Manulife US REIT 55% Gearing: Why It Failed | Daily Digest — 31 March 2026 |🦖EP1516

The Investing Iguana

Manulife US REIT 55% Gearing: Why It Failed | Daily Digest — 31 March 2026 |🦖EP1516

OUE REIT posts a 6.2% yield and clears my 4.7% forensic hurdle — but the balance sheet is still carrying 38.5% gearing against my 35% ceiling, and NAV per unit slipped from 58 cents to 56 cents while the DPU improved. That is not a recovery. That is a distribution built on a shrinking foundation. OUE Limited is worse: a 1.8% yield against three consecutive years of nine-figure losses driven by China associate exposure, while Manulife US REIT sold a Los Angeles tower at a loss and still sits at 55.3% pro-forma gearing — above the MAS 50% regulatory limit

In a world where the Singapore T-Bill is paying 1.46% for zero risk and CPF SA anchors at 4.0%, the 3.2% forensic floor plus 150 basis points risk premium is not optional — it is the minimum rent you charge for leaving sanctuary. Two of these three names cannot pay that rent. Yield printed on a screen and yield that survives a rate shock are not the same number.

📺 YouTube: https://youtu.be/Qnz9VntmCyE

📩 Substack: https://investingiguana.substack.com/p/daily-pulse-sgx-digest-31-march-2026

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OUE Limited is worse: a 1.8% yield against three consecutive years of nine-figure losses driven by China associate exposure, while Manulife US REIT sold a Los Angeles tower at a loss and still sits at 55.3% pro-forma gearing — above the MAS 50% regulatory limit</p>\n<p>In a world where the Singapore T-Bill is paying 1.46% for zero risk and CPF SA anchors at 4.0%, the 3.2% forensic floor plus 150 basis points risk premium is not optional — it is the minimum rent you charge for leaving sanctuary. Two of these three names cannot pay that rent. Yield printed on a screen and yield that survives a rate shock are not the same number.</p>\n<p>📺 YouTube: https://youtu.be/Qnz9VntmCyE</p>\n<h2>📩 Substack: https://investingiguana.substack.com/p/daily-pulse-sgx-digest-31-march-2026</h2></body></html>","text":"Manulife US REIT 55% Gearing: Why It Failed | Daily Digest — 31 March 2026 |🦖EP1516 OUE REIT posts a 6.2% yield and clears my 4.7% forensic hurdle — but the balance sheet is still carrying 38.5% gearing against my 35% ceiling, and NAV per unit slipped from 58 cents to 56 cents while the DPU improved. That is not a recovery. That is a distribution built on a shrinking foundation. OUE Limited is worse: a 1.8% yield against three consecutive years of nine-figure losses driven by China associate exposure, while Manulife US REIT sold a Los Angeles tower at a loss and still sits at 55.3% pro-forma gearing — above the MAS 50% regulatory limit In a world where the Singapore T-Bill is paying 1.46% for zero risk and CPF SA anchors at 4.0%, the 3.2% forensic floor plus 150 basis points risk premium is not optional — it is the minimum rent you charge for leaving sanctuary. Two of these three names cannot pay that rent. Yield printed on a screen and yield that survives a rate shock are not the same number. 📺 YouTube: https://youtu.be/Qnz9VntmCyE 📩 Substack: https://investingiguana.substack.com/p/daily-pulse-sgx-digest-31-march-2026","highlighted":1,"essential":1,"paper":2,"likeSize":1,"commentSize":0,"repostSize":0,"favoriteSize":0,"link":"https://ttm.financial/post/548491869451696","repostId":0,"isVote":1,"tweetType":1,"viewCount":53,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":["CFA.SI","MFC","VGT","REIT","8C8U.SI"],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":949,"optionInvolvedFlag":true,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/548491869451696"}