*Official* MasterLeong Thread

[MasterLeong]

one thing is point out, if a pure reit portfolio.. say 100% reits can be dangerous is when during bear market....

during mega bear property prices fall say 20-50%
the gearing level on reits will shoot up
and many reits are forced to do rights issue as seen in 2009 GFC

holding too much reits, one would face too much cash call at the same time... and by not taking the rights... kanna dilute gao gao till die

 

[stam]

Almost all REITs also do placement/rights....

Posted with My iPhone 7plus HardwareZone Forums app

 

[MasterLeong]

2009 had the most rights issue due to GFC, everyone needed cash to repair the balance sheet, that's why I prefer to stick to high quality reit that are not too leveraged



CapitaLand Mall Trust
November 2012 (Private Placement)
November 2011 (Private Placement)
March 2009 (Rights Issue)
October 2005 (Preferential Offering + Private Placement)
July 2004 (Preferential Offering + Private Placement)
June 2003 (Preferential Offering + Private Placement)

Fraser Centrepoint Trust
July 2014 (Private Placement)
September 2011 (Private Placement)

Mapletree Commercial Trust
August 2016 (Preferential Offering + Private Placement)

SPH REIT
None

Starhill Global REIT
July 2009 (Rights Issue)

Lippo Mall
December 2014 (Private Placement)
November 2011 (Rights Issue)

Fortune REIT
August 2013 (Private Placement)
September 2009 (Rights Issue)
June 2005 (Preferential Offering + Private Placement)

CapitaRetail China Trust
October 2013 (Preferential Offering)
October 2012 (Private Placement)

BHG REIT
None

Keppel REIT
September 2014 (Private Placement)
November 2011 (Rights Issue)
October 2009 (Rights Issue)
April 2008 (Rights Issue)

Frasers Commercial Trust
July 2015 (Private Placement)
July 2009 (Rights Issue)
June 2007 (Rights Issue)

CapitaLand Commercial Trust
June 2009 (Rights Issue)
July 2006 (Preferential Offering + Private Placement)
April 2005 (Public Offering + Private Placement)

Suntec REIT
March 2014 (Private Placement)
November 2010 (Private Placement)
October 2006 (Private Placement)

Mapletree Greater China Commercial Trust
None

OUE Commercial REIT
July 2015 (Rights Issue)

Manulife REIT
None

IREIT Global
July 2015 (Rights Issue)

Ascendas REIT
December 2015 (Private Placement)
January 2009 (Preferential Offering)
September 2005 (Preferential Offering + Private Placement)
November 2004 (Preferential Offering + Private Placement)
February 2004 (Preferential Offering to existing unitholders + new units)

AIMS AMP Capital Industrial REIT
February 2014 (Private Placement)
September 2010 (Rights Issue)
November 2009 (Rights Issue)

Cache Logistics Trust
November 2015 (Private Placement)
March 2013 (Private Placement)
March 2012 (Private Placement)

Cambridge Industrial Trust
March 2011 (Rights Issue)
October 2010 (Preferential Offerings + Private Placement)

Mapletree Industrial Trust
August 2011 (Preferential Offering)

Mapletree Logistics Trust
September 2010 (Private Placement + Preferential Offering)
July 2008 (Rights Issue)

Soilbuild REIT
August 2016 (Preferential Offering)

Sabana REIT
None

Viva Industrial Trust
November 2015 (Preferential Offering + Private Placement)

Fraser Logistics & Industrial Trust
None

CDL Hospitality Trust
June 2010 (Private Placement)

Far East Hospitality Trust
July 2013 (Issue of stapled securities to institutions? Private Placement?)

Fraser Hospitality Trust
July 2015 (Private Placement)

Ascendas Hospitality Trust
June 2013 (Preferential Offering + Private Placement)

OUE Hospitality Trust
March 2016 (Rights Issue)

Ascott REIT
November 2013 (Rights Issue)
September 2010 (Preferential Offering + Private Placement)
March 2007 (Preferential Offering)

First REIT
December 2010 (Rights Issue)

Parkway Life REIT
None

Keppel DC REIT
None

 

[MasterLeong]

Keppel REIT
September 2014 (Private Placement)
November 2011 (Rights Issue)
October 2009 (Rights Issue)
April 2008 (Rights Issue)



SUPER VALUE TRAP FOR SURE

ask for $$$ till u go crazy sia

 

[lewissac]

http://unintelligent-nerd.blogspot.sg/2016/08/history-of-cash-calls-for-reits.html

this one very good info man, thanks a lot


CapitaLand Mall Trust
November 2012 (Private Placement)
November 2011 (Private Placement)
March 2009 (Rights Issue)
October 2005 (Preferential Offering + Private Placement)
July 2004 (Preferential Offering + Private Placement)
June 2003 (Preferential Offering + Private Placement)

Fraser Centrepoint Trust
July 2014 (Private Placement)
September 2011 (Private Placement)

CapitaLand Commercial Trust
June 2009 (Rights Issue)
July 2006 (Preferential Offering + Private Placement)
April 2005 (Public Offering + Private Placement)

Suntec REIT
March 2014 (Private Placement)
November 2010 (Private Placement)
October 2006 (Private Placement)


manage to get a lot on info on my counters thanks

Yeah, I also find it very useful. Was quite surprised too when I see CMT. Kinda heavily expanding based on that data if I interprete correctly.

 

[MasterLeong]

Yeah, I also find it very useful. Was quite surprised too when I see CMT. Kinda heavily expanding based on that data if I interprete correctly.

CapitaLand Mall Trust
November 2012 (Private Placement)
November 2011 (Private Placement)
March 2009 (Rights Issue)
October 2005 (Preferential Offering + Private Placement)
July 2004 (Preferential Offering + Private Placement)
June 2003 (Preferential Offering + Private Placement)


yup usually during the first half decade of the reit, it wants to keep raising funds to do acquisitions and boost AUM, that's why end up CMT and CCT became blue chips

 

[MasterLeong]

Mapletree Commercial Trust
August 2016 (Preferential Offering + Private Placement)

their recent one, rights at 1.42, placement at 1.45 still not too bad

but now crashed to 1.40 levels riao LOL

 

[MasterLeong]

Frasers Commercial Trust
July 2015 (Private Placement)
July 2009 (Rights Issue)
June 2007 (Rights Issue)


this one I would avoid... as their market cap still very small at near 1 bil, more likely for them to keep raising capital to expand bigger

 

[MasterLeong]

AIMS AMP Capital Industrial REIT
February 2014 (Private Placement)
September 2010 (Rights Issue)
November 2009 (Rights Issue)


this one was most scary... I remember their shareholders losing at 90% during GFC


https://sg.finance.yahoo.com/echarts?s=O5RU.SI#symbol=O5RU.SI;range=my

if not for 10 become 1 share consolidation

this reit now is actually worth only 12-13 cents only!

so i die die will avoid such reits



that's why I may be very naggy... keep saying die die must PICK QUALITY REITS ONLY

if you pick lousy ones... you can lose a lot a lot a lot of money...even on reits

 

[caltex88]

http://foreverfinancialfreedom.blogspot.sg/2016/12/recent-action-cdl-hospitality-trust.html

he also same as me, going aggresively into telco and reits during this sell down

hope we are right lol

he hoot CDL Hospitality Trust sia, good one?

 

[lbs]

Dk is vested in this le. Biggest holding lol

AIMS AMP Capital Industrial REIT
February 2014 (Private Placement)
September 2010 (Rights Issue)
November 2009 (Rights Issue)


this one was most scary... I remember their shareholders losing at 90% during GFC


https://sg.finance.yahoo.com/echarts?s=O5RU.SI#symbol=O5RU.SI;range=my

if not for 10 become 1 share consolidation

this reit now is actually worth only 12-13 cents only!

so i die die will avoid such reits



that's why I may be very naggy... keep saying die die must PICK QUALITY REITS ONLY

if you pick lousy ones... you can lose a lot a lot a lot of money...even on reits

 

[MasterLeong]

he hoot CDL Hospitality Trust sia, good one?

no idea man... I generally do note like hotel assets as they tend to be cyclical...

 

[MasterLeong]

Dk is vested in this le. Biggest holding lol

that one I no comments hahaha

DK is our SSI BB warrior, so I respect his picks hahahaha

 

[MasterLeong]

he hoot CDL Hospitality Trust sia, good one?

http://foreverfinancialfreedom.blogspot.sg/2016/10/recent-action-cdl-hospitality-trust.html

can check out what he wrote ba

for me... i will avoid this counter

currently tourism is in a down cycle along with hotel assets... when economy is weak/slow in asia like now.. less people come into SG to play and stay

I prefer to hold solid grade A office and retail assets that have long term contracts for solid recurring income... l

 

[lewissac]

Mapletree Commercial Trust
August 2016 (Preferential Offering + Private Placement)

their recent one, rights at 1.42, placement at 1.45 still not too bad

but now crashed to 1.40 levels riao LOL

Haha... sad case for this...
I also buy some from MCT @ 1.42
Well, lets see how it fared in 2017

 

[MasterLeong]

Dk is vested in this le. Biggest holding lol

u can also take a look at soil build reit, sabana reit, saizen reit

 

[MasterLeong]

Haha... sad case for this...

sad case for previously shareholders who paid too high premium to book

but good case for those who entered at 1.40 to 1.42

huat ah $$$$$$$$$$

 

[MasterLeong]

http://passiveincomefarmer.blogspot.sg/2016/12/reit-history-aimsamp-capital-industrial.html

SATURDAY, 17 DECEMBER 2016

REIT History: AIMSAMP Capital Industrial Reit
AIMSAMP Capital Industrial Reit is the 2nd largest of my REIT counters. I dug out history of the Reit from the Internet and I am particularly interested on its placements and rights issues in the past.

Apr 2007:
- IPO at $1.20 as Macarthurcook Industrial Reit, with 12 properties in the initial portfolio
- End 2007: 15 properties. Unit price: $0.97
(20% decline from IPO price)

2008:
- Increased number of properties since IPO to 21
- Global Financial Crisis
- End 2008: 21 properties. Unit price: $0.22
(Perhaps expanding too aggressively, MI Reit faced escalating debt issues compounded by GFC. Crashed 82% from IPO price just one year ago)

2009:
- Cambridge Industrial Trust sought to take over control of MI Reit. The move blocked by MAS because of potential conflict of interest issues
- Recapitalisation of MI Reit with Private Placement at $0.28
- 2 for 1 Rights at $0.159
- MI Reit acquired by AIMS Financial Group and AMP Capital
- Name changed to AIMSAMP Capital Industrial Reit
- End 2009: 22 properties. Unit price: $0.19

2010:
- 7 for 20 Rights at $0.155
- End 2010: 27 properties. Unit price: $0.21

2011:
- Private Placement at $0.1976
- Private Placement at $0.205
- 5 to 1 unit consolidation
- End 2011: 26 properties. Unit price: $0.91
(Not very clear whether one or two private placements?)

2012:
- End 2012: 25 properties. Unit price $1.44

2013:
- Private Placement at $1.60
- End 2013: 25 properties. Unit price $1.38
(My maiden purchase into the Reit at $1.70. Attracted by the high yield, I went in too high and the counter was in the red by year end)

2014:
- 7 for 40 Rights at $1.08
- Acquired Optus Centre in Australia
- End 2014: 26 properties. Unit price $1.42
(I took up the rights and subscripted to extra units)

2015:
- End 2015: 26 properties. Unit price $1.38

2016:
- Current price (16/12): $1.27
(The unit price has come down below $1.30 after the rate hike)

Quite a checkered history for this Reit. As I did not follow MI Reit in its early days, the early history may not be complete or accurate. Someone in the know please correct my error(s).

If I was in Singapore at MI Reit's IPO, most likely I would buy into MI Reit then. Don't really know if can breakeven now if I got in at IPO? I have quite a few toxic IPOs over the years, e.g., CitySpring (now Keppel Infra Tr), Yellow Pages, HPH Trust and Rickmers.

I like AIMSAMP Capital Industrial Reit for its high yield and its "off-sync" dividend payment months (3-6-9-12) to the common 2-5-8-11 for other REITS.

I have a high risk appetite and tolerance and AIMSAMPI Reit is part of my higher risk holdings. Hope this is a phoenix rising from the ashes.

 

[Daimon]

 

[MasterLeong]

Haha... sad case for this...
I also buy some from MCT @ 1.42
Well, lets see how it fared in 2017

yup wait for 2017 ba

next Q their new biz park will contribute fully so hope DPU can go up sharply hehehehe