REITs were big part of my portfolio since they simplify cash flows on real estate vs the hassle of managing and renting your own property out. But these tax googlies mean there is hardly any value in them over even debt instruments. For instance, pre-tax dividend yield of Embassy is around 5.5%. Post tax, its a terrible return.
There isnt enough trust in these instruments compared to developed markets, now with ever changing taxations its a hard sell. Even the CEO of Embassy Mr. Vikash has been selling his entire ESOP allotted units, every single year.
If the CEO doesnt have confidence to hold yield generating assets allotted to him every year, atleast for a short period, then I guess others should consider what that means
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