGOS REIT (E-LOG) REIT has announced that 53 Peregrine Drive, Port of Brisbane, a logistics property located in Queensland, Australia, has received its practical completion following the completion of its asset enhancement initiative (AEI) on Oct 24.


53 Peregrine Drive had gone through an AEI to increase its gross floor area (GFA) by 26,335 sqm with an additional warehouse space of 10,115 sqm and hardstand of 16,220 sqm. The property is fully leased to ACFS Port Logistics Pty Ltd and has started contributing income since Oct 25.

In Singapore, the REIT& rsquo s property at 19 Tai Seng Avenue has achieved 100% committed occupancy after the completion of its AEI.

The building was converted into a high-specs building from a general industrial building on Oct 27. According to the REIT manager, the revamped building is suitable for high-value-add tenants in the advanced manufacturing sectors. Following its AEI, a New Economy tenant from the information and communications technology (ICT) sector was secured, bringing the property to full occupancy.
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baoyuk
Member
14-Nov-2022 22:12     
 
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 Alert Admin 		ESR REIT sponser so smart, quickly selling Japan assets to ESR REIT at a good profit when Japan Central Bank starting to hint they will raise interest rate due to rising inflation in 2023.
 
https://www.reuters.com/markets/asia/weak-yen-prodded-japan-central-bank-debate-inflation-pressure-minutes-2022-11-02/
 
Keppel REIT has portfolio of $9billion and buy a small small property of 85million to test water.. if it doesnt work, < 1% of portfolio
 
ESR REIT portfolio is $5.5billion and buy a $185million asset. If it doesnt work, its > 3.3% of the portfolio.  laughlaugh
 
There' s another pipeline of 2billion to akan datang  laughlaugh   Given the high leverage of 42+%... its quite clear how the money will need to be raised
 
​ DYODD
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lukewong82
Master
14-Nov-2022 18:29     
 
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 Alert Admin

http://bondevalue.com/news/mapletree-to-not-redeem-s700mn-perps-on-first-call-date/
Mapletree To Not Redeem S$700mn Perps on First Call Date

by      |    Nov 8, 2022  |    Perpetual Bonds,    Singapore Dollar Bonds

Mapletree    Treasury    decided against redeeming its SGD 3.95% Perp on its first call date of 12 November 2022,  citing the & ldquo current macroeconomic conditions and interest rate environment& rdquo as reasons for skipping the call. The next call date is on 12 May 2023. The perps will not see a coupon step-up by Mapletree this month as its reset date is only on 12 November 2027 until which its coupons will remain at 3.95%. OCBC in a report said,  & ldquo In our view, the non-call is due to cost savings reasons in the current environment rather than an inability to access funding& rdquo . Mapletree& rsquo s decision follows Singapore-based    ESR-Logos REIT& rsquo s  decision to    forgo the call on its S$150mn 4.6% Perps  on November 3. The REIT had a coupon reset based on the 5Y SOR plus a spread of 260bp that led to its coupon rising from the prior 4.6% to 6.632%.

Mapltree& rsquo s    3.95% Perp  was trading stable at 92.22, yielding 21.2% to its next call date in May 2023.

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lukewong82
Master
14-Nov-2022 18:19     
 
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 Alert Admin 		http://www.theedgesingapore.com/news/reits/e-log-reit-obtains-practical-completion-queensland-property-and-100-occupancy-19-tai-seng

E-LOG REIT obtains practical completion in Queensland property and 100% occupancy in 19 Tai Seng Avenue following AEI
Felicia TanMon, Oct 31, 2022  & bull    08:13 AM GMT+08  & bull    3 minutes ago  & bull    1  min read
 
Following its AEI at 19 Tai Seng Avenue, a New Economy tenant from the information and communications technology (ICT) sector was secured, bringing the property to full occupancy. Photo: E-LOG REIT

The manager of ESR-LOGOS REIT (E-LOG) REIT has announced that 53 Peregrine Drive, Port of Brisbane, a logistics property located in Queensland, Australia, has received its practical completion following the completion of its asset enhancement initiative (AEI) on Oct 24.


53 Peregrine Drive had gone through an AEI to increase its gross floor area (GFA) by 26,335 sqm with an additional warehouse space of 10,115 sqm and hardstand of 16,220 sqm. The property is fully leased to ACFS Port Logistics Pty Ltd and has started contributing income since Oct 25.

In Singapore, the REIT& rsquo s property at 19 Tai Seng Avenue has achieved 100% committed occupancy after the completion of its AEI.

The building was converted into a high-specs building from a general industrial building on Oct 27. According to the REIT manager, the revamped building is suitable for high-value-add tenants in the advanced manufacturing sectors. Following its AEI, a New Economy tenant from the information and communications technology (ICT) sector was secured, bringing the property to full occupancy.
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baoyuk
Member
14-Nov-2022 17:22     
 
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 Alert Admin 		1. High leverage of 42+% in interest rate rising environment,
2.  short land lease assets in such as ESR Bizpark at Chai Chee, Jackson Square, Alog Commodity Hub, Alog Gul
3. Almost 1 placement/right per year since 2018 at discount to market price
4. Major shareholder Tong cashing out (share price down more than 15% from the price he cash out )
5. Drop in DPU from 2019
 
So many other reits trading at attractive valuation and DPU such as mapletrees, aims and all rebounding fast you recommending people to buy this REIT with all the things above??    laughlaughlaugh
 
DYODD
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lukewong82
Master
09-Nov-2022 20:36     
 
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 Alert Admin 		http://www.theedgesingapore.com/capital/brokers-calls/most-s-reits-should-be-able-keep-within-45-gearing-ratio-level-dbs

Most S-REITs should be able to keep within a 45% gearing ratio level: DBS
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lukewong82
Master
09-Nov-2022 20:32     
 
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 Alert Admin 		ESR-LOGOS venturing into JAPAN is a wise decision, even Keppel reit now going into Japan. The increase in gearing from 40% to 42% for ESR-LOGOS acquiring the Japan assets is basically free loan as the interest rate is almost zero in Japan. Thats why Keppel is venturing into Japan now.
So ESR-LOGOS indeed has the foresight .


Keppel REIT Enters Japan with $60M Ginza Office Buy - Mingtiandi

Keppel REIT is entering the Japanese market with a S$85.7 million ($60.5 million) acquisition on the capital&rsquo s most famous shopping street, according to an announcement by the manager of the Singapore-listed trust late Friday.

The REIT is set to acquire Ginza 2-chome, a nine-storey building located close to landmarks including the Seiko House Ginza Clock Tower and Ginza Mitsukoshi department store, from Japan&rsquo s Tokyu REIT, in a move which the manager tied to geographic diversification and dependable cash flow.

&ldquo This strategic acquisition of Ginza 2-chome in Tokyo marks Keppel REIT&rsquo s entry into Japan, the world&rsquo s third largest economy and Asia&rsquo s largest developed market,&rdquo said Wee Lih Koh, chief executive officer at Keppel REIT Management Ltd in the release. &ldquo In line with our active portfolio management strategy, we believe this quality addition will strengthen our geographical and income diversification, provide greater stability and enhance Keppel REIT&rsquo s overall portfolio returns.&rdquo

The SGX-listed trust pointed to Japan&rsquo s &ldquo low interest rate environment&rdquo as part of its strategic expansion into the country, with rates at -0.10 percent as of 28 October, supporting agency research that shows the depreciation of the yen and the Bank of Japan maintaining its low interest rate policy as drivers for real estate investment by foreign investors in the country.
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baoyuk
Member
09-Nov-2022 19:11     
 
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 Alert Admin 		lol.. after dropping like a stone..  ppl congratulating themselves when price increase abit...LMAO...

Funny as well.. this guy keep talking about 9%.. if you take 3Q DPU and reduce it the capital distribution, its projected at less than 8%.

Good and high quality reits with much lower leverage such as AIMS APAC yielding 8+%, FraserLog yielding 7+% and mapletreeind 6.4%+ , mapletreelog with 6+% 

careful if the ESR REIT with 42%+ leverage decides to decrease leverage during this interest rate cost rising period by doing a placement 

Most placements are done at 4-9% below market price    laughlaughlaugh

DYODD
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lukewong82
Master
08-Nov-2022 16:56     
 
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http://www.theedgesingapore.com/news/reits/e-log-reit-obtains-practical-completion-queensland-property-and-100-occupancy-19-tai-seng

E-LOG REIT obtains practical completion in Queensland property and 100% occupancy in 19 Tai Seng Avenue following AEI

Felicia TanMon, Oct 31, 2022  & bull   08:13 AM GMT+08  & bull   3 minutes ago  & bull   1  min read
 
Following its AEI at 19 Tai Seng Avenue, a New Economy tenant from the information and communications technology (ICT) sector was secured, bringing the property to full occupancy. Photo: E-LOG REIT

The manager of ESR-LOGOS REIT (E-LOG) REIT has announced that 53 Peregrine Drive, Port of Brisbane, a logistics property located in Queensland, Australia, has received its practical completion following the completion of its asset enhancement initiative (AEI) on Oct 24.


53 Peregrine Drive had gone through an AEI to increase its gross floor area (GFA) by 26,335 sqm with an additional warehouse space of 10,115 sqm and hardstand of 16,220 sqm. The property is fully leased to ACFS Port Logistics Pty Ltd and has started contributing income since Oct 25.

In Singapore, the REIT& rsquo s property at 19 Tai Seng Avenue has achieved 100% committed occupancy after the completion of its AEI.

The building was converted into a high-specs building from a general industrial building on Oct 27. According to the REIT manager, the revamped building is suitable for high-value-add tenants in the advanced manufacturing sectors. Following its AEI, a New Economy tenant from the information and communications technology (ICT) sector was secured, bringing the property to full occupancy.
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