Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Equity Capital Markets

Comforia Residential REIT / Equity Capital Markets

We have a second JREIT Offering within the first two trading days of the year! A few weeks ago, in my insight <a href="https://www.smartkarma.com/insights/j-reit-offering-primer-get-ready-for-offering-season-2021" target="_blank" data-smartkarma-citation="insights:46416" rel="noopener">J-REIT Offering Primer: Get Ready for Offering Season 2021</a> I discussed how January and February will be busy months for JREIT Offerings and I highlighted that <a href="https://www.smartkarma.com/entities/comforia-residential-reit-in" target="_blank" data-smartkarma-citation="entities:8200:1" rel="noopener">Comforia Residential Reit (3282 JP)</a> ("CRR") could be one of earliest candidates to launch an offering in 2021. <blockquote>
SPECIAL MENTION - <a href="https://www.smartkarma.com/entities/comforia-residential-reit-in" target="_blank" data-smartkarma-citation="entities:8200:1" rel="noopener">Comforia Residential Reit (3282 JP)</a>: This J-REIT has announced an equity offering in early-Jan in every year since 2014 and I expect them to be one of the earliest candidates to launch an equity offering in 2021. </blockquote>Today after market-close, CRR announced a <a href="https://www.comforia-reit.co.jp/file/en-news-17c37663552ef1c7dc6da5194b51b8cbd7d3108f.pdf" target="_blank" rel="noopener">follow-on equity offering</a> to partially fund their <a href="https://www.comforia-reit.co.jp/file/en-news-4efe88d4066425a0c98e8096ed7d18e04811c842.pdf" target="_blank" rel="noopener">acquisition of three residential properties</a>. The primary offering quantity is 20,360 units and the over-allotment quantity is 3,650 units. The size of the offering could be around ¥5.7bn (~US$55mn). The Offer Price will be determined between the 13th of January and 18th of January (typically it has been the first day of this window for most JREIT offerings) and the two business days after the price determination day (pricing date) will be the application period.More below the fold.

We have a second JREIT Offering within the first two trading days of the year! A few weeks ago, in my insight J-REIT Offering Primer: Get Ready for Offering Season 2021 I discussed how January and February will be busy months for JREIT Offerings and I highlighted that Comforia Residential Reit (3282 JP) ("CRR") could be one of earliest candidates to launch an offering in 2021. 
SPECIAL MENTION - Comforia Residential Reit (3282 JP): This J-REIT has announced an equity offering in early-Jan in every year since 2014 and I expect them to be one of the earliest candidates to launch an equity offering in 2021. Today after market-close, CRR announced a follow-on equity offering to partially fund their acquisition of three residential properties. The primary offering quantity is 20,360 units and the over-allotment quantity is 3,650 units. The size of the offering could be around ¥5.7bn (~US$55mn). The Offer Price will be determined between the 13th of January and 18th of January (typically it has been the first day of this window for most JREIT offerings) and the two business days after the price determination day (pricing date) will be the application period.More below the fold.

JREIT Offering: Comforia Residential Reit (3282 JP)  - Take It (Vs Comps)

Nippon Accommodations Fund / Equity Capital Markets

Tokyo-based Residential JREIT <a href="https://www.smartkarma.com/entities/nippon-accommodations-fund" target="_blank" data-smartkarma-citation="entities:4588:1" rel="noopener">Nippon Accommodations Fund (3226 JP)</a> ("NAF") announced a <a href="https://www.naf-r.jp/file/en-ir_news-38c56d05a6b895abb26f83905c055ce1a919574c.pdf" target="_blank" rel="noopener">follow-on equity offering</a> today in order to fund their recent acquisition of four residential properties. The primary offer quantity is 18,000 units and the over-allotment quantity is 950 units (upper limit). The size of this offering could be around ¥10.4bn (~US$100mn). <div>The Issue price will be decided between the 9th and 15th December (typically it has been the first day of this window for most JREIT offerings) and the application period will be the next two business days immediately after the pricing date. </div><div>More below the fold. </div>

Tokyo-based Residential JREIT Nippon Accommodations Fund (3226 JP) ("NAF") announced a follow-on equity offering today in order to fund their recent acquisition of four residential properties. The primary offer quantity is 18,000 units and the over-allotment quantity is 950 units (upper limit). The size of this offering could be around ¥10.4bn (~US$100mn). The Issue price will be decided between the 9th and 15th December (typically it has been the first day of this window for most JREIT offerings) and the application period will be the next two business days immediately after the pricing date. More below the fold. 

JREIT Offering: Nippon Accommodations Fund (3226 JP) - Take It

Japan

Advance Residence Investment is a real estate investment trust (REIT) which invests in securitized real estate products. The Company is established through the merger of Advance Residence Investment and Nippon Residential Investment Corporation.

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Advance Residence Investment (3269 JP)

JREIT Offering: Comforia Residential Reit (3282 JP) - Take It (Vs Comps)

As I predicted late last year, Comforia has come with an equity offering to fund the purchase of three properties. Buy the Offering as it has...

Janaghan Jeyakumar, CFA

JREIT Offering: Nippon Accommodations Fund (3226 JP) - Take It

This is a $100mm REIT offering by a Residential J-REIT. It is worth buying. Buying precedent offers has resulted in positive relative returns 3 of...

Janaghan Jeyakumar, CFA

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