On December 20, 2021, “Ping An Guangzhou Guanghe REIT” issued the first dividend announcement in 2021, saying that with September 30 as the base date, the first dividend in the year will be distributed, the amount available for distribution is 369 million yuan, the dividend proportion is 100%, and the dividend scheme is 5.2710 yuan / 10 shares of public REITs. According to the issue price of 13.02 yuan, the dividend yield is 4.05%.
It is reported that Ping An Guangzhou Guanghe REIT is the first dividend project in the high-speed industry among the first nine public REITs projects, and it is also the only project with a distribution proportion of 100% among the four dividend projects.
Relevant announcements show that Ping An Guangzhou Guanghe REIT was established in June this year, with Ping An fund as the public fund manager, Ping An Securities as the asset-backed securities manager and financial adviser, and Guangzhou Communications Investment Group as the original equity owner and operation management organization. The total raised capital of the project is 9.114 billion yuan, which has attracted more than 120000 institutional and individual investors to subscribe enthusiastically in the issuance stage.
REITs, fully known as real estate investment trusts, is a way of real estate securitization, that is, the real estate assets with low liquidity are directly transformed into securities assets in the capital market. As long as the investor invests to buy the corresponding share, he has the right to receive the income dividend of the corresponding assets. The equity registration date of this dividend is December 23. Investors holding the fund on the equity registration date can obtain this dividend.
The subject asset of Ping An Guangzhou Guanghe REIT is the Guangzhou section of Guanghe (Guangzhou Heyuan) Expressway, which is located in Guangzhou, the core city of Guangdong, Hong Kong and Macao Dawan district. It is an infrastructure project within the scope of major national strategic areas. It has been operating for more than 9 years. The dividends mainly come from vehicle tolls, and the overall income is relatively stable.
Insiders said that as an important infrastructure, expressway has the characteristics of relatively stable income. Expressway assets belong to franchise assets, which are relatively low affected by market environment, macro-economy and industrial policies. It is regarded as a high-quality choice for the underlying assets of public REITs.
In addition, public REITs also have the characteristics of compulsory dividend, which is also a key factor that makes them more attractive to investors. Ping An Guangzhou Guanghe REIT fund contract specifies that no less than 95% of the annual distributable amount after the merger shall be distributed to investors in cash, and the income distribution shall not be less than once a year if the distribution conditions are met.
It can be seen that the high-quality Expressway REITs project has the advantages of stable income and high distribution rate. Under normal market conditions, public REITs have longer duration and higher dividend payout rate than bonds, and are more in line with the stable income demand of long-term investors. In fact, they are also widely sought after by investors.
(Securities Daily)
