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I have reconsidered my options and had in fact elected for partial script and partial cash in SRS account. As for the holding under CDP, I think I will also opt for part script and part cash. Reason being I think the price could be reaching bottom now so choosing for some scripts to save transaction cost. If I am proven to be wrong, I am willing to pick up more at lower prices. I did not factor in SRS interest because once the cash is build up, I will always buy shares as precisely what you said, the interest is almost non existent. For SRS, you can' t contribute more than 15.3k. It is strange that with the changes to higher CPF contribution limit, I thought they may increase SRS contribution limit too but so far, this is not happening.
Panda8 ( Date: 25-Aug-2023 07:52) Posted:
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Brother, may I know what is the rationale you collect cash in SRS account and subscribe DRIP under CDP account? Because the interest in SRS account is very minimum. For me, I don' t subcribe at all because end up holding odd lot.
Can I also check with you what will happen if we transfer more than the limit of 15.3K each year? So far, I only transfered at the limit. Can they allow us to transfer 20K into SRS account each year but tax relief is still base on 15.3k?
Thanks in advance
Can I also check with you what will happen if we transfer more than the limit of 15.3K each year? So far, I only transfered at the limit. Can they allow us to transfer 20K into SRS account each year but tax relief is still base on 15.3k?
Thanks in advance
HVRRVH ( Date: 17-Aug-2023 11:47) Posted:
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Lendlease Global Commercial REIT (Lendlease REIT) reported an 8% decrease in its distribution per unit (DPU) to S$0.0225 for the second half of fiscal year 2023 (FY2023) ended June 2023.
Table of Contents
Lendlease REIT Results 2023 H2 Summary
Distribution Per Unit (DPU)
👍 Good For Lendlease REIT
👎 Bad News For Lendlease REIT
Lendlease REIT Results 2023 H2 Summary
Distribution Per Unit (DPU)
Year / DPU H1 H2 Full Year
2022 $0.0240 $0.0245 $0.0485
2023 $0.0245
(+2.1%) $0.0225
(-8.1%) $0.0470
(-3.2%)
Ex-date was 15 August 2023. At the current $0.59 per unit, it 8% dividend yield for Lendlease REIT assuming the full-year distribution of 4.7 cents
Table of Contents
Lendlease REIT Results 2023 H2 Summary
Distribution Per Unit (DPU)
👍 Good For Lendlease REIT
👎 Bad News For Lendlease REIT
Lendlease REIT Results 2023 H2 Summary
Distribution Per Unit (DPU)
Year / DPU H1 H2 Full Year
2022 $0.0240 $0.0245 $0.0485
2023 $0.0245
(+2.1%) $0.0225
(-8.1%) $0.0470
(-3.2%)
Ex-date was 15 August 2023. At the current $0.59 per unit, it 8% dividend yield for Lendlease REIT assuming the full-year distribution of 4.7 cents
teeth1953 ( Date: 24-Aug-2023 19:16) Posted:
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Lendlease REIT Results 2023 H2 DPU $0.0225 (Down 8%) https://www.turtleinvestor.net/lendlease-reit-results-2023-h2/
teeth1953 ( Date: 16-Aug-2023 07:23) Posted:
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Lendlease REIT Results 2023 H2 DPU $0.0225 (Down 8%) https://www.turtleinvestor.net/lendlease-reit-results-2023-h2/
Alignment ( Date: 16-Aug-2023 14:46) Posted:
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Fast hand fast leg elected for script already using DBS Digibot for the SRS holding. Don' t want to think too much whether the price will drop some more or not. Opted for partial election. It is likely that after script election period is over the price will drop some more. It' s ok if drop maybe can buy a bit more since my holding hasn' t reach my targeted portfolio percentage. Still waiting for snail mail for the script electino to come for the holding under CDP.
HVRRVH ( Date: 17-Aug-2023 11:47) Posted:
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DRIP @ 59.82 cents. Will subscribe for it under CDP account but will take cash under SRS account.
Yes my list is the one with perpertuals not term.
We have 33 listed REITs. Separately we also have a number of listed business trusts. I think a majority of these also have perpetuals.
Certainly from a size standpoint, most of the larger REITs and busines trusts have perpetuals. The only large REITs that do not are CICT and the two Fraser ones. I don' t really look at the smaller REITs except Sabana.
We have 33 listed REITs. Separately we also have a number of listed business trusts. I think a majority of these also have perpetuals.
Certainly from a size standpoint, most of the larger REITs and busines trusts have perpetuals. The only large REITs that do not are CICT and the two Fraser ones. I don' t really look at the smaller REITs except Sabana.
Ok I took it as what you said. They are all Pert and not Term? Your point is well taken though. How about the rest? We do have more than 33 listed reits right? Anyway, on hindsight Lreits should have managed their cost better. There is no reason to ballon the cost of borrowing by well over 200%, acquisition of Jems notwithstanding since there was a right issues for this purpose.
Alignment ( Date: 16-Aug-2023 14:46) Posted:
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17 S-REITs (not sponsors) out of 33 listed SREITs have perpetuals.
They are: AIMS APAC REIT, Ascendas REIT, CLCT, Cromwell REIT, Daiwa Logistics Trust, ESR Logos REIT, First REIT, Keppel REIT, Lendlease REIT, Lippo Malls Trust, MIT, MLT, MPACT, OUE Commerical REIT, Paragon REIT, Starhill REIT, Suntec REIT
They are: AIMS APAC REIT, Ascendas REIT, CLCT, Cromwell REIT, Daiwa Logistics Trust, ESR Logos REIT, First REIT, Keppel REIT, Lendlease REIT, Lippo Malls Trust, MIT, MLT, MPACT, OUE Commerical REIT, Paragon REIT, Starhill REIT, Suntec REIT
I think most reits do not have perpetuals. It is likely that their respective sponsors may have perpetuals but most reits do not have.
Alignment ( Date: 16-Aug-2023 13:41) Posted:
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Most REITs have perpetuals to help get under the 50% limit as you say. Sabana REIT is one of the few that does not for instance.
One thing to watch out for is if the perpetual has a step up interest margin reset at the first date the perpetual can be called in by the issuer. This is meant to incentivise the issuer to redeem the perpetual at this point in time because if it does not the interest cost steps up. Lendlease' s perpetuals do not have this. Fraser for instance has some perpetuals out that do have this clause however, so it will be more painful for them when the time comes.
One thing to watch out for is if the perpetual has a step up interest margin reset at the first date the perpetual can be called in by the issuer. This is meant to incentivise the issuer to redeem the perpetual at this point in time because if it does not the interest cost steps up. Lendlease' s perpetuals do not have this. Fraser for instance has some perpetuals out that do have this clause however, so it will be more painful for them when the time comes.
This is the link to the article. Very well written. It highlighted my conerns with regard to the 2 perpetual bonds, which are deems ' capital' but in fact, if you added that to ' debts' , the gearing will shoot up to above 50%! This is dragging down dpu and unit price and unlikely to resolve soon.
https://growbeansprout.com/lendlease-reit-aug-2023
https://growbeansprout.com/lendlease-reit-aug-2023
teeth1953 ( Date: 16-Aug-2023 07:23) Posted:
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If DRIP price start with 5x.xx cents I may bite. Simply because it will come with no transaction cost and the price will be much lower than the rights price and previous DRIP at 72 & 67.88 respectively. Also the price is now near covid level and personally would take the opportunity to add a bit more, be it thru DRIP or direct purchase, so as not to get diluted by new units under DRIP.
I think all those Reits and companies that have a lower financing cost (due to earlier hedging) now getting whacked
As US interest rate staying Higher for LONGER
So now market pricing in the lapsing of the earlier hedges and they have no choice, but now to refinance at higher cost
If now buying Reits, perhaps one indicator (among others) is to buy those with a much higher cost of debt as of now
Their share prices would have been bombed out
Just commenting
As US interest rate staying Higher for LONGER
So now market pricing in the lapsing of the earlier hedges and they have no choice, but now to refinance at higher cost
If now buying Reits, perhaps one indicator (among others) is to buy those with a much higher cost of debt as of now
Their share prices would have been bombed out
Just commenting
Insights REITS --- Is Lendlease REIT a buy at 9% dividend yield? 15 Aug 2023. Lendlease REIT has achieved a high occupancy for its retail malls in Singapore. However, its relatively high debt levels has led to an increase interest cost and a decline in distributions.
What happened?. What investors may like about Lendlease REIT (SGX: JYEU) .
JEM contributes positively to Lendlease REIT
What investors may not like about Lendlease REIT (SGX: JYEU)
#2 ? High debt levels could limit growth opportunities
What would Beansprout do?
What happened?
Many REIT investors might be familiar with Lendlease Global Commercial REIT (SGX:JYEU), which owns the 313@Somerset and JEM malls in Singapore.
Recently, Lendlease REIT reported its full full-year results for FY2023. As compared to most S-REITs that reported 1H 2023 results for this earning season, Lendlease REIT is slightly different as its financial year ends in June.
For FY2023, Lendlease REIT reported a distribution per unit (DPU) of 4.70 cents. This was lower than the 4.85 cents reported in the previous year.
While Lendlease REIT?s gross revenue and net property income rose compared to the previous year, distributions declined in FY2023
What happened?. What investors may like about Lendlease REIT (SGX: JYEU) .
JEM contributes positively to Lendlease REIT
What investors may not like about Lendlease REIT (SGX: JYEU)
#2 ? High debt levels could limit growth opportunities
What would Beansprout do?
What happened?
Many REIT investors might be familiar with Lendlease Global Commercial REIT (SGX:JYEU), which owns the 313@Somerset and JEM malls in Singapore.
Recently, Lendlease REIT reported its full full-year results for FY2023. As compared to most S-REITs that reported 1H 2023 results for this earning season, Lendlease REIT is slightly different as its financial year ends in June.
For FY2023, Lendlease REIT reported a distribution per unit (DPU) of 4.70 cents. This was lower than the 4.85 cents reported in the previous year.
While Lendlease REIT?s gross revenue and net property income rose compared to the previous year, distributions declined in FY2023
Going to announce DRIP price on 17.8.23. The previous DRIP was 67.88 and despite ' analysts' positive calls and TP as high as 90 cents or 80 cents, my view is bottom has not reached. The price is now firmly below rights price of 72 cents, DRIP price of 67.88 cents so needless to say, there is no reason to subscribe to the upcoming DRIP, which likey to be price at around 60.55 to 61.25.
HVRRVH ( Date: 16-Mar-2023 15:57) Posted:
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Unlikely as it will be a hassle for them to move. However, there are news that Seria A is interested in buying over Sky Italia from Comcast but so far, Comcast is unwilling to sell. If there is a change of ownership, then we would not know what is the plan with the existing lease. Having said that, Sky Italia complex is located at a good area, with new grade A buildings being constructed and it seems the sponsor have joint interest in 2 of the buildings, i.e., Spark 1 and Spark 2. So they do see the area as a whole as attractive and shold Sky Italia wants to break the lease, they may be able to find other tenants but yes, it may be hard to find a single tenant like Sky italia to occupy the whole building.
Alignment ( Date: 10-Aug-2023 16:36) Posted:
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Will Sky Italia exercise its break clause in 2026? That seems like the biggest question.
Lendlease Global Commercial Reit H2 DPU down 8% to S$0.0225THE manager of Lendlease Global Commercial Reit (Lendlease Reit) : JYEU 0% posted a distribution per unit (DPU) of S$0.0225 for the second half of FY2023 ended June 2023, down 8 per cent from S$0.0245 in the corresponding period a year earlier.Distributable income rose 21.6 per cent to S$52.2 million, from S$42.9 million a year earlier, while gross revenue climbed 65.1 per cent to S$103.1 million over the same period.In a bourse filing on Monday (Aug 7), the Reit manager attributed the higher gross revenue to the acquisition of Jem in April 2022, as well as the easing of Covid-19 measures. However, this was offset by lower revenue from Sky Complex in Milan as the euro weakened against the Singdollar.The manager noted that property operating expenses rose 54.3 per cent to S$25.6 million due to the acquisition of Jem.Finance costs also more than doubled to S$27.8 million, from S$10.4 million a year earlier due to incremental borrowings to fund the Jem acquisition, as well as a higher average interest rate.For the full year, Lendlease Reit&rsquo s distribution per unit stood at S$0.047, down 3 per cent from the S$0.0485 it posted in FY2022.Net property income jumped 103.9 per cent to S$153.9 million, while gross revenue soared 101.5 per cent to S$204.9 million.The Reit continues to see portfolio committed occupancy of 99.9 per cent, with weighted average lease expiry of 8.2 years by net lettable area, assuming Sky Italia does not exercise its break option in 2026.The Reit also saw retail rental reversion of 4.8 per cent on a weighted average basis, as well as office rental escalation of 5.9 per cent at its Sky Complex property, effective May 2023.Meanwhile, in a separate filing, the Reit manager said Lendlease Group&rsquo s Asia chief executive Justin Gabbani will be appointed chairman of the manager&rsquo s board from Aug 8. The manager on Jul 19 announced that Ng Hsueh Ling would be stepping down as chairman of the board.