Most REITs already had their annual stockholders meeting and have released their 2022 annual reports so now would be a good time to check up on each of them . Whether you’re an existing investor or still deciding where to invest, I encourage you to read their annual reports and other company disclosures at edge.pse.com.ph

1. AREIT

– AREIT stockholders recently approved the property-for-share-swap with sponsor Ayala Land valued at P22.5 billion (190,000 sqm). The SEC still needs to approve this transaction and they are not exactly quick in doing so. I understand that they exist to protect the investing public but surely it shouldn’t take close to a year to process.

– 1Q23 dividend of P0.52 / share is 8% higher than 1Q22.

2. DDMPR

-1Q23 dividend of P0.025 / share is lower than the quarterly dividends in 2022 which was around P0.027.

– No news on further asset infusion from the sponsor. In fact, there is no other asset other than the DoubleDragon Meridian Park property since IPO – I guess it’s staying true to its name.

3. FILRT

– March ’23 dividend of P0.071 / share is -36% lower than the March ’22 dividend of P 0.112. Que horror!

– The Crimson Resort & Spa Boracay property started contributing to its income in 1Q23.

– Management seems confident in the recent lease agreements being signed by office tenants and the almost 500,000 sqm of potential asset infusion from sponsor, Filinvest.

4. RCR

– 1Q23 dividend of P0.0977 / share is +6.2% larger than 1Q22’s P0.092

– No news on further asset infusion from the sponsor. However, Robinsons Land is currently studying the possibility of a separate REIT for its malls and logistics assets. I would personally prefer for the sponsor to infuse these into the existing REIT. RLC is the largest hotel operator and second largest mall operator in the country so they really can create a huge and diversified REIT with RCR should they choose this path.

5. MREIT

– The 4 properties infused in 2022 finally started contributibg to income in 1Q23, resulting in a dividend of P0.2476 / share which is +3% larger than 1Q22’s dividend of P0.2399

– No news on further asset infusion from the sponsor.

6. CREIT

– They quickly spent the Asean green bond proceeds on 3.4 million sqm of land in Batangas and it has already contributed to 1Q23’s income, even if the solar power plant tenant only broke ground in March. It seems that the SEC is now flexible enough in allowing REITs to acquire newly income generating properties such as this one – which makes plenty of sense as I don’t really see the need to wait for 3 years if a property is earning rental income now.

– 1Q23 dividend of P0.047 / share is +6.8% larger than 1Q22’s P0.044

7. VREIT

– 1Q23 dividend of P0.0392 / share is larger than 4Q22’s P0.0386

– No news on further asset infusion from the sponsor, Vista Land, which has more than 1 million sqm of commercial properties that it can choose to infuse into VREIT.

8. PREIT

– Declared its maiden dividend of P0.0682 / share representing income from March-December 2022. It will distribute subsequent dividends quarterly.

– No news on further asset infusion from the sponsor. However, PAVI has been busy building 3 solar power plants in Bataan, Camarines Norte and Camarines Sur and expects these to start operations this year. Following CREIT’s example, PAVI can easily infuse these assets to PREIT if it chooses to do so.