DDMPR is quite an unusual REIT. Firstly, its buildings are all located in one site.

Secondly, it is a slow growing REIT. There have been no announcements on additional asset infusions – and they listed way back in 2021. Also, this REIT decided to own a property which was not fully developed at that time. In fact the last building in the complex, the Ascott serviced residences, was only topped off this month. Although the MoA / Aseana bay area is shaping up as a proper business district, it is not yet as established as Makati, BGC or Ortigas.

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Investors may be looking at mutual funds or UITFs but are they worth it? Let us talk about fees. 1% may seem like a small number but many probably don’t realize its full impact. Firstly, that is 1% of the NAV deducted every year. Relative to the dividend income, the percentage is much higher.

Let’s say I bought 100,000 units for P1 each for a total of P100,000. That investment has a dividend yield of 5% so I received P5000 in dividends for the first year. However I also paid the 1% fee or P1000. The P1000 fee that I paid is 20% of the P5000 dividend that I received! Am I willing to pay one-fifth of my income to the fund managers? Am I getting value for what I paid?

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I’ve been writing about the planned retail REITs from SM Prime and Cosco Capital but forgot to check on the existing one! It has been a little over a year since VREIT’s IPO so we’ll have a look at its performance. Its properties include 10 community malls with a couple of office buildings as seen below:

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Another REIT is on the way. This time its from Cosco Capital, the holding company behind retailers Puregold and S&R. While we don’t have details, its quite obvious that the properties will be related to the supermarket business.

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DDMPR and FILRT’s stock price are now down -45% and -50% respectively from their IPO. Consequently, this has pushed their dividend yield to around 8%. Firstly, investors are selling REITs (and stocks in general) and buying bonds due to to the high interest rate environment. For example, the PagIbig MP2 had a dividend yield of 7% for 2022 and its government guaranteed.

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