Sabana REIT's lesson and Wilmar's interim dividend.

A few years ago, I blogged about lessons from my journey as an investor with Sabana REIT.

One of the things I said was:

"I remember UOB KayHian was particularly bullish in 2013 and had a target price of $1.30 for Sabana REIT. By that time, I had turned cautious although I was enjoying a distribution yield on cost of between 10.3% to 11.1%..."

See: 

History with Sabana REIT.

In a nutshell, no one cares more about our money than we do and we must always do our due diligence.

Sabana REIT is pretty generous in dishing out lessons and last year saw ESR-REIT making a low ball offer for Sabana REIT which resulted in a fight led by activist investors to scuttle the proposed deal.

I wrote a piece on why the proposed deal was a bad one for Sabana REIT.

Not only did it grossly undervalued Sabana REIT, "Sabana REIT's investors would eventually have to help bear the cost of the mistake that was the merger of ESR-REIT and VIT." 

See: 

4Q 2020 passive income.

Anyone who said anything to the contrary was either misinformed or malicious.

In a recent article in The Business Times, the writer's one liner summed it up well.

"If the proposed merger of Sabana Reit and ESR-Reit last year demonstrated anything, it is that IDs cannot always be relied upon to act in the interest of unitholders."

Source: 

The Business Times.

I am sure Sabana REIT is worth more today and will probably be worth more in the future as it continues to unlock value in its portfolio.

Of course, a rising tide will lift all boats too and Sabana REIT will be a beneficiary.

Recently, I also replied to comments from some readers on Wilmar's declining share price.

I actually increased exposure to Wilmar, adding on weakness in its share price, averaging up.

I believe that Mr. Market is undervaluing Wilmar even at today's price.

"Wilmar reports higher 1HFY2021 earnings on better selling prices and volumes; to pay interim dividend of 5 cents." 

Source: 

The EDGE.

The cyclical component of Wilmar's business will do well just like other cyclical businesses as the economy recovers.

However, Wilmar is much more than that.

I said this in a blog about Wilmar before:

"There are not many companies in the world like Wilmar when it comes to agricultural products and their distribution. 

"Wilmar has amazing breadth and depth of operations. 

"Its distribution network is extensive, established and still growing."

See:
Accumulating Wilmar on price weakness.

I said that investors in Wilmar must be of the patient variety and I still feel that way.

While I wait for Mr. Market to pay what is Wilmar's true value, I am happy to be paid while waiting.

Will Mr. Market pay Wilmar's true value and if it does happen, when?

Your guess is as good as mine, of course.

Related posts:
1. Wilmar was $7.11 a share.

2. Little book of value investing.

"It may move up toward its real worth today, next week, or next year. It may trade sideways for five years and then quadruple in price. There is simply no way to know when a particular stock will appreciate, or if, in fact, it will."

Higher dividends from DBS, OCBC and UOB.

I was already invested in DBS and OCBC before the last bear market triggered by the COVID-19 pandemic and fully expected them to be important income generators in my portfolio.

Although the local banks are well capitalized and have the ability to maintain their dividends, the Monetary Authority of Singapore (MAS) told them to cap dividends last year at 60% of what they were before.

See:

As the dust started to settle in the last bear market, I added UOB to my investment portfolio, gradually increasing my investments in all three banks.

The buying went on for a few months, started in April and went on till October last year.

I was prepared for a year or two of lower dividends from the local banks and, in fact, in my last two passive income updates, I said that my larger investments in the local banks should deliver decent dividends this year but nothing spectacular.

I had very modest expectations.

Well, good news as this is going to change in the future because the MAS has lifted dividend restrictions.

See:
MAS Lifts Dividend Restrictions

This will have a big impact on my passive income going forward as going back to 100% of what they paid out in the past means a 66% increase in dividends from the local banks.

Since I increased my exposure to the local banks rather substantially in 2020, there should be an even bigger jump in their contribution to my passive income compared to 2019.

Things are looking up.

Hopefully, this is also a sign that the worst is behind us and that the broader economy will do better in the future.

“While some uncertainties remain, Singapore’s economy is expected to continue on its recovery path, given strengthening global demand and progress in our vaccination program...” - MAS

Congratulations to fellow shareholders and good luck to all of us.

Related posts:
1. Buying DBS, OCBC and UOB.

2. 1Q 2021 passive income.

3. 2Q 2021 passive income.

Reference:
Shares of Singapore banks jump after regulator lifts cap on dividend payouts.

"Moody's had changed its outlook on the Singapore banking system from negative to stable in March, in recognition of the improving economy, potential for bank earnings to grow and broadly stable asset quality."

Added on 7 August 2021: "...higher payouts of about 15 cents per share on average."

No more 'shielding' of CPF soon?

I found out that people were exploiting a loophole in the CPF system back in 2017 and at the time, some people told me it wasn't a loophole and that it was working as intended. 

I am referring to what is popularly known as "CPF Shielding" where members who have ample funds in their CPF OA drain their CPF SA funds just before turning 55 years old so that their CPF RA will be made up of money from their CPF OA instead. 

Shortly after turning 55, they will refund money to their CPF SA so that they will enjoy higher interest income from their CPF savings overall. 

This to me has always sounded like a loophole as the CPF is meant to help the masses and in particular poorer CPF members. 

See: 

The purpose of the CPF is to make the rich richer? 

This is why there is a limit on CPF annual contribution. 

This is why we cannot do CPF SA top ups once the prevailing FRS is hit. 

This is why upon turning 55 years old, the first 30K of our CPF savings enjoys additional 2% interest and the next 30K of our CPF savings enjoys additional 1% interest. 

This is to help members who have lower CPF savings with retirement funding.

The CPF system is not meant to make the rich richer. 

CPF members who are able to do "CPF Shielding" are those who are better off financially and they should not be overly reliant on the CPF to fund their retirement. 

I know many rich people who would like to park more money in their CPF accounts but they are not allowed to. 

Rightly so. 

Let the CPF system help those who need the help most. 

See: 

Unfair FRS and ERS' payouts compared to BRS. 

Unfortunately, very often, people who need the help most are the most stubborn.

They would resist the CPF system instead of making use of the system to help themselves. 

See: 

A river called "CPF" and the stubborn horses. 

I said this in 2018 in reply to a reader's comment on "CPF Shielding" here: 

"The more people talk about this, the more people do this, the more this loophole could be plugged." 

AUGUST 17, 2018 AT 5:44 PM 

Source: Exploit the CPF... 

It seems that this is finally happening. 

"The days of exploiting loopholes in the national retirement scheme could be over soon, after the Central Provident Fund (CPF) Board posted a warning on its website. 

"In particular, it is taking aim at the act of "shielding", which is promoted by some financial advisers to circumvent the transfer of funds from members' Special Account (SA) to their Retirement Account when they hit 55." 

See: 

No more 'shielding' of CPF soon? 

The last time I blogged about "CPF Shielding" was in December 2019. 

See: 

Maximising CPF savings. 

I still think that the CPF can be our best friend in our golden years but our best friend does not appreciate being exploited. ;) 

References: 

1. CPF can be our best friend.

2. How to grow our CPF savings?

3. 4 ways to boost our CPF savings.

"Good time to buy now or should I wait?"

This blog is a reply to a reader's comment: HERE. 

Whenever readers ask me if it is a good time to buy something, I get the shivers. -.-" 

I don't know what Mr. Market might do tomorrow and, so, I don't know if the price will go up or down. 

I do not have a working crystal ball.

However, I have a very dusty bowling ball that sometimes thinks it is a crystal ball.

You want? ;p

As long as I am satisfied that something is an investment that will generate a fairly attractive and reliable income for me, I buy some. 

Past rights issue shouldn't matter to an investor today.

He should look at today's numbers and decide whether it is an investment that will deliver what he is looking for or not?

We might have different requirements and certainly different circumstances. 

So, it is probably not a good idea to ride on someone else's coattails, no matter how famous that someone is.

We can always wait for prices to plunge before buying but prices could appreciate instead. 

It might also be many years before Mr. Market goes into another depression and we would have lost many years of income.

This is why some say time in the market is more important than timing the market.

To buy now or to wait, it depends on whether you feel IREIT Global fits your plan and whether it meets your minimum requirement from an investment. 

If you are interested to get a glimpse of my investment philosophy, read this blog: 

Investment philosophy... 

"I emphasize that I will not tell anyone if they should or should not buy anything. 

"I am only sharing my philosophy and experience in my blog. 

"I am not here to make a decision for you." 

There are also some relevant ideas in these blogs: 

1. An exchange with AK on REITs. 

2. Undervalued but is it a BUY? 

3. Sell now and wait to buy lower? 

4. When to BUY, HOLD or SELL? 

5. Eagle Hospitality Trust: Extinction?

Beware of scams!

Do not make difficult times more difficult for ourselves.

When I was blogging more actively, advocating prudence and reminding readers to be careful of overleveraging financially was something I did on a pretty regular basis.

I also said that we should always have an adequate emergency fund and do not think that we can always depend on lenders to extend a helping hand.

We should develop a crisis mentality and do not think that we are invincible.

Remember that bad things do happen and when they happen, it is often without warning.

See this blog and the related posts:
Husband lost his job and my savings is zero!

The COVID-19 crisis is not just a bad thing happening as it is probably the worst thing to happen in many decades.

We are probably familiar with the saying "spare the cane and spoil the child."

Sounds heartless but it works.

I am one such beneficiary or victim. ;)

I believe that people do learn better after a painful lesson or a few and the COVID-19 crisis has probably left some cane marks on most of us.

Unless we are very rich, we cannot afford to feel invincible.

Just because some people we know are buying a second home or an investment property, it does not mean we should too, especially if it means having to borrow large sums of money and having a harder time to make ends meet.

Why risk so much for something we don't really need but maybe want?

So, when do we know we are overleveraged?

Do some stress testing and imagine losing our jobs or our business doing badly resulting in income going to zero.

How long would we be able to last financially in such a situation?

Ah, I have passive income!

Some wonder why I have such a big emergency fund even though my passive income seems more than adequate. 

The COVID-19 crisis is probably eloquent enough to provide the answer.

Dividends can be suspended or reduced and that's what happened during this crisis.

See this blog: An unbeatable level of certainty...

So, what triggered this blog?

An article on investing in properties in Iskandar, Johor and how difficult things are for some.

This is a topic I blogged about before as well.

"The Johor skyline is now dotted with empty condominium units, due to an oversupply in the market and lack of foreign buyers.

"When Singapore business owner Jonathan Gan purchased a four-room condominium at Lovell Country Garden in 2018, he thought he had clinched his dream retirement home.

"The freehold apartment located near Johor Bahru’s city centre was twice the size of his three-room HDB flat in Singapore, but the cost was only half of the latter when he bought it directly from the developers.

"Just three years after he purchased it, Gan, who bought the unit at around RM1 million (US$242,000), is having a hard time trying to sell it, even though the asking price is a fraction of what he paid for it.

"Property analyst Debbie Choy, who is director of Knight Frank Malaysia’s Johor branch, said the situation is particularly bad for condominiums and serviced apartments, of which there is an oversupply in the Iskandar region.

"Even owners of the more premium, newer developments in Johor Bahru are having problems trying to attract tenants.

"In its report, Henry Butcher Malaysia highlighted that Johor was the state with the highest proportion of unsold residential properties in the country, even before COVID-19."

Source:
CNA, 12 June 2021. 

Remember not to ask barbers if we need a haircut.

When the tide goes out, we will find out who have been swimming naked.

In a more recent blog, I said that some people have nothing to risk but everything to gain when asking us to part with our money.

Even people we think of as friends who are not property agents might be getting a commission when they recommend that we buy a property.

Remember to be careful with our money as nobody cares more about our money than we do.

For sure, external factors are making things financially more difficult for many of us. 

If we have made the situation worse because of bad decisions we have made in the past, learn the lesson and avoid making similar decisions again in the future.

Do not make financially difficult times more difficult for ourselves. 

References:

1. Buying property in Iskandar, Johor.

2. Two questions to ask when buying a property.

3. Use CPF savings for homes and investments.

2Q 2021 passive income: COVID 19 endemic and rights issues.

One of Gurmit Singh's songs on the COVID 19 situation has a line that goes, "Things different already."

That was when the COVID 19 pandemic was relatively new and we had to implement a circuit breaker in Singapore which was more or less a lockdown for two months.

Lives and livelihoods were all badly affected and after more than a year, are things still different?

Well, this is the new normal and if we think that this normal is going to be the one that lasts, then, things are going to be the same but not the same as before the pandemic.

So, COVID 19 has become endemic just like the seasonal flu which we have been living with forever.

COVID 19 is just more infectious and, in some cases, deadlier.

I know some people who get themselves vaccinated yearly against the seasonal flu but I am not one of them.

However, I might be getting vaccinated against the COVID 19 on a yearly basis.

All of us probably would have to do this to help ensure that we do not give the virus room to mutate and become harder to deal with.

This is a major worry as so many countries in the world are not vaccinating their population fast enough.

Anyway, as Singapore recovers from the pandemic and learns to live with the higher probability of COVID 19 becoming endemic, I expect my investments to continue to bring home the bacon although smaller in size for now.

So, what did I do in 2Q 2021?

I thought it would be absolutely nothing until SMM or SembCorp Marine announced that they would be having a 3 for 2 rights issue at 8c per rights share to raise $1.5 billion to strengthen their balance sheet.

Didn't they just have a rights issue a year ago for the same reason?

Regular readers know that I rather like rights issues when the money is used to generate even more income.

However, I don't like rights issues when the money is used to strengthen balance sheets as it does nothing for income investors like me.

So, shareholders of SembCorp Marine who supported the 5 for 1 rights issue at an issue price of 20c per rights share a year ago just got bamboozled in the backside again.

Last year, when the demerger of SembCorp Industries and SembCorp Marine was announced, I bought more shares of the former and was consequently given many free shares in the latter.

I don't mind holding on to the free shares as I wait for SembCorp Marine to transform and maybe do better in time to come.

Of course, there is also the possibility of a merger with KepCorp's O&M business which seems set to happen and if that should happen, SembCorp Marine will need more money.

However, I am less inclined to pump in my own money at this point into SembCorp Marine as it is anyone's guess how many years it is going to take for them to generate an income for me.

In my retirement, I cannot afford to be too adventurous with my money and I decided to let go of my free shares in SembCorp Marine.

I also have another rights issue on my plate and that is a 214 for 1000 rights issue at an issue price of 59.5c per unit by IREIT Global.

For sure, I like this rights issue a lot more than SembCorp Marine's.

The money will go towards the purchase of 27 freehold assets in France to be leased to a global sporting goods company.

By supporting this rights issue, I will be expecting more passive income in future and as an income investor, this makes me happy.

Anyway, how did 2Q 2021 fare for me on the passive income front?

Some of my businesses like ComfortDelgro are still having a hard time and paying less or no dividends while some like the local banks are capable of paying more dividends but have yet to do so for various reasons.

Although faced with challenges, my portfolio generated a decent amount of passive income in 2Q 2021:

S$ 44,874.21

This is much lower than the $57,395.95 received last year in 2Q 2020.

However, last year saw contributions by Centurion Corporation and also Accordia Golf Trust and they were both large positions.

Those contributions are missing this time.

Centurion Corporation is paying down debt instead of distributing income to shareholders which is probably a good thing in the longer run as the business is still generating good cashflow.

I expect Centurion Corporation to emerge from the pandemic stronger than before and I hope they remember to reward their loyal shareholders like me then.

Last year also saw much bigger contribution made by ComfortDelgro, of course.

Increasing exposure to the local banks last year has helped to mitigate the expected reduction to my passive income in 2Q 2021.

Together the local banks accounted for about a quarter of the passive income received and I expect this to rise once they increase their dividend payouts as the Singapore government expects COVID 19 to become endemic and things go back to normal.

This is important for me because 2Q 2021 passive income was helped by Wilmar's higher dividend to reward shareholders after the listing of its business in China and also a higher distribution by AIMS APAC REIT (AA REIT) as they released some distributable income they held back before.

These bigger distributions provided a boost to my 2Q 2021 passive income but I probably should not expect them to be repeated.

Other investments which are significant contributors to my passive income in 2Q 2021were VICOM, Ho Bee Land, ST Engineering and Frasers Logistics and Commercial Trust.

Hmm, I guess that's all for now. 

Everybody, till the next blog, please stay safe to keep everybody safe.

No one is safe till all of us are safe.

References:

1. SembCorp Industries investment is larger now.

2. IREIT Global: 214 for 1000 rights issue.

3. 2Q 2020 passive income: COVID 19 crisis.

IREIT Global: 214 for 1000 rights issue.

Earlier in April, IREIT Global announced that they were looking at acquiring 27 of Decathlon's assets in France.

In reply to readers' comments, I said that it wasn't a fantastic deal but it wasn't a bad deal either as IREIT Global's relatively high distribution yield makes it harder for them to make yield accretive acquisitions.

The deal comes with a relatively long lease to a blue chip sporting goods company and that makes it more appealing with stability being the name of the game.

Lovely pun, that.

I also said that in today's very low interest rate environment, we are probably being well compensated for any risk that comes with the deal.

I would think of the rights issue as an invitation to invest in more properties in Europe which are leased to a big corporate tenant for a 7+% rental yield.

So, it should be interesting to anyone looking to increase their passive income in the form of rental income.

In April, after the intention to acquire those 27 assets was made known, I said that a rights issue was almost certain to take place.

I prefer a rights issue to a private placement because I most certainly would not get invited to participate in private placements.

I also made a guess that a rights issue would probably be relatively small and that it could be a 1 for 5 or 1 for 4 issue.

Well, a rights issue was announced yesterday.

A 214 for 1000 rights issue means it is closer to 1 for 5 than 1 for 4.

Priced at 59.5 cents per rights unit, it is a fairly good price especially when compared to the private placement price of 61.55 cents per rights unit.

The private placement being offered at a higher price although relatively small in size helps to keep the rights issue smallish.

IREIT Global's gearing level is conservative in comparison to many other S-REITs and using more debt to fund the purchase in a low interest rate environment is probably an interesting idea.

However, IREIT Global's manager might be keeping some powder dry by staying more cautious.

Whatever the case may be, I rather fancy being a landlord to Decathlon, given the numbers.

So, I will be taking part in the rights issue, taking up my entitlement and also applying for excess rights when the time comes.

This will make IREIT Global the largest investment in my portfolio.

If you are interested in my replies to comments from readers back in April, please see the blog: HERE.

See rights issue announcement: HERE.

You might also be interested in this blog:
REITs and rights issues: Dilutive or not?

Use CPF savings for homes and investments?

This blog is in reply to a reader's comment: HERE.

Hi Tonny,

Apologies for the tardy reply. 

Didn't check my blog for a couple of days. 

Been spending my time sailing in another world. ;p

We are likely to stay in a low interest rate environment for some time to come. 

So, using our CPF OA money which generates 2.5% risk free return every year to fund the purchase of homes is rather silly.

Of course, for some people, there really isn't any other choice but for those of us who have a choice, if we have idle cash, using that to fund the purchase of homes makes better sense.

If we do not have idle cash but have assets which can be liquidated to generate cash, I would liquidate assets which are not generating an income first if I am thinking of raising cash that way.

Income generating assets should not be liquidated first especially very good income generating assets like investments made in the local banks at rock bottom prices during the crisis.

Of course, the CPF is risk free and volatility free while our investments are not so.

Still, our local banks are well capitalised and well run. 

They are probably the next best thing to the CPF. 

If we have paid rock bottom prices for their stocks, they are probably generating very attractive return on investment for us.

What is more important to us? 

Having something that is risk free and volatility free that generates a decent return like the CPF? 

Or having the next best thing for higher returns like investing in our local banks? 

I don't know what gives you peace of mind. 

You decide. :)

Since I am on the subject, recently, we have been bombarded with advertisements to use our CPF OA money to invest in properties. 

I always say that no one cares more about our money than we do.

Who are these people telling us it is OK to use our CPF OA money to invest in properties if we do not have cash and that owning multiple properties is not something only the rich can do?

These people have vested interest in making us part with our money.

We buy a property through them, they make money.

If the property does not do well later on and if we have to sell, they make money too.

They have nothing to risk and everything to gain.

Don't bite off more than we can chew because some do choke and some choke to death.

Related posts:
1. Buy 2nd property and pay ABSD?

2. Disastrous investments in property market.

3. $500,000 stuck in property investment.

4. Don't do silly things and retire smart.

5. This condo investment has been a drag.

CPF Full or Enhanced Retirement Sum for AK?

It has been a while since I blogged.

So, I decided to share this reply to a reader's comment as a blog since it is a little more substantial. 

If you are interested in the reader's comment, you can read the comment: HERE. 

Hi Staerfeldt, 

I am glad that my blog has been inspirational. :D 

The CPF has definitely been gaining popularity compared to the reception it used to get in my early days as a blogger. 

The very low interest rate environment in recent years probably made it even more popular. :) 

It is important to remember what is the primary purpose of the CPF which is to help fund our retirement. 

So, we should not use our CPF savings in a careless manner in so many ways just because we are allowed to. 

Many who invested with their CPF savings would have been better off just leaving the money in their CPF accounts. 

The CPF is really designed to help the masses and not the rich amongst us: 

Unfair FRS and ERS' CPF LIFE payouts? 

CPF LIFE is an annuity that pays for life. 

So, ERS is a pretty good way of ensuring we get more monthly pocket money in our old age. 

However, this only really pays off if we live a very long life. 

Beyond the first $60K in CPF savings, the RA pays 4% per annum just like the SA. 

So, it really isn't a big loss if we choose to have FRS instead of ERS, leaving some money in the SA untouched which gives us options on withdrawal too. 

Personally, I think the FRS is good enough as I like to keep my options open. 

Of course, I could change my mind later on. :) 

You might be interested in this blog from 2015: 

Choose your own CPF adventure! 

References:
1. CPF can be our best friend. 

2. How to grow our CPF savings? 

3. 4 ways to boost our CPF savings.

4. A cornerstone in retirement funding.

From CPFB:

What are the Basic Retirement Sum (BRS), Full Retirement Sum (FRS) and Enhanced Retirement Sum (ERS)?

1Q 2021 passive income: Sabana and IREIT to the rescue.

It has been a few weeks since my last blog and I hope everyone is doing well.

I have not done anything to my portfolio in 1Q 2021 apart from adding a bit more to my investment in Sabana REIT in early January.

Of course, from my blog title, you would be able to tell that my decision to significantly increase my investment in Sabana REIT late last year and early this year turned out pretty well.

Total dividends received in 1Q 2021 was some 48% higher compared to 1Q 2020 and my bigger investment in Sabana REIT is one reason for this.

The biggest contributor to the increase in dividends in dollar terms, year on year, is IREIT Global, as I took part in the rights issue and even bought more after the rights issue.

Total passive income from my investments in 1Q 2021:

$36,551.14

Reference: 1Q 2020 passive income.

This will help to pick up some slack which I am expecting in 2Q 2021.

2Q 2020 saw a strong passive income number of $57,395.95 but that included distributions from two big investments in my portfolio: 

Centurion Corporation

and 

Accordia Golf Trust.

Reference: 2Q 2020 passive income.

Of course, Accordia Golf Trust is no more while Centurion Corporation has suspended dividends.

Although I have increased my investments in DBS, OCBC and UOB, they are still paying lower dividends for the time being.

Expecting decent enough dividends but nothing very impressive.

ST Engineering, VICOM and Wilmar should help to bring home much of the bacon in 2Q 2021 while ComfortDelgro might take a bit more time to recover.

Time will tell.

I will just wait to see how things turn out and probably share my 2Q 2021 numbers in early July.

At the moment, I am somewhat optimistic that my portfolio should be able to generate at least $120,000 in passive income this year.

Reference: Dividends and interest income reduced.

I cannot be absolutely sure since the COVID-19 pandemic is still very much alive.

So, although vaccines are available now and a global vaccination drive is underway, we should remain cautious.

Things should get better from here if we are more cautious and we should see some semblance of the old normal returning in another couple of years if nothing goes wrong.

The fear is complacency and, worse, a mutation of the virus which the vaccines are ineffective against.

Having said this, if you can, register for vaccination and get people around you to do the same.

Till the next blog, stay safe and keep all of us safe.

COVID-19 Vaccination.

Related post:
4Q 2020 passive income.

Dividends and retirement in three virtual worlds.

I haven't been blogging much and this is just a blog to touch base as I probably won't be blogging until end of the month or early next month.

A reader left me a comment recently on how he is still working on his F.I.R.E. (i.e. financial independence retire early) and trying to figure out what he should do after activating it as he doesn't want to stay at home.

I don't think there is anything wrong with staying at home if all the stuff we want to do in retirement is to be done at home which, of course, pretty much describes my situation.

To be quite honest, I find myself not having enough time to do all the stuff I want to do in retirement and I am now spending most of my waking hours in three different worlds, not counting the real world.

I am trying hard to be disciplined and not let my life as an explorer of virtual worlds disrupt my life in the real world.

In recent months, I have been rather successful as I even managed to get 20 to 30 minutes of physical exercise done on daily basis.

Those who share my interest in adventuring in MMORPGs might be interested to know that Black Desert Online is now free to download using Steam and this offer which ends on 10th March is to celebrate their 5th Anniversary.

I have seen many videos of Black Desert Online and have always wanted to try it but didn't want to pay for it.

So, this is just perfect!

This is a short video on Black Desert Online in 2021:

I doubt very much I will be spending any money on Black Desert Online as I have not spent any money on Neverwinter and Guild Wars 2 either.

I have blogged about Neverwinter and Guild Wars 2 before and I have spent the most time in Neverwinter as it was the first free to play MMORPG I picked up and also fell in love with.

What?

Four years and more in Neverwinter with thousands of hours clocked and I have not spent any money on the game?

That is correct and my wizard is pretty much end game ready too.

With Guild Wars 2 and now Black Desert Online, I am just taking my time to explore the worlds which are really very beautiful.

Not rushing anywhere.

Lots to see and lots to do.

This is a short video of Neverwinter's latest module launched last month:

Now, dragging myself back into the real world, I checked on dividends for January and February 2021.

The thing that caught my attention was the much higher income distribution from Sabana REIT.

I increased my investment in the REIT significantly not too long ago and I blogged about it too.

This has proven to be very rewarding.

The income distribution from Ascott REIT-BT, not surprisingly, reduced drastically as COVID-19 is still disproportionally hurting some parts of the economy which includes the hospitality sector.

The decision to significantly reduce my investment in Ascott REIT-BT which was at one time one of my largest investments when I did was a fortunate one.

This month in March, I am expecting more dividends from my investments and my larger investment in IREIT Global is going to be very rewarding.

Having said this, there are businesses in my investment portfolio which will take more time to recover from the ravages of the pandemic and have suspended or reduced dividends.

I can only hope that, having deployed most of my war chest into what I think are more resilient businesses in the second half of last year, my passive income would at least hit $120,000 this year.

Why $120,000?

$120,000 a year is what I need in order to help support my parents, meet my own expenses and to do maximum voluntary contribution to my CPF account.

To be honest, I feel it is a pretty low bar to clear but we don't know what we don't know.

Anyway, I have gone on longer than I had planned to do.

Until the next blog, stay safe and keep all of us safe!

#SGTogetherBetterTomorrow

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