I have just finished updating the dividend and GLA tracker on this blog’s main menu and decided to write a quick review on how the REITs have performed.

My top 3…

These REITs are highly recommended: AREIT, RCR and CREIT. They have shown a commitment to growing their asset portfolio and consequently, their dividends. AREIT remains the largest and most diversified. It aims to be on par with regional REITs and I have no doubt they will achieve that since AyalaLand and the broader Ayala Group still have plenty of properties which can be infused in the future. RCR is the younger sibling to AREIT. It is similarly diversified with an excellent growth runway courtesy of Robinsons Land and the broader Gokongwei Group. CREIT, on the other hand, is specialized in solar power plants and offers a stable source of rental income and plenty of pipeline projects from CREC.

Good but…

MREIT  has grown both its dividends and GLA but is heavily exposed to the office sector. I would love to see them diversify in a similar direction to AREIT and RCR – Megaworld can definitely do this if they choose to.

The Villar REITs…

VREIT and PREIT have not infused any more assets since their IPO but surprisingly have managed to increase their respective dividends. Not a lot of news on growth plans from these 2 REITs so far.

The laggards…

As an income investor, the decrease in dividends from FILRT and DDMPR is disheartening. Although  FILRT is trying to grow and diversify with hotels and malls, their paced execution means it will take several years before dividends go back to 2021 levels. If you believe that this is the bottom for FILRT’s office occupancy problem, then its actually a good time to buy and lock in that 7.8% yield.

DDMPR, on the other hand, has not shown any initiative to grow beyond its 4.75 hectare block in Pasay and have not shared plans to improve their 69% occupancy rate.