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3 slides you should know from CRCT’s second quarter results

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Xizhimen CRCT
Xizhimen CRCT

Capitaland retail china trust released their quarterly results on 27 July 2017, and reception by analysts have been good. On most fronts, there has been an improvement in performance, on a portfolio aggregate basis and at the individual property.

Here are three main takeaways that investors should know from the result briefing.

Strong top line growth

Gross revenue, net property income and distributable income are all up both on a quarterly and half yearly basis.

Implies: Growth is on an uptrend since both quarterly and half yearly results have turned in well.

All properties in the portfolio except for Qibao and Wuhu registered growth in revenue, driven by strong rental reversion this quarter.

Going forward, expect revenue, net property income and distributable income to moderate slightly. This quarter’s figures at the high teens level is likely not sustainable, given it is much higher than China’s GDP growth and inflation rates.

Even if there is moderation, growth would come down to the low teens or high single digit levels.

Strong rental reversion

CRCT’s rental reversion in the recent past have shown to be a little volatile, with pockets of negative reversions seen among positive. This is the first quarter in the recent past where rental reversion has all been positive.

This indicates that the despite the poor retail environment, CRCT’s malls were able to command a good showing. The landlord, having strong bargaining power, was able to ensure that strong tenants who can pay high rents remain, while those who are weaker have to be let go.

Going forward, expect portfolio rental reversion figures to remain in the high single digit range. This will be slightly above China’s GDP growth rate of 6.5%, meaning that growth of the CRCT portfolio is likely to come in stronger than the overall country average. 

Healthy shopper traffic growth

Shopper traffic has grown both on a quarterly and half yearly basis, registering high single digit growth and continuing the trend that has been playing out over the last few quarters.

Coinciding with the positive rental reversion figures earlier reported, shoppers in China do not appear to be moderating in their desire for visiting malls.

Overall, CRCT appears to be a good counter despite the general slowdown in China’s economy. Many people are claiming that the country is on the brink of a debt induced recession, but the sentiment among consumers and shoppers appear to be brighter.

How long this will last is anyone’s guess, but we think that the high savings rate should be able to delay the recession for a while longer. However, a moderation in the rate of debt growth should come sometime soon.

In the meantime, CRCT appears to be holding up well with strong top line growth, healthy rental reversion and a decent amount of foot traffic to their malls.

CRCT is reported to be trading at a yield of 6.4% based on 30 June 2017 closing price of S$1.64. This seems to be a decent yield to be entering, providing a spread of 4.55 over 10 year Singapore government bond yields and 3.3% over the STI.

Potential target entry would be S$1.5 (which was last hit in April), giving a dividend yield of 7% which is close to what other industrial yields are producing.


If you find the above interesting and would like to get started on investing in REITs, we would love to be with you on the journey. One place you can get started on finding out more is our REIT data tracker and list of property and REIT events.

We would love to assist if you are on the lookout to buy or sell property. If you know of anyone who is interested to do so, please refer them to us. We have an attractive referral program where you share in the fees or profits of the transaction.

PropertyInvestSG is on the lookout for successful individuals who have experience in property or REIT investments to interview. If you are one or know of someone like this, speak with us today.

Be nice and say hi, or simply drop us a message at the message box in the bottom right corner of this page.

 

REITs that pay out dividends frequently

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As REIT investors, we want to continually see income and dividends being credited into our accounts. Don’t wait 6 months when these REITS provide you with a quarterly pay check.

One advantage of getting a quarterly pay check (versus semi-annual), is the impetus to be invested in the market, regardless of capital gains or losses.

Analysts have done many studies on whether market timing works, and the conclusive evidence by Schwab, NYU, and Time Magazine, to name a few, is that it doesn’t. What actually provides investors with a net positive gain in the stock market is time in the market, as proclaimed by Fidelity, AXA and Betterment.

Essentially, the authors claim show that retail and even professional institutional investors are unable to beat the market by timing it, after transaction costs are accounted for.

This means that investors are better off putting a fixed amount of money into the market over a period of time at fixed intervals. This keeps investors invested in the market, with the opportunity to ride the up waves when they come.

You may say, “I know when the up-waves are coming and I will buy the stocks before they run up”. While this sounds good in theory, and many investors are deluded into thinking they can successfully time the market, the reality is not so.

If that is truly the case, a combination of staying invested in the market + receiving regular quarterly paychecks as impetus to stay invested, is a logical move for one to reap the greatest profit.

REITs that pay dividend every quarter

  • Frasers commercial trust
  • Keppel REIT
  • Suntec REIT
  • Capitamall trust
  • Frasers Centerpoint
  • Lippo
  • Mapletree Commercial Trust
  • SPH
  • Starhill
  • AIMSAMP
  • Cache
  • ESR
  • Mapletree industrial
  • Mapletree logistics
  • Sabana
  • SoilBuild
  • Viva
  • Far East hospitality
  • OUE hospitality
  • First REIT
  • Parkway life

Want to find out more about other REITs and whether you can profit from them? Check out these 4 stocks that give you the highest dividend among Singapore REITs!

 


If you find the above interesting and would like to get started on investing in REITs, we would love to be with you on the journey. One place you can get started on finding out more is our REIT data tracker and list of property and REIT events.

We would love to assist if you are on the lookout to buy or sell property. If you know of anyone who is interested to do so, please refer them to us. We have an attractive referral program where you share in the fees or profits of the transaction.

PropertyInvestSG is on the lookout for successful individuals who have experience in property or REIT investments to interview. If you are one or know of someone like this, speak with us today.

Be nice and say hi, or simply drop us a message at the message box in the bottom right corner of this page.

 

4 best performing dividend yield REITs

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High dividend yield REITs

REITs are undoubtedly one of the best type of stock to buy given their high dividend yields compared to other stocks and the general stock market.

In general, REITs give about 6 to 6.5% dividend yield on average compared to 2.5% for the Nikko AM STI ETF and 2 to 3% for general stocks.

The reason REITs can give such a good dividend yield is because the SGX requires REITs to give out at least 90% of their distributable income to shareholders. Furthermore, most properties owned by REITs are revenue generating, with high occupancy and a good income stream.

Here are 5 REITs that offer one of the highest dividend yields in the stock market.

Lippo Malls

Dividend yield is 8.6%, the highest in the Singapore REIT sector.

Lippo Mall Trust has 27 properties around Indonesia, in the cities of Sumatra, Java, Bali and Sulawesi. The total value of the portfolio assets is S$1.9 billion, with 3,429 tenants, 850,000 sqm of total lettable area and 94.3% occupancy.

A majority of their tenants re in the F&B sector, followed by Fashion and then supermarket/hypermarket.

AIMSAMP

Dividend yield is presently at 8.3%, presenting very strong income producing potential backed by well performing assets. Portfolio occupancy stood at 91%.

AIMS AMP Capital Industrial REIT is a REIT listed on the SGX. Their aim is to invest in high quality income producing industrial properties in Asia Pacific.

Their assets consist of cargo lift warehouses, ramp up warehouses, manufacturing properties, business parks, high tech factories and general industrial assets.

Properties are concentrated in the Eastern, Western and Northern parts of Singapore.

Cache

Cache logistics trust is giving 8% yield. The third highest in the Singapore REIT sector.

Cache Logistics Trust invests in quality income-producing industrial real estate used mainly for logistics. They however also have other types of real estate assets in Asia Pacific. The REIT holds 19 logistics warehouse properties in established logistics clusters in Singapore, Australia and China.

Most of the properties are in Singapore (11), followed by Australia (7) and China (1). Portfolio occupancy is healthy at 98.3%, presenting a strong and secure income profile.

IREIT

IREIT is the first non-industrial REIT that has a high dividend yield of 7.8%. The REIT’s assets are located in key German cities of Berlin, Bonn, Darmstat, Munster and Concor.

Occupancy is high at 98.7%, though the high leverage of 41.3% will be of some concern to shareholders in the even there is some financial distress if interest rates rise.

PropertyInvestSG provides a summary table of REITs and related information for your analysis.


If you find the above interesting and would like to get started on investing in REITs, we would love to be with you on the journey. One place you can get started on finding out more is our REIT data tracker and list of property and REIT events.

We would love to assist if you are on the lookout to buy or sell property. If you know of anyone who is interested to do so, please refer them to us. We have an attractive referral program where you share in the fees or profits of the transaction.

PropertyInvestSG is on the lookout for successful individuals who have experience in property or REIT investments to interview. If you are one or know of someone like this, speak with us today.

Be nice and say hi, or simply drop us a message at the message box in the bottom right corner of this page.

 

Introduction to Fundplaces and drinks meetup

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FundPlaces is one of Singapore’s newest real estate tech company. They offer investors the chance to invest in institutional grade real estate and in exchange receive something called “Tiles” which the company says is a digital token on a blockchain.

I met up with them during their drinks session and got to ask a few questions on how exactly it works.

My thoughts are that the idea is nothing new – pooling money from individual or corporate investors and buying a property. FundPlaces will then manage the property and maximize its revenue. FundPlaces then takes a certain percentage of the revenue produced by the property and distribute the rest to investors.

The innovative thing here is that investors are issued Tiles, and that the information about Tiles is kept on their private Blockchain. In other crowdfunding schemes, investors simply have a claim on the cash flow of the underlying asset, which may be loans, receivables or company profits. That claim essentially is a document that resides with the company doing the crowdfunding.

In FundPlace’s case, the data is all logged into the Blockchain which makes it tamper free and saves on a lot of time and cost with administrating for thousands of investors.

Fundplace’s explanation of Tiles

Once an investor gets a Tile, he or she can choose to sell it to someone else. This is the cool thing – that there is a secondary marketplace for Tiles. This has not been done anywhere else in Singapore, with respect to property ownership.

However, I still had some questions that remain unanswered.

  • What if I can’t find someone else to buy my Tile? FundPlaces didn’t answer this. They assumed there will always be someone willing to buy a Tile.
  • Where’s the platform to sell a Tile? There isn’t anywhere on their website for me to presently do so, though I understand it may not be built at such an early stage. Even then, the building of a platform to trade secondary Tiles won’t be easy.

The founding team was really helpful to answer my questions, and I found out they were still in talks with MAS on ironing out the details of what exactly a Tile is. Is it an equity or debt instrument, or is it something totally new altogether?

My gut feel is that it could actually fall into one of the two categories that are regulated by MAS, though that remains to be seen. I personally hope there will be some regulation in the sector, but that it should not be so overbearing. This will help enterprising individuals and corporations take advantage of what is happening at the technology front to improve the situation in other non-tech sectors and raise the level of efficiency and productivity.

If you’re an enterprising individual with connections, FundPlaces is also welcoming submission of projects. They will then market the project on their platform to their subscriber base.

 

Let us know your thoughts!

We hate spam as much as you do. Feel free to opt out anytime.

 


If you find the above interesting and would like to get started on investing in REITs, we would love to be with you on the journey. One place you can get started on finding out more is our REIT data tracker and list of property and REIT events.

We would love to assist if you are on the lookout to buy or sell property. If you know of anyone who is interested to do so, please refer them to us. We have an attractive referral program where you share in the fees or profits of the transaction.

PropertyInvestSG is on the lookout for successful individuals who have experience in property or REIT investments to interview. If you are one or know of someone like this, speak with us today.

Be nice and say hi, or simply drop us a message at the message box in the bottom right corner of this page.

 

Choosing your first REIT to invest in

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With S$10,000 to invest in the stock market, which REIT should you pick to get started with? How do you get started? How do you choose a REIT to invest in? What methods, details and things should you look out for?

This post will provide you with beginner, intermediate and advanced considerations before investing in any one of the 37 REITs listed on the SGX.

Let’s get started with the ‘beginner’ considerations

What do you know?

REITs are simply an instrument used to channel revenue from property into the hands of shareholders, you. These are the main classes of real estate assets

  • Office (in the CBD, suburban areas etc)
  • Retail (shopping malls)
  • Industrial (warehouses, tin sheds, logistics)
  • Residential (not so common in Singapore)
  • Hospitality (serviced apartments, hotels)
  • Healthcare (hospitals, aged homes)
  • Data centre

Ask yourself this question – which are you most familiar with?

Invest in the REIT that has properties in the category that you are most familiar with. You won’t have to do much reading up and google-fu to understand a new sector, and like Warren Buffet, you invest in what you understand.

How do you know what assets a REIT invests in? The name of the REIT usually tells you what they invest in.

REIT sector
REIT sector

If you can’t tell from the name – a quick Google search of the REIT will show it to you.

You will usually be able to tell from the name.

Dividend yields

REITs are well known to be dividend cash machines. Their average yield is about 6 to 6.5%. What does this mean?

If you had invested S$10,000 in a REIT that gives you a 6% dividend yield, you get an allowance of $600 a year (S$10,000 times 6%). This translates into about S$50 a month. Seems measly? You would have gotten only S$25 a month if you had invested in the STI ETF.

A safe rule of thumb is to invest in REITs that provide you a dividend yield of 6%.

Now where do you get this information?

Investor education tools and blogs

SGX Stockfacts is your friend

There are also plenty of blogs and courses that provide good information and armchair commentary on REITs.

Historical price trend

One of the most objective measures of how a REIT performs is seen in their stock price.

Some may argue that historical trends don’t tell much about the future. I partly agree.

Would you invest in a stock that displays this historical trend?

Highly unlikely, unless one reads more about the stock. FYI, the stock is Sabana REIT.

If you believe that the market is right, historical stock prices can show how well or not the REIT has been managed.

In the case above, Sabana REIT was indeed not well managed and it was shown in the share price.

You would save yourself a lot of headache if you first took a look at the price movement.

What does the REIT own?

This information can be found in the home page of REITs, usually under the”Portfolio” section.

Like below.

This tells you the name of the properties, and usually the type of asset (office, retail mall, industrial building etc.)

Be careful with overseas properties

As a beginner investor, stay away from REITs that hold overseas properties. Why?

With overseas properties, a REIT has to have much more intensive management because of foreign exchange risk. A mall in China receives revenue in RMB, but this has to be converted to SGD to be paid to unitholders. There is a risk a shareholder in Singapore receives less SGD because the SGD has depreciated relative to RMB.

While the REIT manager can hedge their foreign currency exposure, it is not so straightforward and the REIT manager needs to have the capability and skill to carry out the function.

With overseas properties, the REIT manager who is always based in Singapore (SGX requires the CEO and majority of the team to be based in Singapore) need to travel to the country. This will incur airfares, travel and accommodation cost which will eat into the amount of money that can be distributed to shareholders. REITs that hold Singapore properties incur less of such costs, because the properties are well, located in the country.

Examples of REITs with overseas properties include BHG Retail REIT (China), EC World REIT (China), Frasers Logistics and Industrial Trust (Australia), Starhill Global REIT (Malaysia, China), Capitaland Retail China Trust (China).

As an investor, you also are not able to easily see overseas properties physically, unless you want to visit them while on holiday.

Which brings me to the last point for the beginner section…

Take a walk, literally

Real estate investing is a very local game. This means that location plays a very big role in the success of failure of a building.

As an investor, you certainly want to know what type of location the properties are in, whether they be in the city centre or a suburban/neighbourhood location.

If the assets are located in Singapore, one should be able to understand the location much easier because it is in the country. However, if the properties are overseas, it will take at least 2-3 trips before one becomes familiar with the ‘lay of the land’.

With the above, you should be able to narrow down from a list of 37 REITs to a few on what you’re comfortable investing in. No performance can be guaranteed, but the above will provide you a good framework to make sound investments.

On to considerations for a more intermediate investor.

Investor relations section

For the more adventurous investor, the investor relations section of REITs provide one of the best source of information for a REIT.

SGX mandates every REIT to clearly show the investor relations link on their website’s home page.

You can see the following for two examples.

Information in the Investor Relations section are usually

  • Quarterly results presentations
  • Financial statements
  • Research coverage
  • Annual reports
  • Newsroom announcements and press releases

With time, one can go through these material because they are an objective source of information on how the REIT is performing.

What exactly to look for in these reports and presentations is an entirely blog post for itself. Suffice to say, this is where one can get ‘primary’ data, as opposed to ‘secondary’ research by analysts and researchers.

Who’s who on the Board of Directors

The composition of the Board of Directors (BOD) is important because it shows how experienced the company is.

Information can always be found in “The Manager” section of most REIT websites.

What you want to look for are Boards that have directors with varied experience.

Past experience and companies worked for are a good indication of how much the directors know.

However, directors that have many seats on other boards do not necessarily translate to better performance compared with directors who have less representation on other boards. Everyone has 24 hours, and more board representations means the director has to allocate his time and energy to more directorship demands.

Companies with strong sponsors (e.g. Mapletree, Ascendas, Capitaland) usually have Board of Directors that are very reputable and deep in terms of experience, education and work exposure.

Who’s managing the REIT

Another level of consideration on how the REIT is managed is in the staff strength of the immediate team.

Similar to the Board of Directors, the capability of the REIT management team is crucial to the success of the REIT.

Staff strength can be determined by educational experience, past careers, number of staff managing the REIT and staff turnover etc.

Compared to the Board of Directors, the REIT managers have a greater impact on how well the REIT performs because this team is the one that is directly involved in the day to day operations of the REIT.

Day to day operations include leasing, marketing, engineering, deal sourcing/business development, accounting, tax, finance, investor relations, compliance etc.

REITs are usually quite lean in terms of staff strength, so REITs that have a strong sponsor usually benefit most, as the REIT management team can tap on the Group/Parent’s expertise.

Equity research reports

In addition to, SGX stockfacts which provides factual information regarding REITs, investors can go to sginvestor.io for a collection of equity research reports.

What’s the difference?

Sginvestor.io collates the research reports by analysts and publishes them. If you’re not on the mailing list of these analysts, you aren’t able to get them. The website must have some way of obtaining these reports on a timely basis so it saves investors the hassle of subscribing to each analyst.

Reports are usually a 2-3min read and provide investors with a buy, hold or sell recommendation.

I don’t recommend anyone act upon the recommendations at face value without further understanding of the stock, but this is a good place to start.

Navigate to the S-REITs section at SGinvestors.io homepage
REITs sorted in alphabetical order

Trends in the sector

As part of the effort to understand the REIT, one cannot forget the broader picture.

For example, if you buy a retail REIT with malls in Singapore, do you know how shopping malls in Singapore are doing generally? Are you aware that consumer shopping preferences may be changing?

If you buy a healthcare REIT, are you aware that there is an ageing population (good for the REIT in general)?

If you buy a data centre REIT, do you know if the data storage, cloud computing trend is going to continue? Will there be a major technological breakthrough that may impact the REIT (in both good and bad ways?)

While developments in the broader environment don’t always trickle down to impact the REIT performance, i.e. a REIT can still thrive in a lacklustre and challenging environment, it makes it all the much harder.

Just take a look at how industrial REITs like Sabana, AIMS AMP, Cache Logistics with many warehouses and ‘tin-shed’l like assets have been impacted since 2013 when the Singapore government decided to move lower-value added industrial activity to Malaysia. On the other hand, Ascendas REIT has held fairly well because their assets composed of business parks, which house higher-value added industrial activity like research and tech manufacturing.

Poor performing AIMS AMP REIT
Poor performing cache logistics trust

Ascendas REIT share price holding up decently

Price to book values

Similar to distribution yield, the price to book value is a financial metric that tells investors how much they are paying for a dollar of the company

P/B values below 1 indicate potential undervalue, while those above 1 indicate potential overvalue.

However, for the advanced reader, it is not so straightforward. A value above 1 may mean the market is anticipating book value (the denominator) to increase in future, that’s why they are willing to pay a higher share price now, in anticipation that the book value will rise.

Book value rises for a few reasons such as less debt in the balance sheet, increase in valuation of properties, acquisitions of good performing assets at a notable discount to valuation etc.

One example of a stock with a high P/B value is Keppel DC REIT. I suspect the market is putting faith in the manager in its ability to increase the book value of the company. Add to that, the data centre is sector is in a growth phase.

Cornerstone investors

Presence of large institutional investors in a REIT signal confidence to the market by their mere being around.

The impact extends to being a ‘big brother’ who usually can be counted to be there in times of need and network effects that can assist the REIT manager in their day to day operations.

How to identify the presence of large investors?

Simply google “Temasek” + “REIT”.

Why Temasek? Unlike GIC, Temasek can invest in Singapore listed stocks. While some may question the ability of Temasek to provide returns, it can’t be doubted that they are a strong institutional investor with large amounts of cash to spare. Corporate governance of the company can be considered very strong.

Quick search shows that Temasek has significant stakes in Keppel, Capitaland, Ascendas Singbridge and Mapletree.

Temasek’s stake in Ascendas-Singbridge and Mapletree
Temasek’s stake in Capitaland, and their REITs
Teamsek’s stake in Mapletree

Attend AGMs

There’s no better way to get information (and free food) than to attend publicly listed companies’ AGM.

Unfortunately, free food is a thing of the past as companies become smarter and know that shareholders are there just for the free food. You’ll be happy if you get free drinks at AGMs these days.

Singapore Association of the Institute of Chartered Secretaries and Administrators (SAICSA) provides a calendar showing when companies are holding their AGM. It’s not the prettiest nor most advanced, with it being held in Google Calendar, but it works.

AGMs gives investors the chance to quiz, no wait, question, no wait, dialogue with the REIT managers and Board of Directors. At the same time, there are other investors who are present who can raise interesting viewpoints and questions for you to consider.

Overall, it is likely to be a good learning experience.

If you don’t want to wait till AGMs before asking questions, you can try a hack by emailing the Investor Relations manager of the REITs with your questions. They are usually responsive as this involves unitholder/public money. SGX and MAS are very protective of investors, so the REIT manager are usually on their toes.

Quality of sponsor

Sponsor quality is important because sponsors are a source of expertise, staff, provide a pipeline property and provide brand name backing to the REIT.

Choose REITs with sponsors that are well-known, reputable, and have a track record of building and managing their own properties.

For example, when SPH set up their REIT, I heard from industry insiders that they tapped people in teams such as corporate development, finance, marketing from SPH’s parent group. These newly tapped staff simply needed to learn the rules and regulations of managing REITs and were armed with knowledge of the properties that were already being managed by SPH.

Reputable sponsors like Capitaland and Mapletree already have a track record of building, managing, acquiring and disposing of assets, so it is not difficult for them to set up a REIT with staff who have background knowledge.

Contrast this with overseas sponsors such as EC World, BHG and IREIT. These sponsors are based overseas and while their staff are familiar with the properties, they aren’t necessarily willing to relocate to Singapore. Furthermore, SGX requires that the CEO’s of REITs must be based in Singapore for corporate governance reasons.

In the case of BHG REIT, the sponsor is a retailer, much like Robinsons or Isetan and not a developer. While there are advantages conferred to being an expert retailer, they may not have such strong developer experience compared to Capitaland.

Leverage or gearing ratio

Leverage or gearing ratio is defined as the amount of debt over the total value of properties in the REIT’s portfolio. This number is easily obtainable in quarterly results briefings as disclosure is mandated by SGX.

The terms leverage or gearing are used interchangeably and mean the same thing.

Gearing ratios are approximately 35 to 36% on average across all REITs in Singapore.

Higher gearing ratios are not good for the REITs because it means they have more debt, which means more interest payment.

Lower gearing ratios are good because there is room for the REIT manager to use debt or loans in future acquisitions. Furthermore, if interest rates rise, there will be a smaller impact of higher interest payments compared with another REIT that has a high gearing ratio.

SPH REIT has the lowest gearing ratio of all Singapore REITs at about 25%.

First REIT’s gearing ratio

Suntec REIT’s gearing or leverage ratio

Cost of debt

Cost of debt refers to the average interest rate the REIT is paying to parties lending it money. These parties can be banks or those who bought the bonds sold by the REIT.

This information can be easily found in quarterly reports because it is mandated to be released by SGX.

Keppel, as a company with good credit quality, can achieve low interest rates in the low 2% range.

Keppel REIT’s cost of debt, alternatively called all-in interest rate

 Keppel DC REIT’s cost of debt

REITs with riskier credit profiles such as those with overseas assets naturally attract a higher cost of debt.

EC World REIT is one example where the average cost of debt is 5.4%. This is to compensate the lenders for the risk of assets being in China, foreign exchange risk, and lower credit quality of the borrower (EC World REIT) etc.

Why did the sponsor set up the REIT?

This may be a little difficult to find out but the reasons and motive behind setting up a REIT could impact the REIT’s performance.

Is the sponsor seeking to go asset light and using the REIT as a vehicle to dispose of assets at a high price so the parent can recognize big gains on its balance sheet? Is the sponsor genuinely interested to grow the REIT to a big size and is willing to help it during the gestation period?

One case that comes to mind is Keppel Corps. sale of Ocean Financial Centre to Keppel REIT at a high price with income support.

In essence, Keppel REIT paid a lofty amount of money for an asset that was worth less than what they paid. On the flip side, Keppel REIT was assured a certain amount of money/rental revenue for a period of time, guaranteed by Keppel Corp.

Is the deal fair? Ethical? Difficult to say as it’s not illegal in the eyes of SGX or MAS. It however raises some ethical and conflict-of-interest questions on the relationship between the sponsor and REIT.

Rental reversion

Rental reversion is a forward looking metric that provides investors with a clue to how the top line revenue will grow or decline in future.

There is no industry standard on how to calculate rental reversion, but the general idea is to find out how much more or less new tenants are paying compared to those who have vacated the space.

Positive and higher rental reversions are good while negative figures signal future impact on the portfolio’s revenue.

Accretive or dilutive investments

REITs generally should do accretive investments, though there is no stipulation by SGX to say so.

Accretive investments mean that, after the acquisition is completed, the distribution per unit rises. A dilutive investment, when completed, causes distribution per unit to fall.

Let’s see an example of an accretive, dilutive and questionable investment.

CRCT’s acquisiton of Galleria in Chengdu is an accretive investment because the DPU after acquisition is higher than before.

There aren’t a lot of dilutive investments done because for fear of shareholder backlash, but Sabana REIT’s acquisition of 47 Changi South is one example.

DPU dropped to 6.67 or 6.79 cents per unit after the acquisition. Ignore scenario 1 & 2 which are just internal calculations for the REIT manager.

Another example is the acquisition of 107 Eunos Ave 3.

Ascott serviced residence REIT’s acquisition of Ascott Orchard Singapore and two serviced residence properties in Germany is also highly dilutive.

Fraser Logistics and Industrial Trust’s acquisition of 7 properties (4 completed and 3 under development) is a little trickier because they are packaged together.

As a package, the acquisitions are accretive to DPU.

But, if only the completed properties were bought, the acquisition would be dilutive to DPU.

Heavy emphasis on “if only the completed properties were bought”.

Think about t.

7 properties are injected into FLT’s portfolio. By itself, the completed properties aren’t DPU accretive. The development properties are not contributing to revenue, as they aren’t completed and there are no paying tenants yet.

This means that revenue is going to take a hit in the time between the acquisition to when the development properties are completed.

Remember that the forecast is based on the rents that can be commanded by the development properties. If say, 1 or 2 years down the road the developments are completed but FLT either can’t get tenants, or they can’t get high paying tenants, the REIT’s revenue, and you the shareholder is going to suffer.

Nothing is really wrong here, since SGX did not say REITs must do accretive investments. But it appears that FLT is using the development properties to paper over the dilutiveness of the acquisition of the completed properties.

Remember also, the rents being commanded by the development properties are only a forecast. It may or may not materialize.

If you see the margin of improvement in DPU uplift for the whole package, it is only 5.38 – 5.33 = 0.05 cents or S$0.0005. It’s not very big and if things go wrong, the package acquisition will be dilutive.

We’ll wait and see what rents the development properties really command when they are completed.

This is why it’s important to dig into the announcements to see what really happens in acquisitions. This is especially so for multi-property deals.

Generally, information on acquisitions are usually found in the “Announcement” section under investor relations heading. The documents are usually lengthy and technical because the information contained is required by SGX.

 

Conclusion

So there you have it, the whole lot of considerations that I hope is helpful before you invest in a REIT.

Let us know in the comments box if you have specific questions

 

In the next edition, the following considerations will be added on. Look out for them!

Who are the tenants

Distribution waivers

RNAV or DCF valuation

Unencumbered assets

Income support lines in the financial statement

Myth: payment of management fees in units vs cash

Remuneration structure

Credit ratings

NPI margin

 


If you find the above interesting and would like to get started on investing in REITs, we would love to be with you on the journey. One place you can get started on finding out more is our REIT data tracker and list of property and REIT events.

We would love to assist if you are on the lookout to buy or sell property. If you know of anyone who is interested to do so, please refer them to us. We have an attractive referral program where you share in the fees or profits of the transaction.

PropertyInvestSG is on the lookout for successful individuals who have experience in property or REIT investments to interview. If you are one or know of someone like this, speak with us today.

Be nice and say hi, or simply drop us a message at the message box in the bottom right corner of this page.

 

10 REITs that give you a fantastic yearly return

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REITs listed over past 5 years
REITs listed over past 5 years

According to SGX’s market summary report, these are the 10 REITs that would have given you a great return since the beginning of 2017.

  • Ascendas Hospitality trust (23.1)
  • Far East Hospitality Trust (15.5)
  • Mapletree GCT (22.1)
  • SPH REIT (8.6)
  • OUE Hospitality trust (19.1)
  • Soilbuild (19.4)
  • Viva (29.6)
  • OUE Commercial REIT (10.2)
  • Frasers hospitality (17.2)
  • IREIT (15.8)

Accordingly SGX has also listed out the REITs and Stapled Trusts that listed over the past 5 years.

REITs listed over past 5 years
REITs listed over past 5 years

REITs were first listed in Singapore in 2002 and now make up about 10% of the STI constituent stocks and three of the five STI reserve stocks.

For those who prefer ‘passive’ investing in ETFs, SGX has two REIT ETFs listed on it. They are the Philip SGX APAC Dividend Leaders REIT ETF and NikkoAM-StraitsTrading Asia ex Japan REIT ETF which listed on Oct 2016 and Mar 2017 respectively.

One great thing about investing in REITs is that the distribution or dividend yield of about 6% is twice as much as that of the STI ETF, or the average of all stocks in the STI index. This is why investors like the REIT asset class so much – for it’s passive income nature, and the fact that returns are backed by an income producing physical asset. This is unlike other stocks where the cashflow is produced by assets that are intangible.

The SGX report provides a great guide on how to calculate distribution and distribution yield for those new to investing in REITs.

Essentially, distributions are shown on an annual basis and the calculation as follows.

For example, OUE hospitality trust report 12 months of distribution

2QFY17 0.0121 cents per unit
1QFY17 0.0130 cents per unit
4QFY16 0.0136 cents per unit
3QFY16 0.0123 cents per unit
Total 0.0510 cents per unit
Distribution yield 0.0510 cents per unit divided by unit price of 0.745 cents = 6.8%

Overall

Singapore’s REIT market has come a long way since 2002, with institutional investment activity in the sector increasing. SGX reports that between April and July 2017, there was a net positive inflow of $134 million for those months.

Greater activity by institutions is likely to benefit retail investors due to better price discovery, lower bid-ask spreads, better corporate governance (as institutional investors pressure REITs to ‘behave’ themselves) and attractiveness of other companies to list their REITs on the SGX.

Check out some other articles that list 21 REITs that provide yields of between 6 to 8%, and an update of the REIT sector as of 21 August 2017.

 


If you find the above interesting and would like to get started on investing in REITs, we would love to be with you on the journey. One place you can get started on finding out more is our REIT data tracker and list of property and REIT events.

We would love to assist if you are on the lookout to buy or sell property. If you know of anyone who is interested to do so, please refer them to us. We have an attractive referral program where you share in the fees or profits of the transaction.

PropertyInvestSG is on the lookout for successful individuals who have experience in property or REIT investments to interview. If you are one or know of someone like this, speak with us today.

Be nice and say hi, or simply drop us a message at the message box in the bottom right corner of this page.

 

OUE C-REIT’s S$150m of 3.03% notes

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OUE C-REIT Successfully Prices Inaugural S$150 million 3.03% Fixed Rate Notes Due 2020

Key Highlights

  • Final order book in excess of S$400 million, supported primarily by institutional
    investors
  • Diversification of funding sources towards unsecured borrowings in line with
    proactive capital management strategy

On 24 Aug 2017, OUE Commercial REIT announced that they successfully priced S$150 million 3.03% fixed rate notes due 2020 under its S$1.5 billion Multicurrency Debt Issuance Programme.
The Notes, which bear interest at a fixed rate of 3.03% payable semi-annually in arrear, are expected to be issued on 5 September 2017 and mature on 5 September 2020.

Ms Tan Shu Lin, Chief Executive Officer of the Manager, said, “We are pleased to see such robust demand for OUE C-REIT’s maiden Singapore dollar notes issuance, supported by high quality institutional investors. The net proceeds will be largely used to refinance existing borrowings, as well as fund any capital expenditure or working capital requirements. The strong interest garnered is testament to the confidence investors have in the quality of OUE C-REIT’s portfolio, as well as the solid operational performance the Manager has demonstrated since listing.

With the successful fund-raising, the Manager has diversified OUE C-REIT’s sources of funding and improved its financial flexibility with the move towards unsecured borrowings, in line with its proactive capital management strategy.”

Capitaland + Alibaba + Lazada

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Very interesting tie up between Singapore + China i.e. Capitaland + Alibaba + Lazada.

This marks the start of a journey between these top players as they try to navigate the challenging world of e-commerce and retail.

Key points

  • E-commerce is being embraced as an enabler rather than a disruptor to retail business. Capitaland is at the forefront of such thinking.
  • Capitaland will manager part of Alibaba’s HQ in Shanghai. The retail podium will represent the future of modern retail offering a seamless O2O experience.
  • An online mall will be set up on Lazada to offer CAPL’s retailers an online avenue to grow. Collection points will be at Plaza Singapura and Bugis_
  • Successful implementation will mean a new source of revenue for Capitaland.

What happened?

  • CAPL has advanced into the omni-channel retail strategy with two strategic alliances with Alibaba and Lazada.
  • Alibaba’s new Shanghai HQ comprises 4 office towers and a retail podium. CAPL will manage one office tower and the retail podium
  • In Singapore, CAPL will offer their retailers an avenue to sell their products on Lazada. Click-and-collect points will be available for consumers to collect or return their products at Plaza Singapura and Bugis+.

CAPL is the first developer to be this forward thinking, trumping the efforts of others in the market and region.

 


If you find the above interesting and would like to get started on investing in REITs, we would love to be with you on the journey. One place you can get started on finding out more is our REIT data tracker and list of property and REIT events.

We would love to assist if you are on the lookout to buy or sell property. If you know of anyone who is interested to do so, please refer them to us. We have an attractive referral program where you share in the fees or profits of the transaction.

PropertyInvestSG is on the lookout for successful individuals who have experience in property or REIT investments to interview. If you are one or know of someone like this, speak with us today.

Be nice and say hi, or simply drop us a message at the message box in the bottom right corner of this page.

 

The co-working juggernaut marches on

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Fresh from a $500 million funding round, WeWork was just reported to have received a generous $4.4 billion investment from SoftBank Group’s Vision Fund.

In Singapore, WeWork doesn’t have any presence yet, but they are coming. The Republic of Singapore and Japan are reportedly in their sights, and are trying to fight off competitors JustCo and UrWork.

The co working operator has more than 150,000 members across 160 locations in 16 countries. With this fresh round of funding, SoftBank Group’s Ronald D. Fisher and Mark Schwartz will be part of the Board of Directors.

Part of the $4.4 billion cash pile will go to shareholders who want to cash out, and some will go to previously announced projects in China and Japan. WeWork is aggressively expanding to grab a major pie in the sharing economy for white collar workers. If office trends are anything to go by, the co-working phenomenon is set to grow, with law firms and banks, traditionally the bastion of rigid and uptight work practices, beginning to adopt the practice of letting some of their workers from home or a shared office space.

 


If you find the above interesting and would like to get started on investing in REITs, we would love to be with you on the journey. One place you can get started on finding out more is our REIT data tracker and list of property and REIT events.

We would love to assist if you are on the lookout to buy or sell property. If you know of anyone who is interested to do so, please refer them to us. We have an attractive referral program where you share in the fees or profits of the transaction.

PropertyInvestSG is on the lookout for successful individuals who have experience in property or REIT investments to interview. If you are one or know of someone like this, speak with us today.

Be nice and say hi, or simply drop us a message at the message box in the bottom right corner of this page.

 

Hot property coming up in District 9 (Orchard)

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New futura

New Futura – Upcoming hot property in District 9

District 9 is no longer the frozen district. Analysts are saying the Singapore property market has reached a cyclical bottom and buyers are returning to the market, going by the sales that have occurred in the rest of the island.

A notable new development is New Futura built by City Developments (CDL) and designed by ADDP. Located in the Leonie Hill district, New Futura is a condominium that caters to investors who want their investment to have both rental and capital gains potential.

Prices in D9 have hovered on average at the $2,000 psf mark for the last few years, but a buying revival is seeing that figure slowly inch upward.

What’s so special about district 9 that makes New Futura a notable investment?

District 9 is located in the southern part of Singapore (pink portion in the map) which is the central part of Singapore. In this area, there are numerous shopping malls and entertainment venues. This is where the Orchard road belt of Singapore is and where tourists from all over the world, and notably the Chinese, have been coming to.

Some say the shopping belt is losing its luster to other locations such as Shanghai, Paris and Italy, but it continues to hold its own in this part of South East Asia, trumping other locations like Thailand, Malaysia, Indonesia and Vietnam.

Propertyguru notes that New Futura is launching to improved market sentiment, and the development will contain 2 towers with a total of 124 units.

The site was previously bought by CDL together with El-Ad Group for SGD 287 million (or SGD 1,179 per sq ft), but the partner subsequently sold its stake to CDL.

Wong Xian Yang, Head of Research & Consultancy at OrangeTee, said not much information is currently available about New Futura, but estimates average selling prices to be upwards of $2,700 psf.

The supply of new developments in the central part of Singapore are limited, considering that most new condominiums completed in the last few years have been in the suburan parts of Singapore. This tight supply lends itself to a good investment as landlords will have power in terms of dictating the rents they command from expatriates who view the area as a prime location to stay.

If you want to find out more about the development, contact us here.

 


If you find the above interesting and would like to get started on investing in REITs, we would love to be with you on the journey. One place you can get started on finding out more is our REIT data tracker and list of property and REIT events.

We would love to assist if you are on the lookout to buy or sell property. If you know of anyone who is interested to do so, please refer them to us. We have an attractive referral program where you share in the fees or profits of the transaction.

PropertyInvestSG is on the lookout for successful individuals who have experience in property or REIT investments to interview. If you are one or know of someone like this, speak with us today.

Be nice and say hi, or simply drop us a message at the message box in the bottom right corner of this page.

 

21 REITs providing 6 to 8% yields

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From SGX’s stockfact database, here’s a list of REITs that are trading between 6 to 8% of dividend yield.

Quite a good spread of REITs to choose from.

Quick calculation shows that if you put SGD 10,000 into the market at 6%, you’ll be getting SGD 50 a month.

Put SGD 100,000, get SGD 500 a month. Put SGD 200,000, get SGD 1,000 a month. Quite a decent monthly return for a passive instrument.

Personally, I like to stick to the 6 to 7% range of REITs and enter when they trade at those levels. Those trading at 5 to 6% are on the tighter end which I feel may be fully priced. While those trading about 7 or 7.5% represent very good monthly returns, I usually do more homework, such as looking at historical price movement or fundamentals, to determine if it’s a dividend yield trap. Too high yield sometimes mean a dividend yield trap i.e. investor can reap the monthly dividends, but there are likely to be capital losses because of fundamental issues (poor management, too high cost of borrowing, sector headwinds etc.).

Notable picks include Mapletree family for it’s strong Temasek linked sponsor, First REIT for healthcare exposure, CRCT for China retail exposure, Frasers family for their distinguished track record and Manulife US REIT for US exposure and sound management (they closed an acquisition shortly after IPO)

  • AIMS AMP Capital Industrial REIT (7.7)
  • Ascendas Hospitality Trust (6.8)
  • Ascendas Real Estate Investment Trust (6.8)
  • Ascott Residence Trust (6.5)
  • BHG Retail REIT (6.6)
  • Capitaland Retail China Trust (6.3)
  • Croesus Retail Trust (6.4)
  • ESR REIT (7.1)
  • Far East Hospitality Trust (6.3)
  • First REIT (6.4)
  • Frasers Commercial Trust (7)
  • Frasers Hospitality Trust (6.6)
  • IREIT Global (8)
  • Manulife US REIT (6.8)
  • Mapletree Greater China Commercial Trust 6.6)
  • Mapletree Industrial Trust (6.2)
  • Mapletree Logistics Trust (6.2)
  • OUE Commercial REIT (6.8)
  • OUE hospitality Trust (6.8)
  • Starhill Global REIT (6.5)
  • Viva industrial trust (7.7)

If you find the above interesting and would like to get started on investing in REITs, we would love to be with you on the journey. One place you can get started on finding out more is our REIT data tracker and list of property and REIT events.

We would love to assist if you are on the lookout to buy or sell property. If you know of anyone who is interested to do so, please refer them to us. We have an attractive referral program where you share in the fees or profits of the transaction.

PropertyInvestSG is on the lookout for successful individuals who have experience in property or REIT investments to interview. If you are one or know of someone like this, speak with us today.

Be nice and say hi, or simply drop us a message at the message box in the bottom right corner of this page.

 

Singapore’s next ‘Sail’ moment is not here, but something else is

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Even though Bloomberg feels that Singapore’s ‘Sail’ moment is not coming anytime soon, in reference to the iconic [email protected] in downtown Singapore, something else is brewing in the property market.

What could that be?

It’s something that could make existing property owners a cool million dollars of profit, is enough to get property agents sitting up, and investors clamoring to find the new project that could be en-bloc’d.

Since the beginning of 2017, these developments have been in the news for secured or potential en-bloc developments.

How do you get on the en-bloc bandwagon?

Dividend and more dividend yield questions asked during CRCT’s AGM

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I attended Capita Retail China Trust’s AGM today. Besides the S$20 capitamall voucher I received, I came away feeling ‘full’ because of some new things I learnt.

Here’s what I learnt, in the form of questions asked by unitholders.

What is the impact of the business tax, currency movement and property tax change on the results?

As background, The finance head answered that the impact of the 3 changes above amounted to about 3% impact on revenue and NPI. This meant that, had it not been for the changes above, revenue and NPI would have been 3% higher.

Why is rental reversion of Xizhimen negative since the manager is saying they want to do tenant remixing?

The manager answered by saying that due to the remixing, some tenants that paid lower rents were brought in. An example is a cafe cum library. In China, this experential lifestyle type of tenants appears to be the ‘in’ thing where people can come in, hang around, and feed their ‘senses’ by reading, drinking coffee and enjoying life.

What is the yield on cost target of Grand Canyon in future?

The manager said Grand Canyon was bought at about the 3% yield on cost range. Their goal is to move it to a steady state of 6, 7% over two rental cycles. The present cycle that ended was the first which resulted in yield on cost moving up to about 4-5%. When the second rent cycle comes, the manager claims to be able to hit their target.

Why is the NLA divided by GFA (efficiency ratio) less than 50%? In most other malls, the efficiency ratio is about 60%.

The manager replied that the carpark area needs to be removed from the GFA to give GRA, by which NLA can be divided to get the efficiency ratio. So in this case, the calculation of efficiency is understated because of the GFA amount.

The Wuhu mall looks based in terms of gross revenue and NPI margin. During Tony’s time, the previous CEO, the manager has been saying that tenant remixing has been explored. What has been done substantially in the last 2 years? Why has repositioning been taking so long? Why not sell?

The manager said that the Wuhu market is generally tough as retailers are not in a rapid expansionary mode. However, the manager is working with the property management team to see which retailers are most suited to come into the mall. Some international retailers may not be suitable because of the market context, so the manager is trying best to understand the context so see which retailers are most suitable. The manager is also open to selling.

Regarding the recent Chengdu acquisition, the mall was being operated by another operator with their own traffic counters. When CRCT took over, did they have any ‘surprises’?

The manager replied that they were comfortable with the numbers during due diligence. After taking over the mall, the manager is now charting their own path forward and there has been no nasty ‘surprises’.

A unitholder asked about a double impact from property tax in 2017 since in 2016, only the second half of the year suffered.

The manager said that the effect will be double of course, but when second half 2017 results are compared with second half 2016, they will be on the same basis. At the same time, the manager is optimizing the tax plans to minimize the taxes paid by the REIT.

For Xinnan property, the NPI yield was 5.4% during announcement. But this unitholder calculated a 4% annualized yield on cost. The unitholder was trying to understand the drop and to get a starting point for the mall’s yield on cost to see how much upside potential there is.

The manager said that some mall expenses were brought forward to 4Q16, and there were also some one off expenses that’s why 4Q16’s income and therefore yield is slightly lower. It’s not accurate therefore to annualize the quarterly figure.

The unitholder asked if the acquisition is good if there was only 30 years of lease left.

The manager replied by saying that one cannot compare China’s 30 or 40 year leasehold duration vs 99 years in Singapore. One needs to compare China vs China property which will be more accurate. Most commercial leases are 40 years, so in that regard, 30 years left is still fairly long at 75% of the original duration.

Tenant sales growth has been slowing lately with the latest at about 3.9%. The unitholder asked if this low single digit growth was the new ‘normal’ for the portfolio.

The manager said that if one drills into tenant sales by type, fashion and supermarket tenant sales is slowing. However, the children, education and lifestyle sector has growing tenant sales. So while on an overall basis growth is in the low single digit, there are some bright spots. The manager is therefore mindful of trends and will stay on top of them. As the CRCT portfolio is relatively developed and mature, and the base has moved larger, it is only reasonable to expect the growth to temper down.

When the manager says they are pioneering new concepts in Xizhimen and Wangjing, what does that exactly mean? Shouldn’t this result in positive rental reversion then?

Pioneering new concepts means to bring in trades and tenants that are welcome by customers. The manager does not look at rent vs rent alone. The mall is looked at holistically and managed as a business with NPI and revenue growth important. So for lease renewals, the immediate rent-vs-rent change isn’t looked at directly but the performance and tenant mix of the whole mall is also considered.

There are more big malls sprouting up in tier 1 and 2 cities such as Joy City which has NLA of more than 100,000 sqm. Compared to CRCT, it is much bigger. Is the manager seeing sales trend down due to competition.

While large malls have their own advantages, the manager is cognizant of running each mall on its own merits. I.e. if a mall is 30,000 sqm in size, the strategy is different than running a 60,000 sqm or 90,000 sqm mall.

Singapore and China relations have not been so good. Is that affecting the REIT?

The manager does not see any direct impact at the operational level. Especially in the last quarter of 2016 where there was some friction, there was no spiralling down of relations on a day to day basis.

The yield of CRCT is much higher than CCT. As an investor, I would buy CRCT. Would the yield of CRCT have a bit of return of capital embedded. Because compared to CCT where the underlying Singapore properties have a much higher yield, the asset virtually collapses in 25 years when the lease runs out.

The manager agrees and points out the CCT is in a more developed market versus China which is developing. There is also the risk of yuan depreciation. Therefore, the yield of CRCT ought to be higher.

What has the impact of e-commerce been on the malls?

Manager says there is a dichotomy or two extreme kinds of behaviour. Tenants who didn’t innovate and take active measures are seeing lower sales. Those who cultivate their online and offline presence, and improve their brand equity are doing well. An example is Uniqlo where they refresh their clothing line often and boost their online presence. For CRCT, the focus is on elements that cannot really be cannibalized by the internet, such as F&B, and experential services. In this regard, the REIT wants to capture the physical ‘space’ well to benefit from continued use of physicla spaces by consumers.

Will the assets become worthless at the end of the lease?

For residential properties, the government has stated there can be a payment for lease extension. However, for commercial properties, there has been no concrete or official announcement made by the government, so no one is really sure what happens after the lease runs out. Most likely is that the government will allow a payment for lease extension, similar to residential properties.

 

So that wraps up the AGM! Quite a bit of good information has been shared especially regarding questions on yields. It’s also enlightening to see how unitholders are stepping up to ask questions of the management of public companies, and some of the questioners are getting younger and younger!

I remember the last questioner Rusmin who actually blogs at Fifthperson.

 


If you find the above interesting and would like to get started on investing in REITs, we would love to be with you on the journey. One place you can get started on finding out more is our REIT data tracker and list of property and REIT events.

We would love to assist if you are on the lookout to buy or sell property. If you know of anyone who is interested to do so, please refer them to us. We have an attractive referral program where you share in the fees or profits of the transaction.

PropertyInvestSG is on the lookout for successful individuals who have experience in property or REIT investments to interview. If you are one or know of someone like this, speak with us today.

Be nice and say hi, or simply drop us a message at the message box in the bottom right corner of this page.

 

List of Singapore investment and REIT blogs I follow

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This blog post tracks the list of Singapore finance bloggers that I follow.

Contact me if you want to feature your blog.

Last updated 23 Aug 2017.

These investment and REIT blogs are a great resource. Some of them provide great information on the market, others provide more personal information like the amount of dividends they receive month-to-month, others conduct training, some chronicle their investment journey.

  1. S-REIT investment blog. Currently has S$3,300 in dividends a month. Aims for 8% yield stocks. Buys when price is lower than NAV. Goes for low gearing stocks and high secured NAV.
  2. Singapore investment bloogers toward financial freedom. Blog that collects a list of other investment blogs based in Singapore.
  3. My stocks investing journey. Kenny Loh, one of the pioneer financial bloggers in Singapore. Has been blogging since 2009 and reaches 19,000 unique monthly visitors.
  4. SGX Reit data. Blog that provides an list of Singapore REITs and updates their data daily. Information incudes market price, DPU cents, yields, NAV, gearing and asset type.
  5. Millionaire Dividend Investor in Singapore. Blogger lists out the blogs that were his inspiration when he first started as a dividend investor.
  6. SG Money matters. Author by the name of Ivan, an entrepreneur, financial consultant, blogger, author and educator.
  7. Value investing Singapore. Site was setup mainly because we just want to share what we had learnt about smart value investing to new investors and to build our Value Investing Singapore community. Singaporeans can make use of this blog as a good start to learn more about value investing.
  8. Wealth Directions. Financial advisory company and blog that aims to be the leading provider of Financial Education in Singapore and the region.
  9. Investment moats. Kyith Ng is the founder of Investment Moats, which mentors readers on wealth management to work towards financial independence.
  10. Dr Wealth. Investor-centric platform providing investor education and portfolio management tools. We have conducted classes and workshops for close to 4,000 attendees in the past few years. The topics include value investing, dividends, REITs, bonds, angel investing and other personal finance matters. These lessons were delivered from the perspective of a Do-It-Yourself investor.
  11. Thoughts of a cynical investor. The purpose of the blog is to entertain by providing, I hope, witty,  critical and acerbic analysis of companies’ strategies, financials, and management.  In particular to analyse the difference between what managers say they are doing, and the truth.
  12. Real Estate Economics by SMU. Guide to resources used in the real estate economics course taught in SMU.
  13. Singapore REITs. General information on S-REITs.
  14. Property Investment Singapore. This blog is setup primarily because it serves as a mean to constantly improving the knowledge of property investment and financial education aside having blogging as a hobby
  15. Growing your tree of prosperity. General finance blog that has a bit of a quant leaning.
  16. Lepak Investor. LepakInvestor is a “young” 31 year old investor who has been playing the market since 2005 during his NS days (i.e. ever since he turned 21). He dreams of having a nice quiet private home in Singapore, starting his own business, and enjoys nature very much
  17. Fool.sg. By the Motley fool. Well known investment website.
  18. REIT Symposium 2017. After the resounding success of REITs Symposium 2016 which witnessed the participation of 22 REITs companies, REITs Symposium 2017 is back on a bigger scale presenting 26 REITs profiles. It is a one day event aimed to give you an up close opportunity to hear and engage with the BEST minds in REITs to increase your financial intelligence and build a lifetime wealth.
  19. Singaporean Stock Investor ASSI.
  20. Redbrick Mortgage Advisory. Mortgage advisory website with regular updates on the property market and financing information.
  21. GHChua My investment portfolio.
  22. Heartland boy. WHO: Heartland Boy is a young working adult who pretends to be competent in the real estate industry despite graduating with only a Business Management degree. Outside of work, he analyses stocks, reits and property for investment to build passive income. He is also a stickler for all things that represent value-for-money. WHAT: Heartlandboy.com is a personal finance blog in Singapore where you can follow the arduous journey of a true-blue heartlander who is on the elusive chase for financial independence. He has the ambition of attaining financial freedom before turning forty so that he has the option to retire before society retires him prematurely.
  23. Lady You Can Be Free. I’m a single lady who aspires to achieve financial freedom. I graduated from university with a salary of only SGD 2,200 per month and started this financial freedom project in 2005 when my career came to a transition. Being the sole breadwinner for a family of 4, I needed desperately to figure out how long I can survive without a job with my pathetic savings. While sorting out my finances, I came across my Central Depository statements and realized that passive incomes can be generated through dividends.
  24. Propertysoul and Propertyclubsg
  25. Sginvestors.io
  26. sginvestbloggers
  27. thefinance

If you find the above interesting and would like to get started on investing in REITs, we would love to be with you on the journey. One place you can get started on finding out more is our REIT data tracker and list of property and REIT events.

We would love to assist if you are on the lookout to buy or sell property. If you know of anyone who is interested to do so, please refer them to us.

PropertyInvestSG is on the lookout for successful individuals who have experience in property or REIT investments to interview. If you are one or know of someone like this, speak with us today.

Be nice and say hi, or simply drop us a message at the message box in the bottom right corner of this page.