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Stanlib Fahari I-Reit FY 2019
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kmucheke
#51 Posted : Friday, February 18, 2022 3:16:18 PM
Rank: Member

Joined: 3/16/2019
Posts: 313
Property fund Fahari issues earnings alert on Covid hit

Property fund Ilam Fahari I-Reit has issued a profit warning for the year ended December, alerting investors of a potential cut in cash distribution in the review period.
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watesh
#52 Posted : Monday, February 21, 2022 9:44:11 AM
Rank: Veteran

Joined: 8/10/2014
Posts: 992
Location: Kenya
Naivas finally launched its new branch at Greenspan mall as the new anchor tenant. Footfall traffic likely to increase in the mall and hopefully attract newer tenants....FY22 we may see a proper bounceback
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kmucheke
#53 Posted : Thursday, April 07, 2022 11:01:48 AM
Rank: Member

Joined: 3/16/2019
Posts: 313
Interesting thread from @ephraimnjegafans on Twitter.

@ephraimnjegafans
WHY @CMAKenya NEEDS TO RETHINK I-REITS ENTIRELY
Perusing through the 2021 audited financials of ILAM Fahari I-REIT raises a lot of questions. Out of the KShs 298 million rental income, ICEA LION Asset Management Limited was paid KShs 70 Million as Asset Management Fees
THREAD 🧵
Cooperative Bank of Kenya was paid KShs 26 million as Trustee, Custodial and other administrative fees.
Thus ICEA Lion Asset Management and Cooperative Bank earned a combined KShs 96 Million or 32% of the rental income.
2/8
This is more than the KShs 90 Million paid to the unit holders as the distribution for the year.
What exactly does ICEA do to warrant being paid KShs 70 Million? The total assets for the REIT amount to KShs 3.7 Billion.
3/8
Out of this property constitutes KShs 3.3 Billion. Investment securities amount to KShs 247 Million. Interest income was KShs 22 Million. If these investment securities are the assets managed by ICEA does it make sense to be paid KShs 70 Million to generate KShs 22 Million?
4/8
As if this is not enough, Knight Frank Kenya Limited a company associated with ICEA was paid KShs 14 Million as property management fees.
5/8
How does the REIT which controls KShs 3.7 Billion worth of assets only yield KShs 102 Million as distributable earnings? Does this make economic sense?
6/8
@CMAKenya needs to rethink this whole issue of I-REIT. There are just too many entities involved earning money without any clear value addition.
7/8
This idea would make sense if the only party involved is the property management company which should be paid a commission from the rent collected.
8/8
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McGill
#54 Posted : Thursday, April 07, 2022 12:32:06 PM
Rank: Member

Joined: 8/1/2019
Posts: 106
kmucheke wrote:
Interesting thread from @ephraimnjegafans on Twitter.

@ephraimnjegafans
WHY @CMAKenya NEEDS TO RETHINK I-REITS ENTIRELY
Perusing through the 2021 audited financials of ILAM Fahari I-REIT raises a lot of questions. Out of the KShs 298 million rental income, ICEA LION Asset Management Limited was paid KShs 70 Million as Asset Management Fees
THREAD 🧵
Cooperative Bank of Kenya was paid KShs 26 million as Trustee, Custodial and other administrative fees.
Thus ICEA Lion Asset Management and Cooperative Bank earned a combined KShs 96 Million or 32% of the rental income.
2/8
This is more than the KShs 90 Million paid to the unit holders as the distribution for the year.
What exactly does ICEA do to warrant being paid KShs 70 Million? The total assets for the REIT amount to KShs 3.7 Billion.
3/8
Out of this property constitutes KShs 3.3 Billion. Investment securities amount to KShs 247 Million. Interest income was KShs 22 Million. If these investment securities are the assets managed by ICEA does it make sense to be paid KShs 70 Million to generate KShs 22 Million?
4/8
As if this is not enough, Knight Frank Kenya Limited a company associated with ICEA was paid KShs 14 Million as property management fees.
5/8
How does the REIT which controls KShs 3.7 Billion worth of assets only yield KShs 102 Million as distributable earnings? Does this make economic sense?
6/8
@CMAKenya needs to rethink this whole issue of I-REIT. There are just too many entities involved earning money without any clear value addition.
7/8
This idea would make sense if the only party involved is the property management company which should be paid a commission from the rent collected.
8/8


Very interesting.
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My 2 cents
#55 Posted : Thursday, April 07, 2022 8:08:47 PM
Rank: Veteran

Joined: 6/2/2010
Posts: 1,089
McGill wrote:
kmucheke wrote:
Interesting thread from @ephraimnjegafans on Twitter.

@ephraimnjegafans
WHY @CMAKenya NEEDS TO RETHINK I-REITS ENTIRELY
Perusing through the 2021 audited financials of ILAM Fahari I-REIT raises a lot of questions. Out of the KShs 298 million rental income, ICEA LION Asset Management Limited was paid KShs 70 Million as Asset Management Fees
THREAD 🧵
Cooperative Bank of Kenya was paid KShs 26 million as Trustee, Custodial and other administrative fees.
Thus ICEA Lion Asset Management and Cooperative Bank earned a combined KShs 96 Million or 32% of the rental income.
2/8
This is more than the KShs 90 Million paid to the unit holders as the distribution for the year.
What exactly does ICEA do to warrant being paid KShs 70 Million? The total assets for the REIT amount to KShs 3.7 Billion.
3/8
Out of this property constitutes KShs 3.3 Billion. Investment securities amount to KShs 247 Million. Interest income was KShs 22 Million. If these investment securities are the assets managed by ICEA does it make sense to be paid KShs 70 Million to generate KShs 22 Million?
4/8
As if this is not enough, Knight Frank Kenya Limited a company associated with ICEA was paid KShs 14 Million as property management fees.
5/8
How does the REIT which controls KShs 3.7 Billion worth of assets only yield KShs 102 Million as distributable earnings? Does this make economic sense?
6/8
@CMAKenya needs to rethink this whole issue of I-REIT. There are just too many entities involved earning money without any clear value addition.
7/8
This idea would make sense if the only party involved is the property management company which should be paid a commission from the rent collected.
8/8


Very interesting.


Indeed. I did the math and it did not make any sense for me. Also the Acorn yields were not interesting AT ALL. I remember wondering what would entice a financially literate investor from getting into our existing REITs.
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My 2 cents
#56 Posted : Thursday, April 07, 2022 8:10:20 PM
Rank: Veteran

Joined: 6/2/2010
Posts: 1,089
McGill wrote:
kmucheke wrote:
Interesting thread from @ephraimnjegafans on Twitter.

@ephraimnjegafans
WHY @CMAKenya NEEDS TO RETHINK I-REITS ENTIRELY
Perusing through the 2021 audited financials of ILAM Fahari I-REIT raises a lot of questions. Out of the KShs 298 million rental income, ICEA LION Asset Management Limited was paid KShs 70 Million as Asset Management Fees
THREAD 🧵
Cooperative Bank of Kenya was paid KShs 26 million as Trustee, Custodial and other administrative fees.
Thus ICEA Lion Asset Management and Cooperative Bank earned a combined KShs 96 Million or 32% of the rental income.
2/8
This is more than the KShs 90 Million paid to the unit holders as the distribution for the year.
What exactly does ICEA do to warrant being paid KShs 70 Million? The total assets for the REIT amount to KShs 3.7 Billion.
3/8
Out of this property constitutes KShs 3.3 Billion. Investment securities amount to KShs 247 Million. Interest income was KShs 22 Million. If these investment securities are the assets managed by ICEA does it make sense to be paid KShs 70 Million to generate KShs 22 Million?
4/8
As if this is not enough, Knight Frank Kenya Limited a company associated with ICEA was paid KShs 14 Million as property management fees.
5/8
How does the REIT which controls KShs 3.7 Billion worth of assets only yield KShs 102 Million as distributable earnings? Does this make economic sense?
6/8
@CMAKenya needs to rethink this whole issue of I-REIT. There are just too many entities involved earning money without any clear value addition.
7/8
This idea would make sense if the only party involved is the property management company which should be paid a commission from the rent collected.
8/8


Very interesting.


Indeed. I did the math and it did not make any sense to me. The Acorn reit yields were also not interesting AT ALL. I remember wondering what would entice a financially literate investor from getting into the existing REITs.
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wukan
#57 Posted : Thursday, April 07, 2022 9:20:52 PM
Rank: Veteran

Joined: 11/13/2015
Posts: 1,654
My 2 cents wrote:
McGill wrote:
kmucheke wrote:
Interesting thread from @ephraimnjegafans on Twitter.

@ephraimnjegafans
WHY @CMAKenya NEEDS TO RETHINK I-REITS ENTIRELY
Perusing through the 2021 audited financials of ILAM Fahari I-REIT raises a lot of questions. Out of the KShs 298 million rental income, ICEA LION Asset Management Limited was paid KShs 70 Million as Asset Management Fees
THREAD 🧵
Cooperative Bank of Kenya was paid KShs 26 million as Trustee, Custodial and other administrative fees.
Thus ICEA Lion Asset Management and Cooperative Bank earned a combined KShs 96 Million or 32% of the rental income.
2/8
This is more than the KShs 90 Million paid to the unit holders as the distribution for the year.
What exactly does ICEA do to warrant being paid KShs 70 Million? The total assets for the REIT amount to KShs 3.7 Billion.
3/8
Out of this property constitutes KShs 3.3 Billion. Investment securities amount to KShs 247 Million. Interest income was KShs 22 Million. If these investment securities are the assets managed by ICEA does it make sense to be paid KShs 70 Million to generate KShs 22 Million?
4/8
As if this is not enough, Knight Frank Kenya Limited a company associated with ICEA was paid KShs 14 Million as property management fees.
5/8
How does the REIT which controls KShs 3.7 Billion worth of assets only yield KShs 102 Million as distributable earnings? Does this make economic sense?
6/8
@CMAKenya needs to rethink this whole issue of I-REIT. There are just too many entities involved earning money without any clear value addition.
7/8
This idea would make sense if the only party involved is the property management company which should be paid a commission from the rent collected.
8/8


Very interesting.


Indeed. I did the math and it did not make any sense to me. The Acorn reit yields were also not interesting AT ALL. I remember wondering what would entice a financially literate investor from getting into the existing REITs.


This one is fire. Got in at ABP of 5.22 exit at 6.54. capital gains of 25% and a yield of 11% last year. Investing is not complicated. Strike your own bargain stop being jealous of what others are making.
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Ericsson
#58 Posted : Monday, April 11, 2022 12:38:00 AM
Rank: Elder

Joined: 12/4/2009
Posts: 10,804
Location: NAIROBI
https://www.businessdail...n-property-fund-3778020

They may look at acquiring significant stake and delisting it
Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
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kmucheke
#59 Posted : Monday, April 11, 2022 9:25:28 AM
Rank: Member

Joined: 3/16/2019
Posts: 313
Mastermind wrote:
Ericsson wrote:
Ericsson wrote:
heri wrote:
Ericsson wrote:
[quote=heri]Did they get an anchor tenant at Greenspan?


Not yet before Christmas we shall know


Any news on this Sir?


They are yet to get a replacement for Tuskys as Anchor âš“ tenant.


Naivas to become anchor tenant at Greenspan mall.

https://www.businessdail...in-donholm-mall-3405302[/quote]

How many Naivas Supermarkets in Donholm and its environs? Quick mart should have snapped this one!

Naivas signs 10-year Greenspan Mall lease after Tuskys eviction
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kmucheke
#60 Posted : Monday, April 11, 2022 9:28:23 AM
Rank: Member

Joined: 3/16/2019
Posts: 313
Ericsson wrote:
https://www.businessdailyafrica.com/bd/markets/market-news/icea-lion-buys-sh32m-stake-in-property-fund-3778020

They may look at acquiring significant stake and delisting it


Looks very probable.
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