Pan-Asia Index Flows & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Pan-Asia Index Flows & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Event-Driven

<ul>
<li>Today after the close, large-cap logistics JREIT <a href="https://www.smartkarma.com/entities/glp-j-reit" target="_blank" data-smartkarma-citation="entities:11009:1" rel="noopener">GLP J-REIT (3281 JP)</a> ("GLP") announced a follow-on equity offering to fund part of their recently-announced property acquisition. </li>
<li>The primary offer quantity is 215,962 units. In addition, there will also be an over-allotment quantity of 5,809 units. The total size of this offering could be roughly ¥33bn (~US$227mn). </li>
<li>Below is a closer look at the details of this offering and the potential of this offering to trigger strong secondary market performance in the following weeks.</li>
</ul>


Today after the close, large-cap logistics JREIT GLP J-REIT (3281 JP) ("GLP") announced a follow-on equity offering to fund part of their recently-announced property acquisition. 
The primary offer quantity is 215,962 units. In addition, there will also be an over-allotment quantity of 5,809 units. The total size of this offering could be roughly ¥33bn (~US$227mn). 
Below is a closer look at the details of this offering and the potential of this offering to trigger strong secondary market performance in the following weeks.


GLP J-Reit (3281 JP): Offering Could Trigger Outperformance Vs Peers

Mitsui Fudosan Logistics Park Inc / Event-Driven

<ul>
<li>Yesterday after the close, Logistics JREIT <a href="https://www.smartkarma.com/entities/mitsui-fudosan-logistics-park-inc" target="_blank" data-smartkarma-citation="entities:24027:1" rel="noopener">Mitsui Fudosan Logistics Park Inc (3471 JP)</a> (<strong>"MFLP"</strong>) announced a follow-on equity offering to fund part of their recently announced property acquisition. </li>
<li>The primary offer quantity is 32,380 units. In addition, there will also be an over-allotment quantity of 1,620 units. The total size of this offering could be roughly ¥20bn (~US$175mn). </li>
<li>Below is a closer look at the details of this offering and the potential of this offering to trigger strong secondary market performance in the following weeks.</li>
</ul>


Yesterday after the close, Logistics JREIT Mitsui Fudosan Logistics Park Inc (3471 JP) ("MFLP") announced a follow-on equity offering to fund part of their recently announced property acquisition. 
The primary offer quantity is 32,380 units. In addition, there will also be an over-allotment quantity of 1,620 units. The total size of this offering could be roughly ¥20bn (~US$175mn). 
Below is a closer look at the details of this offering and the potential of this offering to trigger strong secondary market performance in the following weeks.


Mitsui Fudosan Logistics Park (3471 JP): Strong DPU Accretion Could Trigger Outperformance Vs Peers

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

<ul>
<li>
<a href="https://www.smartkarma.com/entities/nippon-building-fund-inc" target="_blank" data-smartkarma-citation="entities:1900:1" rel="noopener">Nippon Building Fund (8951 JP)</a> announced a smallish primary offering to assist in funding a portion of its Asset Replacement Campaign involving sales and purchases and an uplift in DPU.</li>
<li>That is an occasion to look at how much of float is held by passive trackers. </li>
<li>A test was done on the top 10 J-REITs on a holder-by-holder basis to see what one could expect at a minimum. The result may surprise some.</li>
</ul>



Nippon Building Fund (8951 JP) announced a smallish primary offering to assist in funding a portion of its Asset Replacement Campaign involving sales and purchases and an uplift in DPU.
That is an occasion to look at how much of float is held by passive trackers. 
A test was done on the top 10 J-REITs on a holder-by-holder basis to see what one could expect at a minimum. The result may surprise some.


Nippon Building Fund (8951) - Calculating Passive Tracking of J-REITs and Index Events Around Offers

<ul>
<li>Yesterday after the close, Japan's largest logistics REIT <a href="https://www.smartkarma.com/entities/nippon-prologis-reit-inc" target="_blank" data-smartkarma-citation="entities:15683:1" rel="noopener">Nippon Prologis Reit (3283 JP)</a><strong>("NPR")</strong> announced a US$270mn follow-on equity offering to fund their recent acquisition of three logistics facilities.</li>
<li>The primary offer quantity will be 84,290 units out of which 48,890 units and 35,400 units are expected to be allocated for domestic and international investors, respectively. </li>
<li>Below, we take a look at the attractiveness of NPR's latest offering with greater emphasis on the potential for strong post-offering secondary market performance.</li>
</ul>


Yesterday after the close, Japan's largest logistics REIT Nippon Prologis Reit (3283 JP)("NPR") announced a US$270mn follow-on equity offering to fund their recent acquisition of three logistics facilities.
The primary offer quantity will be 84,290 units out of which 48,890 units and 35,400 units are expected to be allocated for domestic and international investors, respectively. 
Below, we take a look at the attractiveness of NPR's latest offering with greater emphasis on the potential for strong post-offering secondary market performance.


Nippon Prologis REIT (3283 JP): Offering Could Trigger Outperformance Vs Peers

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Capital Markets

Daiwa House Logistics Trust / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/daiwa-house-logistics-trust" target="_blank" data-smartkarma-citation="entities:35020:1" rel="noopener">Daiwa House Logistics Trust (DHLT SP)</a> has launched an SGX IPO to raise gross proceeds of S$464 million ($343 million) at an IPO price of S$0.80 per unit. </li>
<li>In <a href="https://www.smartkarma.com/insights/daiwa-house-logistics-trust-ipo-the-flow-of-things" target="_blank" data-smartkarma-citation="insights:60978" rel="noopener">Daiwa House Logistics Trust IPO: The Flow of Things</a>, we outlined its attractive value proposition.  </li>
<li>Our valuation analysis suggests that the IPO price of S$0.80 per unit is reasonable.</li>
</ul>



Daiwa House Logistics Trust (DHLT SP) has launched an SGX IPO to raise gross proceeds of S$464 million ($343 million) at an IPO price of S$0.80 per unit. 
In Daiwa House Logistics Trust IPO: The Flow of Things, we outlined its attractive value proposition.  
Our valuation analysis suggests that the IPO price of S$0.80 per unit is reasonable.


Daiwa House Logistics Trust IPO: Valuation Insights

Japan

Japan Prime Realty Investment Corporation is a real estate investment trust (REIT) which mainly invests in office buildings and commercial-use facilities nationwide.

Nippon Accommodations Fund Inc. is a real estate investment trust (REIT), which invests in income producing properties.  The Company invests in residential buildings.

Sekisui House Reit, Inc. is a real estate investment trust (REIT) which mainly invests in real estate and securitized real estate products. Properties are mainly Business office buildings and are located in Tokyo, Osaka and Nagoya area. Sekisui House Reit, Inc. also invests in commercial properties in foreign countries.

Activia Properties, Inc. is a real estate investment trust (J-REIT). The company mainly invests in commercial and office buildings in the Tokyo metropolitan area.

AEON REIT Investment Corporation is a real estate investment trust (REIT) which invests in securitized real estate products. The REIT mainly invests in suburban shopping centers.

Daiwa Office Investment Corporation is a real estate investment trust (REIT) which invests in securitized real estate products.

LaSalle Logiport REIT is a real estate investment trust (REIT) which invests in logistics facilities. It focus on investing in facilities in Tokyo and Osaka area.

MORI HILLS REIT INVESTMENT CORPORATION is a real estate investment trust (REIT). The Company invests in real estate properties such as commercial and office buildings.

Mori Hills REIT Investment Corporation (3234 JP)

Japan Hotel REIT Investment Corporation is a real estate investment trust(REIT) which invests in securitized real estate products. The Company mainly invests in real estate properties used in hotels.

Comforia Residential REIT, Inc. is a real estate investment trust (REIT). The company invests in leasing city apartments mainly in Tokyo area.

SPH REIT is a Singapore-based REIT established principally to invest, directly or indirectly, in a portfolio of income-producing real estate which is used primarily for retail purposes in Asia-Pacific, as well as real estate-related assets.

The Geo Group Inc. operates private correctional facilities located mostly in the United States, but also in Australia, Canada, New Zealand, and South Africa.  The Company offers educational programs, vocational training, and rehabilitation therapy services.

Equity Commonwealth is a real estate investment trust, or REIT. The Company primarily owns office buildings located in Central Business District and suburban areas of major metropolitan markets in the United States, and has a large concentration of properties leased to the U.S. Government and medical related tenants. Equity CommonWealth also owns industrial lands in Hawaii.

DiamondRock Hospitality Company is a self-advised real estate investment trust. The Company owns, acquires, and invests in upper scale and upscale hotel properties located in North America.  DiamondRock also invests in premium limited-service and extended-stay hotel properties in urban locations.

Sunstone Hotel Investors, Inc. is a hospitality and lodging real estate investment trust that owns primarily upper scale and upscale hotels in the United States. The Company's hotels are operated under various branded names.

Empire State Realty Trust Inc. is a real estate investment trust. The trust owns, manages, operates, acquires and repositions office and retail properties in Manhattan and the greater New York metropolitan area.

Urban Edge Properties is a real estate investment trust. The Company acquires, develops, owns and operates strip shopping centers and malls located in high barrier-to-entry markets. The Company operates within the United States.

Goodman Property Trust is a property trust that invests in, manages and develope portfolio of diversified property assets in Auckland. The Trust's portfolio comprises of office, industrial and retail properties.

National Storage REIT is a Real Estate Investment Trust.  The Trust owns self storage facilities in Brisbane, Sunshine Coast and Gold Coast in Queensland, Sydney Western Suburbs in New South Wales, Melbourne and Geelong in Victoria, Adelaide in South Australia, Perth in Western Australia and Hobart in Tasmania.

Acadia Realty Trust is a fully integrated and self-managed real estate investment trust. The trust specializes in the acquisition, redevelopment and operation of shopping centers which are anchored by grocery and value-oriented retail.  Acadia is headquartered in White Plains, NY.

Industrial & Infrastructure Fund Investment Corporation is a a real estate investment trust (REIT). The Company invests in real estate properties such as facilities for industry and infrastructure institution.

Industrial & Infrastructure Fund Investment (3249 JP)

Industrial & Infrastructure Fund Investment

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Industrial & Infrastructure Fund Investment (3249 JP)

GLP J-Reit (3281 JP): Offering Could Trigger Outperformance Vs Peers

Large-cap logistics JREIT GLP launched a US$227mn follow-on equity offering to fund its recently-announced acquisition of six logistics properties....

Janaghan Jeyakumar, CFA

Mitsui Fudosan Logistics Park (3471 JP): Strong DPU Accretion Could Trigger Outperformance Vs Peers

Large Cap logistics JREIT Mitsui Fudosan Logistics Park announced a ~US$175mn follow-on equity offering to fund recent acquisitions. This might...

Janaghan Jeyakumar, CFA

Nippon Building Fund (8951) - Calculating Passive Tracking of J-REITs and Index Events Around Offers

Nippon Building Fund (8951) - Japan's oldest and largest REIT - announced a small secondary offering. That provides an occasion to look at J-REIT...

Travis Lundy

Nippon Prologis REIT (3283 JP): Offering Could Trigger Outperformance Vs Peers

Japan's largest logistics REIT Nippon Prologis REIT announced a US$270mn follow-on equity offering to fund their recent acquisition of logistics...

Janaghan Jeyakumar, CFA

Daiwa House Logistics Trust IPO: Valuation Insights

Our valuation analysis suggests that the IPO price of S$0.80 per unit is reasonable. Bookbuilding will end on 18 Nov, with an expected listing date...

Arun George

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