Tuesday, August 23, 2016

History of Cash Calls for REITs

One of the grouses which investors have against REITs is that the asset class occasionally calls for cash. Therefore, it comes as no surprise that there is a saying that what a REIT distributes out is eventually taken back in with the use of cash calls. This sentiment has caused some investors to shy away from investing in REITs.

However, is the above notion really an accurate depiction of REITs? I decide to find out.

Before sharing my findings, I need to note down some obstacles which surfaced during my search:

1). Some of these cash calls are not reflected in the "Corporate Action" section on the SGX website. Instead, they are found in the "Company Announcements" section. Some of the cash calls surfaced in Google searches.

2). I have supplemented my search by referring to each of the REIT managers' website. Some cash calls are worded slightly differently (e.g. "fundraising", "equity", etc). I have tried not to miss out on cash calls that are worded differently to the best of my abilities. However, I am sure that I may have missed out on one or two of these cash calls.

3). Some cash calls are executed waaaay back in time. To exacerbate the problem, information pertaining to these cash calls cannot be found in both the SGX Corporate Action section and the REIT manager's website.

4). Sometimes, preferential offerings and private placements are both executed at around the same timing. Do you classify this sort of scenario as a single cash call or two cash calls? It's up to you, the reader, to decide.

To reiterate, what I present below is not exhaustive; there could be errors as well as missing information. Do drop me a comment if you spot any discrepancies. The information is presented in the following format: the name of the REIT, followed by the date/s of the cash call/s and the type of the cash call (e.g. "Rights Issue", "Preferential Offering", "Private Placement", etc) on subsequent lines, in order of recency.

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

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

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


Starhill Global REIT 
July 2009 (Rights Issue)

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

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

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


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

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

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

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

Mapletree Greater China Commercial Trust

OUE Commercial REIT
July 2015 (Rights Issue)

Manulife REIT

IREIT Global
July 2015 (Rights Issue)

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

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

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

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

Mapletree Industrial Trust
August 2011 (Preferential Offering)

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

Soilbuild REIT
August 2016 (Preferential Offering)

Sabana REIT

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

Fraser Logistics & Industrial Trust

CDL Hospitality Trust
June 2010 (Private Placement)

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

Fraser Hospitality Trust
July 2015 (Private Placement)

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

OUE Hospitality Trust
March 2016 (Rights Issue)

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

First REIT
December 2010 (Rights Issue)

Parkway Life REIT

Keppel DC REIT

As this post is long enough, I shall note down my thoughts/comments on a subsequent post.


  1. Thanks for this.

    This is a very useful info on Reits, one of which i have been very lazy to compile.

    Welcome to.blogging :)

  2. Thanks for this.

    This is a very useful info on Reits, one of which i have been very lazy to compile.

    Welcome to.blogging :)

    1. Hi B

      Thanks for visiting and you're welcome. Hope this information is useful to others just as it is useful to me. Cheers!

  3. Wow very useful compilation.

    To add on, Frasers Commercial had a placement on July 2015.
    Capitaland Retail China had a placement in 2012.
    Issue of units to public is called public offering

    1. Thanks owq!

      Shall add it in my next update. I have found some more missing information as well.

  4. Just want to pop by and give you props. Awesome job!

    1. Thanks Kyith! Hope you find the information useful as well :)