Real estate investment trust

And then, uh, the, the regulatory, uh, finally.

So I think, uh, we do not have established regulation for anything other than the, uh, uh, mutual funds and REITs.

Uh, so despite there is, uh, mention of the private equity regulation in the law, but it is, it is completely absent.

There is-- You cannot do a private equity established in the FSA jurisdiction today.

Shariah, what do you think?

Okay.

Um, how we want to move the, um, Islamic capital market here, okay? And I have-- I think that, um, we have to move the, um, public market, the private capital, and the REITs, and, um, all the Islamic capital market pillars, uh, they all have to work, um, in one coherent investable, um-

I'm so sorry.

It's ridiculous.

Why can't that information be centralized? Why can't it be stored somewhere? Why can't people buy a token, a piece, a share of a portfolio or property? Smaller than a REIT, but you know what I mean? I understand it, but that's my view.

It's probably more skeptical than it is excited.

You're more excited.

I think it's tough to do on scale.

Even housing associations struggle.

That home REIT model seemed solid, but then that turned out to be a big, not Ponzi, but it was really badly run.

So I think if we were to break it down into its little chunks, because this will take time, the first thing that we need to do, if we're going to take advantage of, we're moving from an analog to a digital world.

As soon as I heard about REITs, I was like, "Yes, please.

That's for me." Okay, so for the people out there who are maybe like, "Hey, I don't want to go the crowdfunding platform way, and also I don't wanna go the REIT way," Sam, they could also start their own syndication, right, for the ambitious folks?

[laughs] For the ambitious folks, sure.

You'd probably need to be a real estate lawyer or have the money to hire a bunch of real estate lawyers, but you could theoretically do it on your own.

According to EquityMultiple, actually, debt securities tend to target an annualized rate of 8 to 12%, whereas the rate of return can be as high as 15% for investing directly in deals.

But a caveat that we have to attach to that is that real estate investing deals like this can be risky, and there is a risk that projects completely fall apart and investors can take a total loss.

Sam, how much more risky in terms of the losses, I know we can't probably do it for dollar for dollar, would this be compared to an REIT, for example?

The amount of money at stake is gonna be significantly higher.

So take us through some of the early challenges and then these initial different ways that he's come up with to keep the business moving forward.

So first there was the REIT.

Syndicators started to really feel the pain in 2023-ish when interest rates started climbing pretty quickly.

And so we started to see foreclosures and a lot of distress for folks like Tides, Equities, and GVA.

So that was the first rescue event, the re-creation.

And that sort of held him through 2025 when this year he started to feel some pain.

This summer specifically, in the span of about six weeks, he announced to his investors in both the REIT and the firm's first fund, a $400 million value-add fund, that their equity had been wiped out.

And so in the aftermath of that, he devised this plan to save what he considered to be the viable properties in both of these now-defunct funds that he was going to dissolve.

At the last check, the STI was at 5,670 points, with stocks such as the three major banks and AEM in the green.

Another name that's making news in the Singapore market today is Suntec Real Estate Investment Trust.

So the REIT has announced that it would be focusing on growing its Singapore assets while reducing its overseas exposure starting with Australia.

And this follows a strategic review of its portfolio after the change of its sponsor from ESR Asset Management to Tang Organisation and this happened earlier this year in March.

The wheat manager says he intends to sell three Australian properties and they are in Sydney and Melbourne.

I need PK.

PK out here s- brought the debt on, on, uh, P- on, um, the REIT home.

Yeah.

She gotta get out by November 1st.

And then we had other advisors, other financial planners start to ask for access to what we had created for our clients, for their clients.

And now we've grown to be, you know, the top three or four largest shop in the country, providing these 1031 DST, Delaware Statutory Trust, and non-traded REIT investments on behalf of accredited investors.

So Never meant to do that.

This has grown far larger than we ever thought.

And then what's really cool is now, Some of the largest B-piece buyers in the CMBS space, some of the largest lenders in the world, they prefer what we're doing because it's so secure, because of our track record.

We're the only sponsor in the industry where 100% of our offerings have met or exceeded projections.

And we're the only sponsor in the industry where our REIT has actually covered its dividend since inception.

And it's because of the quality of the assets and the tenants in the net lease space.

So we are just almost at the 250,000 mark, which is a key one from a trading and historical perspective.

Best performing stock last week was UPGC Real Estate Investment Trust.

I beg your pardon.

Real Estate Investment Trust is not a stock, but you can buy it and sell it as stocks.

You might consider it as well.

Just simply saying.

Our best gainer was UPGC Real Estate Investment Trust, appreciated by almost 35% to close at 18 naira with the five cover a share.

Loser side of things, worst performing stock last week was Transcorp Power, call it Transpower for short.