First Impressions of Elite Commercial REIT

by: Tam Ging Wien


All examples and stocks quoted here in this article and on the ProButterfly.com and REITScreener.com site are for learning purposes; it does NOT constitute financial advice or a Buy/Sell recommendation. Contents are reflective of personal views and readers are responsible for their own investments and are advised to perform their own independent due diligence and take into account their own financial situation. If in any doubt about the investment action you should take, you should consult a professional certified financial adviser. 


In what could be 2020’s first REIT IPO, Elite Commercial REIT (Elite C-REIT) lodged its preliminary prospectus on the MAS Opera website on 17-Jan-2020 (Fri). This would be the first British Pound (£) denominated REIT listing in Singapore both as the trading currency and DPU payout.

The REIT will be managed Elite Commercial REIT Management Pte. Ltd. with Perpetual (Asia) Limited as the trustee.

From the listing date till FY2021, unitholders will enjoy a 100% of its distributable income declared in British Pounds (£) on a semi-annually basis. From FY2022 onwards, the distribution policy will drop to 90% of distributable income. Investors in Singapore could still opt to receive the DPUs in either British Pounds (£) or Singapore Dollar ($). The first distribution - based on the period from the listing date to 30-Jun-2020 will be paid by 30-Sep-2020.

REITs denominated in Euro (€) are listed and currently actively being traded, for example Cromwell European REIT but not previously in British Pounds (£).

The offer price is rumoured to be £0.68 per unit, and the IPO is expected raise around £119.5 million to £131.2 million (S$209.3 million to S$229.7 million), based on a total offering size of 175.7 million to 192.9 million units. The Singapore public offer is expected to run from 28-Jan-2020 to 04-Feb-2020.

The initial portfolio will comprise 97 commercial buildings located across the UK, with a total net internal area of approximately 2.6mil square feet and a total site area of approximately 47ha. All of the properties are freehold with the exception of one – Parc Menai, Bangor – is on a leasehold tenure of expiring on 19-May-2255.

The initial portfolio has a wide geographical spread within the UK, with approximately 40.0% of the portfolio by Gross Rental Income situated in London, as well as the South, and the Midlands of the UK.

Over 99.0% of the gross rental income is derived from the current leases with the UK Government via The Secretary of State for Housing, Communities and Local Government on a full repairing and insuring (triple net) basis to the AA-rated UK Government with a WALE of 8.6 years. Under a fully repairing and insuring (triple net) lease, the tenant bears the responsibility for the repair of the external, internal and structural format of the property. The properties are all let on co-terminus, which means the tenancy all ends on the same day – 31-Mar-2028.

OCBC Bank and UBS are the joint issue managers. The joint bookrunners and underwriters are OCBC, UBS, CGS CIMB and China International Capital Corporation.

Due to the timing of this IPO, ProButterfly.com has decided to release this newsletter to all our subscribers despite the Chinese New Year Holidays so that potential investors have enough time to decide on their investment decisions .

About the Department of Work and Pensions

The DWP is responsible for welfare, pensions and child maintenance policy and is the the UK’s biggest public service department. DWP administers the State Pension and a range of working age, disability and ill health benefits to around 20mil claimants and customers.

The DWP has four key organisations:

  • Jobcentre Plus administers working age benefits such as Jobseeker's Allowance, and decides which claimants receive Employment and Support Allowance
  • Pension Service which pays the Basic State Pension and Pension Credit and provides information on related issues
  • Disability and Carers Service which provides financial support to disabled people and their carers
  • Child Maintenance Group which provides the statutory Child Support Schemes, operating as the Child Support Agency and the Child Maintenance Service

The Department of Work and Pensions (DWP) occupies each Property under a group sharing arrangement. The group sharing arrangement allows the various components of the UK Government to share occupation of the tenanted Property under the umbrella of the tenant – The Secretary of State for Housing, Communities and Local Government.

The UK Government is rated AA and Aa2 by S&P and Moody’s respectively, and according the prospectus “has experienced steadily declining budget deficits over the last five years, with one of the lowest debt-to-GDP ratios amongst the G7 nations”.


Source: Elite Commercial REIT Preliminary Prospectus


Source: Elite Commercial REIT Preliminary Prospectus

About the Sponsor Elite Partners Capital

The sponsor of Elite C-REIT is Singapore based private equity firm Elite Partners Capital (EPC). EPC operates as an is an alternative asset manager specialising in yield-accretive global assets. It was incorporated on 28-Feb-2017 by three founding partners, Victor Song, Charles Hoon and Chiew Chuanjin.

EPC serves clients and investors worldwide with more than S$3bil assets under management.

EPC’s Executive Chairman is Micheal Tan who also served as the Executive Chairman of Singapore Exchange-listed LH Group Limited (formerly Liang Huat Aluminium Limited) from March 2010 until February 2017 and was responsible for business development. Micheal Tan was the Non-Executive Director of Viva Industrial Trust Management Pte. Ltd. (the manager of SGX-listed Viva Industrial Trust which has since merged with ESR-REIT) where he worked with EPC’s current CEO and managing director, Mr. Victor Song.

EPC’s Group CEO is Victor Song who is also one of the founding shareholders of EPC. Prior to the establishment of Elite EPC, Victor Song was one of the founding members of Viva Industrial Trust (VIT) (which has since merged with ESR-REIT) where he also held the positions of Head of Asset Management and Investment Director of VIT’s manager, Viva Industrial Trust Management Pte. Ltd. He was responsible for the business plans and operations of the properties, as well as formulating and evaluating acquisition and divestment opportunities. Earlier in his career, Victor Song was part of the investment team at SGX-ST-listed Cambridge Industrial Trust (currently known as ESR-REIT), where he was responsible for formulating investment strategies and the execution of investment transactions. Victor Song has over 15 years of experience across the entire real estate investment value chain, from leasing, asset management and advisory, and build-to-suit activities to acquisitions, investment and divestment.

One of the cornerstone investors Kim Seng Holdings together with Victor Song started Viva Industrial Trust together, along with Ho Lee Group.

About the IPO Portfolio

The initial portfolio will comprise 97 commercial buildings located across the UK, with a total net internal area of approximately 2.6mil square feet and a total site area of approximately 47ha. All of the properties are freehold with the exception of one – Parc Menai, Bangor – is on a leasehold tenure of expiring on 19-May-2255.

Since 01-Apr-2018, the properties have been let at newly agreed market rents, which are subject to CPI-linked rent reviews. The 2.6mil sqft portfolio, which is primarily located in town centres, has a combined annual rent of £23.4mil. Approximately 95% of these rental income of the portfolio is secured against the covenant of the UK Secretary of State for Communities and Local Government.

This initial portfolio of 97 commercial buildings was formally known as the “Hayhill Portfolio” and was owned by Telereal Trillium Ltd is a commercial property management, development and investment company, headquartered in central London.

Trillium was originally formed back in 1997, to acquire the 1,500,000sqm of property portfolio of the Department for Work and Pensions (DWP) and manage its job centres and other DWP buildings for 20 years till till 31-Mar-2018. It was later acquired by Land Securities in 2000 and renamed Land Securities Trillium.


Source: Telereal Trillium Ltd

Separately in 2001, Telereal was established by William Pears Ltd to acquire the property portfolio of British Telecom for £2.3Bn.

Land Securities sold Trillium (excluding its Accor Hotels portfolio) to Telereal for £750 million, to form Telereal Trillium. As a result of this deal, the “Hayhill Portfolio” got transferred under full ownership of Telereal Trillium and William Pears.

Telereal Trillium Ltd is a commercial property management, development and investment company, headquartered in central London. It is the largest privately owned property company in the UK – it is owned by the Bernard Pears 1967 Trust and its management. Operating in property partnerships, investment, development, and strategic land, Telereal Trillium has a presence in every city and major town in the UK. It presently has over 12,000 properties across the UK with almost 80mil sqft property estate valued at over £8.0bil.

In early 2018, Telereal Trillium received a renewal of leases co-terminus for another 10 years from 01-Apr-2018 to 31-Mar-2028 on a fully repairing and insuring (triple net) lease where the tenant bears the responsibility for the repair of the external, internal and structural format of the property. The properties are let at newly agreed annual market rents of £23.36mil, which are subject to CPI-linked rent reviews. However, while the leases with Telereal Trillium were renewed for another 10 years, the management contracts of those leases were terminated and handed over to Cushman & Wakefield and Sodexo.

The DWP has used to have over 1,750 locations and has since rationalised it down to 750. The “Hayhill Portfolio” provides 97 out of those 750 locations. This rationalisation was done before the renewal of the 10-year lease in Apr-2018. A key focus of the rationalisation was in ensuring that the UK population continues to have easy access to Jobcentre Plus centres. Considering that DWP kept the entire “Hayhill Portfolio” leases after its location rationalization reflects on the importance of the assets within the portfolio as job centres are best located in central locations.

Telereal Trillium, which has a £8bil portfolio, has been looking to move away from outsourcing agreements with the likes of DWP and BT and towards building its strategic land interests.

The price of £280mil asked for the portfolio with a combined annual rent of £23.36mil reflects a 7.81% yield and the leases are subject to CPI-linked rent reviews. It was ultimately sold to Elite UK Commercial Ltd, which is a subsidiary of Elite UK Commercial Fund on 19-Nov-2018 for a total consideration of £282.15 million. The 2.6m sq. ft. portfolio has a combined annual rent of £23.29m. CBRE and Reed Smith acted for Telereal Trillium. Goldenberg Real Estate, Eversheds Sutherland, and EY advised Elite.

Management of the properties is outsourced to Jones Lang LaSalle. Property Management Fee for Forecast Year 2020 is around £236,000 a year.


Source: Telereal Trillium Ltd

The “Hayhill Portfolio” has now been injected into Elite C-REIT at an appraised valuation of £319.1mil as of 31-Aug-2019. In other words, the EPC would have stood to gain approximately 13.1% profits from the flip in just over a year.

The initial portfolio has a wide geographical spread within the UK, with approximately 40.0% of the portfolio by Gross Rental Income situated in London, as well as the South, and the Midlands of the UK.


Source: Elite Commercial REIT Preliminary Prospectus


Source: Elite Commercial REIT Preliminary Prospectus

After this sale, Telereal Trillium still owns two portfolios known as the “Bruton Portfolio” and “Stratton Portfolio” with 11 and 3 properties within it respectively. These 2 portfolios have similar rental arrangements with the DWP similar to the “Hayhill Portfolio”. At present, Telereal Trillium has plans to divest these 2 portfolios.

What We Like About Elite C-REIT

Stable Cash Flow from Strong and Reliable Tenant with Built-In Rental Escalations

Over 99.0% of the gross rental income of the current portfolio is leased to only a single tenant – The Department of Work and Pensions (DWP) on a full repairing and insuring (triple net) basis. While we like the triple net lease structure and we also like that over 95% of these rental income is secured against the covenant of the UK Government’s Secretary of State for Housing, Communities and Local Government. The UK Government is rated AA and Aa2 by S&P and Moody’s respectively, and has “steadily declining budget deficits over the last five years”, we doubt that they will default on their rental obligations.

On top of that, these leases have embedded rental growth from inflation-linked rental escalations every five years based on the UK Consumer Price Index (“CPI”), subject to an annual minimum increase of 1.0% and maximum of 5.0%. This provides the IPO Portfolio with a relatively predictable, embedded rental growth profile. The IPO Prospectus states that “CPI forecast to increase at an average of 2.1% p.a. from 2020 to 2022”.


Source: Elite Commercial REIT Preliminary Prospectus

We like that these rental incomes are stable, predictable and have a transparent rental escalations mechanism with an annual minimum increase of 1.0%. However, we hesitate to fully trust the projections of CPI growth presented in the IPO prospectus.


Source: Consumer Price Inflation Time Series (MM23), Office for National Statistics

Seeing the trend of declining consumer price inflation data from the UK Office for National Statistics, we would err of the conservative side and only assume the minimum of 1% annual increase.

Tenant Service is Crucial and Uniquely Counter-Cyclical

The tenant – DWP is responsible for welfare, pensions and child maintenance policy and is the UK’s biggest public service department. DWP administers the State Pension and a range of working age, disability and ill health benefits to around 20mil claimants and customers.

Therefore, by design the usage of DWP properties are inherently counter-cyclical, with claimant counts, job centre footfall and DWP benefit spending all highly correlated to unemployment.

Data presented in the prospectus clearly shows this counter-cyclical trend where the claimants rapidly increased during the Global Financial Crisis (GFC). Therefore, we are confident that these assets will be in high demand in the event of another global recession as the tenant would need to provide welfare and job placement services. Pension claims will still be required regardless of a times of economic prosperity or recession.


Source: Elite Commercial REIT Preliminary Prospectus

On top of that, the UK Government introduced the Universal Credit (UC) scheme in April 2013. The UC is a monthly benefit payment intended to simplify working-age benefits and incentivise paid work. As job centres are used to facilitate the Universal Credit roll out, usage of the job centres are expected to rise in tandem with the roll-out of UC throughout the UK.

86.3% of Jobcentre Plus assets in the IPO Portfolio have no alternative Jobcentre Plus within a three-mile radius. This was a key metric used by the DWP during their location rationalisation, we believe that the tenant are satisfied that the properties in the portfolio are in satisfactory locations where they can efficiently service the public.

In addition, the UK’s ageing population is driving long-term structural demand growth for DWP’s pension services.


Source: Elite Commercial REIT Preliminary Prospectus

We have never seen another REIT with such assets before this IPO and we like the counter-cyclical theme that it presents. We also like the fact that the UC roll-out in UK being facilitated through the job centres will maintain a need for these properties. Finally, with the aging population forecast to continue to grow in the coming 10 years, the need for pension services will continue to rise.

We see that the pension, job placement and welfare services offered by DWP is uniquely crucial to the UK public and demand will likely continue necessitating the need for these properties.

Portfolio Properties Freehold and Located in Central Areas

All the 97 properties initial portfolio are freehold saved for one – Parc Menai, Bangor – which is on a long leasehold tenure of expiring on 19-May-2255 which could be practically considered to be freehold.

Due to the services offered by the DWP, the more centrally located and assessable the properties, the larger the population it can serve and the higher the service efficiency of the property location as a ratio to the population density.

82.5% of assets in the IPO Portfolio provide key front-of-house services, primarily Jobcentre Plus unemployment services. In addition, the IPO prospectus sheds some statistics on the location and profile of the assets:

1. Centrally located in town centres or densely populated areas

  • 2% of the IPO Portfolio is centrally located within city centres, town centres and city suburbs

2. Has strong transport links

  • 0% of the IPO Portfolio is within a 10 minute walk to the nearest bus stop
  • 8% of the IPO Portfolio is within a 15 minute walk to the nearest train station
  • Close to key amenities
  • The IPO Portfolio has an average of four supermarkets within an approximate 0.8 kilometre radius
  • The IPO Portfolio has an average of 12 F&B outlets within an approximate 0.8 kilometre radius
  • The IPO Portfolio has an average of five medical facilities within an approximate 0.8 kilometre radius
  • The IPO Portfolio has an average of four schools4 within an approximate 0.8 kilometre radius

Considering the centrality of many of the assets and DWP’s stringent locational requirements front-of-house properties after its rationalisation exercise, these assets has the potential to be converted for other commercial, residential, or student accommodation uses.


Source: Elite Commercial REIT Preliminary Prospectus

Management Fees Structure Aligned of Unitholder’s Interest

According to the IPO Prospectus, the management fee is paid based on the following:

  • Base Fee:0% of the REIT’s Annual Distributable Income calculated before accounting for the Base Fee and the Performance Fee
  • Performance Fee:0% of the increase in DPU in a financial year over the DPU in the preceding financial year (calculated before accounting for the Performance Fee but after accounting for the Base Fee in each financial year) multiplied by the weighted average number of Units in issue for such financial year

In simple terms, unitholders want their REIT investments to grow its DPU year on year and the management is incentivised to ensure that annual DPU growth. If the DPU for a particular year is less than the DPU of the preceding year, the manager will not receive any performance fee.

This management fee structure is aligned with popular REITs such as Mapletree North Asia Trust, Manulife US REIT and EC World REIT.

For Forecast Year 2020 and Projection Year 2021, the Manager has elected to receive 100.0% of the Base Fee in the form of Units. There would not be any Performance Fee payable for the period between the Listing Date to 31 December 2021.

The management fee is forecasted to be £1.622mil and £1.655mil for the full Forecast Year 2020 and Projection Year 2021 respectively. That is approximately 7.16% and 7.11% of NPI

According to REITScreener.com’s data, currently the REITs that take the highest management fee as a percentage of NPI are Keppel REIT, Frasers Commercial Trust, Suntec REIT, Mapletree Logistics Trust and Frasers Centrepoint Trust. The top-10 highest management fees are at least 10.1%.

Therefore, Elite C-REIT’s management fee estimates of at around the 7.1% can be considered reasonable. However, do note that when performance fee kicks-in in FY2022, this management fee percentage could increase depending on the DPU growth.

Source: REITScreener.com

Sponsors with Strong Pipeline of Assets to Acquire

The various sponsors have granted Elite C-REIT with a rights-of-first-refusal (ROFR) to a potential pipeline of assets to acquire:

  • EPC, Elite UK Commercial Fund II – Pipeline of over 62 commercial properties located across the UK, which are primarily long-term leased to the UK Governmen
  • Elite Partners Holdings Pte. Ltd.
  • Ho Lee Group Pte. Ltd
  • Sunway RE Capital Pte. Ltd.

Besides the ROFR for Elite UK Commercial Fund II, the exact number of ROFR assets offered by the other sponsors are not specifically listed in the prospectus.

Risk We See in Elite C-REIT

Single Tenant Risk

Over 99.0% of the gross rental income of the current portfolio is leased to only a single tenant – The Department of Work and Pensions (DWP) on a full repairing and insuring (triple net) basis. While we like the triple net lease structure, we cannot ignore the fact that there is a concentration risk of the REIT to a single tenant.

Fortunately, approximately 95% of these rental income of the portfolio is secured against the covenant of the UK Government’s Secretary of State for Housing, Communities and Local Government. Given that the UK Government is rated AA and Aa2 by S&P and Moody’s respectively, and has “steadily declining budget deficits over the last five years”, we doubt that they will default on their rental obligations.

Probability: Low

Break Clauses in Lease Contract

The leases to the UK Government’s Secretary of State for Housing, Communities and Local Government contain break clauses where the government would need to give a notice in writing at least 1-year ahead before terminating the lease.

Therefore, it would be important that the manager constantly keeps in active contact and maintain strong relationships with the tenant. Regular asset review and asset enhancements would be needed to ensure that the tenant continues to stay which may include CAPEX.

While the break clause may exist, we think that the 1-year notice period should provide the Manager sufficient time to source for and secure new tenants. The fact that DPW did not terminate any of the leases of the portfolio during its location rationalisation exercise gives us comfort that the assets are fairly in demand due to their central location.

Considering the centrality of many of the assets and DWP’s stringent locational requirements front-of-house properties after its rationalisation exercise, these properties has the potential to be converted for other commercial, residential, or student accommodation uses. Therefore, should a break clause get exercised, the 1-year notice period coupled with the centrality of the properties, the manager has a good chance of securing a new tenant without impact to the income stream.

However, we still would assign a Medium to this risk factor as we cannot discount the possibility that certain properties may have their leases terminated ahead of the end date.

Probability: Medium

Co-Terminus Risk

The current portfolio are all let on co-terminus basis, which means the tenancy all ends on the same day – 31-Mar-2028. The leases are for a 10-year period commencing 01-Apr-2018 to 31-Mar-2028. While the long WALE of 8.6 years is comforting, the renewal risk will continue to increase as time passes.

In the worse case scenario, the tenant does not renew any of the leases of the assets come 31-Mar-2028 and the REIT may be left in a desperate situation to scrabble to back-fill leases empty properties.

While we think that there is a possibility of such, investors still have another 8.6 years to observe this risk. Again, we take comfort in the fact that DPW did not terminate any of the leases of the portfolio during its location rationalisation exercise.

We are assigning a probability of Low for this risk factor. However, it would be raised to a Medium should tenant exercise the break clauses in any of the properties. If more than 3 break clauses are exercised or if there is no news of lease renewals signed 6 months before the expiry date, we would elevate this risk to a High.

Probability: Low

Threat of Increasing Internet Usage for Pension, Job Placements and Welfare Services

While we pension, job placements and carer and welfare services provided by the tenant are considered crucial and counter-cyclic, the need for the physical locations could be threatened by the increasing internet. If the UK public increasingly switch to obtain services from DWP through the internet instead of physically traveling to their nearest DWP property, the foot traffic and need for the properties may slowly decline.

While we acknowledge that many of the public who access pension, welfare and carer services may have limited or no access to the internet, we cannot discount the increasing prevalence of internet use amount the disabled, aged, pensioners and job seekers.

Probability: Medium

Weakening Pound Against the Singapore Dollar

As the rental revenues of Elite C-REIT in received Pounds, most investors who are based in Singapore are going to request for a conversion of the DPU to Singapore dollars. On top of that, Elite C-REIT would need to also pay some expenses in Singapore dollars such as the management fees, trustee fees and other REIT related expenses.

Therefore, Elite C-REIT is exposed to risks associated with exchange rate fluctuations which may adversely affect Elite C-REIT’s results of operations and DPU.


Source: Consumer Price Inflation Time Series (MM23), Office for National Statistics

The latest inflation data from the Office of National Statistics show that inflation has been on the decline since Jul-2017. Central banks of developed nations tend to see inflation above 2.0% has healthy. However in the UK, the declining inflation may lead the Bank of England to lower interest rates to boost inflation. Any interest rate cuts are likely to lead to a weakening Pound. However, the jury is still out on how Singapore’s central bank will decide on the SGD’s policy come 2020.

The Brexit issue still continues to linger, and it is also difficult to predict the impact on the Pound.

According to the IPO prospectus, the Manager is expected to enter into foreign exchange hedges for Forecast Year 2020 and Projection Year 2021 post-Listing. We would presently rate this risk as Medium and would downgrade the risk to a Low should the management decide to enter into and foreign exchange hedges.

Probability: Medium

Potential Equity Based Fund Raising in the Foreseeable Future  

The balance sheet as of listing date shows gives a total asset value of £303.3mil as of 31-Aug-2019 after adjusting for a cash distribution of £12.0mil assumed to be paid to the Private Trust Investors prior to the Listing Date. Its total debts stands at £95.9mil, giving Elite C-REIT a gearing of 31.6%. Given a 45% gearing limit for S-REITs, the REIT would have a debt headroom of £40.6mil (S$72.3mil).

It is unlikely that REITs would push its gearing above 42.5% as they would usually buffer in a margin to allow for adverse fluctuations in the asset valuation. Therefore realistically speaking, the practical debt headroom is closer to of £33.0mil (S$58.7mil).

Given the average valuations of each of the properties are approximately £3.0mil each, the practical debt headroom could potentially allow acquisitions of another 10 to 11 properties of similar characteristics of the initial portfolio – we which that this margin does not give sufficient headroom for any significant acquisitions going forward and would necessitate the need for equity fund raising be it a rights issue, private placement or preferential offering.

Therefore, investors who are holding this REIT at IPO price could likely see an equity fund raising within 12 to 18 months. This is especially so if the P/B ratio continues to remain elevated along with the bulk of the current S-REITs, it would be likely that the REIT along with the sponsor would take the opportunity to raise funds at a good cost of equity.

From the investor’s perspective, one should ensure that they have set aside a pool of spare cash to deploy should a rights issue or preferential offering is called if they plan to participate in this IPO.

Probability: High 

Conclusion

Our first impressions of Elite C-REIT are certainly a positive one with an interesting asset mix and a tenant which offers services which are crucial and is uniquely counter-cyclical. We like that the tenants are already familiar with the assets and have been utilising them for over 20 years. The leases are also backed by the UK Government with built-in rental escalations and therefore very predictable. We also like that the portfolio had been through a stringent rationalisation exercise and every single asset passed the tenants location assessments before a new 10-year lease renewal were signed.

However, we do acknowledge that there are some risk involved in this REIT including the break clauses and the co-terminus of the leases come 31-Mar-2028. We are also unsure about the internet as a medium of substitute in DPW outreach and delivery of services as well as the potential exchange rate fluctuation of the Pound.

We do note that however that investors should be aware that an equity fund raising is likely to ensue in the next 12 to 18 months.

After a qualitative review of our first impressions of REIT, we would have to wait for the final numbers to assess the valuation and subscription price before deciding if we would apply.

Real Estate Investment Trusts (REITs) are one of the most reliable way to invest as they generate steady and consistent tax free cash flow. REITs also open up access for investors to participate in a diverse range of real estate assets with low capital outlay. By having and applying the right investment toolkit at your disposal could potentially boost your investment performance many folds and/or help you reduce your REITs investment risk.

In the upcoming The Essential REITs Toolkit Webinar, we will be covering:

  • Part 1: Understanding REITs
  • Part 2: Financial Toolkit for REIT Investing
  • Part 3: Sector Toolkit for REIT Investing
  • Part 4: Applying Your REIT Toolkit
  • Part 5: Q&A

Some key highlights that will be covered includes:

  • Why the traditional triple-constraint filter of high yield, low price-to-book ratio (P/B ratio), and low gearing typicaly ends up filtering sub-par REITs
  • Why it is dangerous to chase high yielding REITs without looking at other factors
  • The right metric to use when screening for high quality REITs
  • Case studies of REITs which are considered high quality
  • How do you know when is the right time to buy or sell your REIT
  • Step-by-step demo of how to screen for high quality REITs on your own

To register for the The Essential REITs Toolkit Webinar, click on the banner below:

Meanwhile, do also check out the book REITs to Riches: Everything You Need to Know About Investing Profitably In REITs available at all major bookstores around Malaysia and Singapore. To purchase the eBook (PDF) copy, navigate to http://aktive.com.sg/store/reits-to-riches/.

 

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