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Prime US ReitUSD
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Prime US Reit SGX debut 19 JUL 2019
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delsolvtec
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15-Sep-2023 14:15
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You have no clue how to read financial statements of these reits. Eagle was a conjob from the START.
PRIME is in a totally different boat with Keppel and Temasek on board. Read their financial statements on their rentals properly and maybe look up their individual properties.
Meh , credibility suss , sounds like you are Short hahaha and Burning from the dividend.
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delsolvtec
Member |
15-Sep-2023 14:11
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Again, even at 40% of e value , 13ct share price , you wld gain abt a triple from here.
Plus they r NOWHERE near that , they lowered their leverage ratio from May 2023 to Sept 2023 from 43% to 42%.
Wake up , ppl . Or maybe don't wake up, scooping up tons of shares here.
50kusd dividend coming up in 1 week time !
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marketuncle
Senior |
15-Sep-2023 13:39
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For one notable example of liquidated REIT, look no further than Eagle trust... see how much investors managed to get back. | ||
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checkmate
Member |
15-Sep-2023 12:48
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Which collapsed reit so far did fire sales before bankruptcy? Most likely the managers will want to retain their jobs for as long as possible until the point of no return. Shareholder interests and manager interests are not aligned here.
We are all punting that us office reits will recover some day, don't need to justify your investment on valuation. Just hope that the end of year valuation will be less worse than expected. |
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Alignment
Member |
15-Sep-2023 12:29
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The other issue is who is controlling the fire sale. If it is the REIT manager representing equity interests then that is a less worse situation. The real problem comes if it is the credit holders in charge following an event of default - in that case they only really care about getting their capital back which requires (say) 40% of property value. To give a hypothetical example, if they are faced with two options, first to do a sale process that maximises proceeds over say three years and achieves say 80% of value (which would leave shareholders getting a premium to the current share price), or second to do a fire sale that gets back in say 6 months only say 40% of value (which would make credit whole but wipe equity holders out), then they would likely choose the second option, because that is the better outcome for them. | ||
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delsolvtec
Member |
15-Sep-2023 12:21
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Anyway company jus posted 2.45ct div , and I am happy w my $50k. Usd div , LOL. Awaiting Feb dividend. Ppl who refuse to buy and want to continue "thinking", pls do. | ||
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delsolvtec
Member |
15-Sep-2023 12:15
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Haha do you REALLY THINK. That 14. PRIME US OFFICE PROPERTIES will have No buyers? Or are worth 140million USD ( which is what the company is worth at 13ct ). Hahaahhaah . Market is severely mispricong these office reits period. It's akin to saying 14 MBFC buildings can be bought for ard $150million USD. Wait long long. Even fire sale , the properties WLD easily bring 1 billion in total. | ||
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marketuncle
Senior |
15-Sep-2023 10:35
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Not so simple. Fire sale also need to make sure got buyers. If no buyers (or not enough), want to also can' t close the REITs. And even if go into liquidation, it is a long process of suspended trading and investors will have to wait literally long long to see their money (profit). 
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delsolvtec
Member |
15-Sep-2023 10:12
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Basically, the NAV is 75ct a share. Even if we reduce the value of the properties by 30% , and the NAV drops to 50ct a share. ... at 13ct a share, I would jus institute a selloff of the entire Reit and real estate and distribute the assets to shareholders. Even if u fire sale the individual properties at a 50% discount.... shareholders wld still triple their money at this level of 13ct. Remember NAV is ( Asset MINUS liabilities)/share holding. This the debts and all are already included. Eg. For ManU life Reit , I wld jus mandate a complete sell off of ALL properties and close the REIT. This WLD easily yield 30ct a share ( their nav is 50ct currently). Even at fire sale prices. This buying them at 6ct is a steal. Of cos people say when valuation drops , convenents may be triggered. Fine if convenents are triggered , then mandate a entire sell off of the entire Reit properties to settle the banks, what's the big deal rite? Close the REIT. | ||
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fatpig
Senior |
14-Sep-2023 10:25
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Rise in cap rates can lead to a decline in share prices if investors perceive it as an indicator of increased risk or reduced demand for the property. This may result in higher yields for investors, but it could also signal a potential downturn in the real estate market. In contrast, a fall in cap rates could lead to an increase in share prices and lower yields for investors if investors perceive it as an indicator of reduced risk or increased demand for the property. This is because a lower cap rate implies a higher valuation for the property and could result in greater returns for investors. Overall, investor sentiment and market conditions play a significant role in determining the relationship between cap rates and share prices. While a high expectation of cap rates can lead to a decline in share prices and higher yields for investors, it is not always a reliable indicator of actual property income or future returns on investment.
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graham73
Member |
14-Sep-2023 10:03
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Keppel Corporation AGM (9 December 2021) https://www.kepcorp.com/en/file/investors/annual-general-meeting/2021/egm/gcat-minutes-of-egm-9-december-2021.pdf Point 9. Would Keppel support any synergistic combination between Keppel Oak Pacific REIT and Prime US REIT, should the proposed transaction be successful? Chairman said that if there was a good rationale for a synergistic combination between Keppel Oak Pacific REIT and Prime US REIT and such combination appealed to unitholders, Keppel would support in its capacity as a unitholder (caveat: I am vested in both Prime and Keppel Oak)   |
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Alignment
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14-Sep-2023 09:52
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Whilst the trends you mention are happening, the former clearly outweighs the latter, at least into the medium term.  Even just focusing on the co-working model as an industry in itself it is becoming saturated. Look at wework.- down 99%. |
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graham73
Member |
28-Aug-2023 08:43
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In the US, while big tenants are downsizing office space, there are growing number of SMEs/ start-ups which are opting for co-working space, and are popular with employees because of the location/time/social flexibility. Prime and Keppel Oak could collaborate with Singapore or Asia co-working companies, like JustCo, The Hive, The Executive Centre, The Great Room (by Industrious) - which have tens of offices in APAC, but none yet in US. US is where the big scale is, which will not be a surprise if this is on their expansion plans. The current downturn is a good opportunity for them to peetrate with lower cost entry barriers. If they work together, it will not be for a single office location, but multiple office locations - to yield economies of scale of management. To lower cost of barrier for Asia co-working companies, they could look at business model of base fee + revenue-sharing. https://www.nytimes.com/2023/05/31/business/co-working-spaces-corporate-workers.html https://www.nytimes.com/2022/05/17/technology/coworking-spaces-wework.html https://www.justcoglobal.com/sg/ https://thehive.com/ https://www.executivecentre.com/en-sg/locations/ https://thegreatroom.co/ (part of global Industrious chain)   |
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graham73
Member |
24-Aug-2023 15:36
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Prime price has not reached capitulation yet | ||
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checkmate
Member |
24-Aug-2023 11:41
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I like pessimistic analysts. I' ll be wary if they only say the good things.
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superstartup
Elite |
24-Aug-2023 11:39
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Thanks for sharing Too bad, I already own 110,000 @ average cost 22.54c Bought into the higher yield and hoping Prime can ride out the current environment and then I can have a small holdings with high yield for permanent long term  portfolio Anyway, bought small small, not buying more too  
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marketuncle
Senior |
24-Aug-2023 11:17
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Say until PRIME is not far from MUST. https://secure.fundsupermart.com/fsmone/article/rcms277040 |
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superstartup
Elite |
24-Aug-2023 09:22
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SSHs, Temasek and Keppel no knock CEO of Prime ?   |
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graham73
Member |
23-Aug-2023 10:52
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Ironically, if Prime falls lower, might not be a bad thing. It could finally attract/trigger (similar business) buyer to come in and take over on the cheap (we' e talking about grade-A office buildings mainly in sun-belt cities which are relatively resilient). It' s a matter of at what level they deem as too cheap to take action. There are only a handful of players in Sngapore that invest in US Office REIT, their board members have similar company background. It' s a small circle. (caveat: I recently started investing in this. It' s a high-risk counter, pls apply your own analysis & judgement)   |
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fatpig
Senior |
23-Aug-2023 05:15
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Prime US REIT may be unnecessarily feeling the heat from the negative headlines surrounding one its peers, and the US office market in general. This was the assessment provided by Harmeet Singh Bedi, CEO of the REIT&rsquo s manager, during a recent event with investors. Prime US REIT is one of three Singapore Exchange (SGX)-listed REITs that exclusively own US office assets. For its 1H 2023 results, the REIT reported gross revenue of USD79.5 million and net property income (NPI) of USD47.2 million, 2.9% and 7.2% lower year-on-year respectively. |
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