More fierce than Oue commercial. One day down 3cents. Later like OUE commercial reit, lowest $0.20. Took 1.5 months. Esr at this rate, 3 more days.
valuation loss does not affect cash flow. So are u a shareholder of ESR-LOGOS?
If u are, then u should sell away ur ESR-LOGOS
If u are not, then why are u here? spread fear?
sangsang1 ( Date: 27-Jul-2023 19:29) Posted:
just check pg 2 and 3 of the 1h2023 financial report la ... i lazy la..
1h2023 loss of 20million 1h2022 loss of 344 million
https://esr-logosreit.listedcompany.com/newsroom/20230726_060605_J91U_IL2THCCGQGV8G8BC.1.pdf |
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just check pg 2 and 3 of the 1h2023 financial report la ... i lazy la..
1h2023 loss of 20million 1h2022 loss of 344 million
https://esr-logosreit.listedcompany.com/newsroom/20230726_060605_J91U_IL2THCCGQGV8G8BC.1.pdf
The capital distribution is 18% of dividend.
completing the 3 AEI and 1 development will not increase dividend by 18%.
its only 3 AEIs and 1 development out of a 81 property portfolio
So even when this is completed and they stop capital distribution, very likely dpu will drop
Again, dont look at glossy presentation and read the cold hard financial numbers in the financial report.
then you will also see the 96 million write down in value in 1H2023 alone and the drop in book value to 33.6 cents
U miss my earlier explanation? well. I post here again..
The CEO said the capital distribution will be there to support the DPU until the 3 AEIs are completed expected around 1Q24 and then income from these 3 AEIs will be more than enough to cover the removal of capital distribution and help increase the DPU and NTA just like how the AEI of Newtech Park helped to push up the DPU and NTA of Sabana reits.
sangsang1 ( Date: 27-Jul-2023 17:42) Posted:
I think investor who have sold out of ESR since 2019 all happy that they did that.
I try to listen lesser to management and really look at cold hard numbers which explains why the share price is down so much since 2019.
on top of losing 30 million when divesting the 300 plus million properties, ESR also write down their properties by 96 million in 1H2023. Is this the reason why they had to raise placement and rights?
This is part of the reason why book value fell to 33.7 cents from 36.4 cents. in 2H2022, ESR also had to write down property portfolio by 50 million
In end 2019, NAV was 43 cents, so this is a more than 20% drop in more than NAV in 3 years.
Look at the DPU as well.. if you take out capital distribution, real dpu from rental income only 1.13 cents in 1H2023.
Once they stop capital distribution, get ready for the probably big drop in DPU.
The last time they stop capital distribution from 2019 to 2020, price crashed from 50 cents to 40 cents
luckyguy3 ( Date: 27-Jul-2023 08:24) Posted:
I have attended every EGM and AGM and I understand what is going on in ESR-LOGOS.
They trying to build up ESR-LOGOS into one of the largest Reit and is now implementing the 4Rs strategies
One of the strategies is to sell outdated short lease non expandable assets and acquire longer lease new economy assets
during this time of expansion into one of the largest reit to rival mapletree or capitaland, we expect to face short term
headwind.
For those who assume ESR-LOGOS not going to make it, u should sell away your ESR-LOGOS and switch to other counters
to spare u the agony and anger |
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Sure.. if u not happy with ESR-LOGOS u sell.. If u think u trust their 4Rs strategies u hold or buy. Very simple.
So Iooks like u already sold or u not holding on the ESR-LOGOS anymore.
Good for you then.
As for capital distribution, U better take a look at mapletree logistics or industrial or capitaland. They all declare capital distribution. From the way u are implying, u are saying capital distribution is a bad thing. Then why not u go to mapletree thread and u take out their capital distribution and spread fear in Mapletree thread.
Next I ALREADY MENTIONED that when ESR-LOGOS stops the capital distribution, the income from the 3 completed AEIs will cover and exceed the capital distribution, u seems to act blur on this point. Did you go for the AGM or EGM? I bet u never.
sangsang1 ( Date: 27-Jul-2023 17:42) Posted:
I think investor who have sold out of ESR since 2019 all happy that they did that.
I try to listen lesser to management and really look at cold hard numbers which explains why the share price is down so much since 2019.
on top of losing 30 million when divesting the 300 plus million properties, ESR also write down their properties by 96 million in 1H2023. Is this the reason why they had to raise placement and rights?
This is part of the reason why book value fell to 33.7 cents from 36.4 cents. in 2H2022, ESR also had to write down property portfolio by 50 million
In end 2019, NAV was 43 cents, so this is a more than 20% drop in more than NAV in 3 years.
Look at the DPU as well.. if you take out capital distribution, real dpu from rental income only 1.13 cents in 1H2023.
Once they stop capital distribution, get ready for the probably big drop in DPU.
The last time they stop capital distribution from 2019 to 2020, price crashed from 50 cents to 40 cents
luckyguy3 ( Date: 27-Jul-2023 08:24) Posted:
I have attended every EGM and AGM and I understand what is going on in ESR-LOGOS.
They trying to build up ESR-LOGOS into one of the largest Reit and is now implementing the 4Rs strategies
One of the strategies is to sell outdated short lease non expandable assets and acquire longer lease new economy assets
during this time of expansion into one of the largest reit to rival mapletree or capitaland, we expect to face short term
headwind.
For those who assume ESR-LOGOS not going to make it, u should sell away your ESR-LOGOS and switch to other counters
to spare u the agony and anger |
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ESR-Logos Reit posts 5.6% drop in H1 DPU to S$0.01378 on enlarged unit base
But manager says equity fundraising and divestment of &ldquo non-core assets&rdquo strengthened balance sheet
(ESR-Logos Reit) S$300 million equity fundraising earlier this year has caused its distribution per unit (DPU) to fall 5.6 per cent to S$0.01378 for its first half year ended June, from S$0.01460 the year before, due to the enlarged unit base.
But Adrian Chui, chief executive of its manager, wanted to draw attention to how proceeds from the fundraising, combined with that from the announced divestments of seven assets for S$337 million, has recapitalised and strengthened the Reit&rsquo s balance sheet.
That has, in turn, eased concerns around gearing pressures and the continued high interest rate environment for the Singapore-focused industrial Reit.
Speaking to reporters at an earnings call on Wednesday (Jul 26), Chui said &ldquo we have to start paying bills&rdquo , pointing to asset enhancement initiatives (AEI) on the cusp of completion.
The earliest ones relate to 7002 Ang Mo Kio Avenue 5, its high-specs industrial asset that is costing some S$53.3 million to redevelop, and its general industrial property 21B Senoko Loop, being developed at an estimated cost of S$38.5 million.
Said Chui: &ldquo After paying all the bills, we should probably end up with (a low leverage of) about 34 per cent to 35 per cent. We&rsquo d have no more debt to refinance in 2023, and 75 per cent of interest cost is being fixed for 1.7 years.&rdquo
The Reit&rsquo s pro forma gearing will be reduced to 33.6 per cent, from 39.4 per cent as at Jun 30, upon completion of the announced divestments. The lower gearing grants the Reit headroom to &ldquo pursue organic growth&rdquo , undertake more AEIs, redevelopments, and acquisitions to improve the quality of its asset portfolio, Chui said.
&ldquo Not selling crown jewels&rdquo
Chui, meanwhile, addressed disquiet over the proposal to sell five of its Singapore properties at a 5.1 per cent discount to the portfolio&rsquo s latest valuation. A Business Times columnist had written about this, asking why it needs to be selling assets at a loss.
Chui said: &ldquo I am not selling my crown jewels. I think people need to understand that these are non-core assets.&rdquo They exhibit short remaining land leases, are small in size, have limited AEI potential, and have dated specifications, he added.
The intention was to shelter the Reit from a &ldquo double whammy of declining valuation&rdquo as land leases get shorter and interest rates rise, in turn impacting capitalisation rates, he stressed.
&ldquo You might as well just sell these right now to the market... do our recycling and get the money off the table first before things probably become worse,&rdquo he added.
Turning to address asset pricing, Chui said: &ldquo What makes these non-core (assets) suddenly become crown jewels for other people?&rdquo
Asked if a merger with Sabana Industrial Reit is back under consideration, Chui said: &ldquo I have no comments on this. Each one has its own board. I have my own board. Our strategy is very clear. (It is) rejuvenation and focusing on assets.&rdquo
If the Reit had not done any equity fundraising, DPU would be flat on the year, he also revealed.
Of the S$0.01378 DPU, the Reit had paid an advanced distribution of S$0.00448 per unit on Apr 14 for Jan 1 to Feb 26, ahead of the trust&rsquo s private placement completed earlier this year. The remaining distribution for H1 will be paid out on Sep 27.
Gross revenue was up 33.3 per cent to S$196.8 million for the half-year period, from S$147.7 million in the previous year. This was attributed to full half-year contributions from ALog Trust after the merger in April 2022 and the acquisition of ESR Sakura Distribution Centre in October 2022.
Net property income (NPI) grew 37 per cent on the year to S$140.8 million, from S$102.8 million in the year ago period.
Increases in gross revenue and NPI were, however, partially offset by higher borrowing costs, trust expenses and finance costs following the equity fundraising exercise.
Borrowing costs were 60 per cent higher in H1 due to increased borrowings to partially fund the merger and the acquisition of ESR Sakura Distribution Centre, on top of higher interest rates.
The Reit&rsquo s trust expenses registered a 22.2 per cent increase to S$3.6 million, while its finance costs on lease liabilities for leasehold land grew 63.8 per cent to S$14.3 million.
Total amount available for distribution rose 37.9 per cent year on year to S$101.5 million, from S$73.6 million in the previous year.
While positive rental reversions of 11.6 per cent were recorded in the first half, Chui said he expects growth to slow to about 10 per cent in the second half, as the ongoing economic slowdown could affect the manufacturing sector.
&ldquo We&rsquo ve not seen tenants returning space to us or downsizing. However, expansion space discussion has taken a longer time, and they are definitely more cautious,&rdquo he said.
I have attended every EGM and AGM and I understand what is going on in ESR-LOGOS.
They trying to build up ESR-LOGOS into one of the largest Reit and is now implementing the 4Rs strategies
One of the strategies is to sell outdated short lease non expandable assets and acquire longer lease new economy assets
during this time of expansion into one of the largest reit to rival mapletree or capitaland, we expect to face short term
headwind.
For those who assume ESR-LOGOS not going to make it, u should sell away your ESR-LOGOS and switch to other counters
to spare u the agony and anger.
sangsang1 ( Date: 26-Jul-2023 22:48) Posted:
DPU propped up by capital distribution from cash, without capital distribution, DPU actually down quite alot
1H2023 1H2022
Distribution per unit (cents) 1.378 1.46 -5.6%
Taxable income 1.073 1.231 -12.8%
Tax exempt income 0.056 0.134 -58%
Capital distribution 0.249 0.095 +162%
once they stop capital distribution from cash, then DPU will be down quite alot
Goldfinger ( Date: 26-Jul-2023 12:49) Posted:
| Paiseh. But you may need some Reit guidance from the experts here. Proportionately it was good given the new units issued |
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Did u attend the EGM and AGM?
The capital distribution will be there to support the DPU until the 3 AEIs are completed expected around 1Q24 and then income from these 3 AEIs will be more than enough to cover the removal of capital distribution.
If u are not a shareholder or u never gone for any of the EGM or AGM, then please do not resort to fear mongering. The DPU will instead increase once the 3 AEIs are completed.
sangsang1 ( Date: 26-Jul-2023 22:48) Posted:
DPU propped up by capital distribution from cash, without capital distribution, DPU actually down quite alot
1H2023 1H2022
Distribution per unit (cents) 1.378 1.46 -5.6%
Taxable income 1.073 1.231 -12.8%
Tax exempt income 0.056 0.134 -58%
Capital distribution 0.249 0.095 +162%
once they stop capital distribution from cash, then DPU will be down quite alot
Goldfinger ( Date: 26-Jul-2023 12:49) Posted:
| Paiseh. But you may need some Reit guidance from the experts here. Proportionately it was good given the new units issued |
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