FriarToo

Month-by-Month Cash flow, Virtual Condo. Depending on when you start, a P70,000 credit facility may be required P9Million Condo fund, expected 2023 Divs. = Mo: Areit: Merit: RCR : Filrt : aft.Tx: Aver. sh : 68.9k: 181.k: 473.k: 752k: ==== x90%: ( 55.0) last 0.53: .2476: .0978: .071 < Last div. declared Timing : : Mo: Areit: Merit: RCR : Filrt : Total: aft.Tx: Cum’l J : - : - : - : - : 0.0 : 0.0 : ( 55.0) F : - : 44.8 : 46.3 : - : 91.1 : 82.7: ( 27.3) M: 36.5 : - : - : 53.4 : 96.9: 87.2: + 4.9 A : - : - : - : - : 0.0 : 0.0: (50.1) M: - : - : 46.3 : - : 46.3: 41.7: (63.4) J : 36.5 : 44.8 : - : 53.4 : 134.7: 121.2: + 2.8 Jl: - : - : - : - : 0.0: 0.0: (52.2) A : - : - : 46.3 : - : 46.3: 41.7: (65.5) S : 36.5 : 44.8 : - : 53.4 : 134.7: 121.2: + 0.7 O : - : - : ? : - : 0.0: 0.0: (54.3) N : - : ? : 46.3 : ? : 46.5: 41.9: (67.4) D : 36.5 : 44.8 : - : 53.5 : 134.8: 121.3: ( 1.3) ====== = 146.0 : 179.3 : 185.0: 213.6: 723.9k / 12= 60.3k, pre-Tax > rose to 60.71, +0.68% x.9 131.4 : 161.3 : 166.5: 192.2: ====: 651.4= 54.3k, afterTax > rose to 54.64 (below) 651.4 afterTax / 12= 54,280 Divs. (average per month) REIT : exD, & Pmt. Dates AReit: 03-07, 03-24; 05-26, 06-16; 08-26, 09-13; 11-30, 12-15 MReit: 01-19, 02-15; 06-24, 06-19; 08-17, 09-14; 11-17, 12-14 RCR : 02-15, 02-28; 05-17, 05-31; 08-18, 08-31; 11-20, 11-30 Filrt, : 02-28, 03-14; 06-09, 06-30; 08-20, 09-20; 11-28, 12-15 ==== UPDATES: New divs announced for MREIT, RCR... etc sh : 68.9k: 181.k: 473.k: 752k: ==== x90%: ( 55.0) Stock: prev. : new : ex-Div : pmt. : change : x shs. = Qtr Areit : 0.530, 0.550: 11-30: 12-15 : +3.77%: 68.9k: 37.89k Mreit : .2476, .2460: 11-17: 12-14 : -0.65%: 181.k : 44.53k RCR : .0978, .0979: 11-20: 11-30 : +0.10%: 473.k: 46.31k Filrt : .0710, .0710: 11-28: 12-15 : +0.00%: 752.k: 53.39k= 182.12/3= 60.71k x.9= 54.64 ddmpr .0254, .02548: 11-03: 11-28 : +0.35% Vreit .0396, .04000: 12-13: 01-09: +1.00 % ==========

END OCT. 2023, REITS chart. TLT/ Bond prices near $85.00 (= about 5.0% Yield) RCR vs.TLT: Update-MREIT: Jul'22: YTD: 10d /TLT: Y.Curve US.Yield.Curve: 2yr: 5.08%, 10yr: 4.88%, 30yr: 5.02% at 10.31 Closer look at MEG : Ytd: Price (P2.00) vs. Book Value (P6.64), that's just 30% of BV Update 2024, 1.05.24 (2.03, 2.11%) and yrE-23 (1.97): MEG-etc:. MReit: 12.72, 13.2% /TLT: $96.29 Note: Look how closely MREIT tracks TLT / Long term US Bonds! AT 11.07.23: MREIT (12.20) is 13.85% of TLT/Bonds ($88.06) , AFTER 11.08 trading, Bonds rose 1.70% rise overnight to 89.50, I expect MREIT higher on Thu/ it was, briefly. MEG : YTD: 10d (P2.00) vs. MREIT (12.18), that's 13.92% of TLT ($87.50, thu) - Friday, $87.98 LOOK how well MReit tracks TLT / Bonds. (BTW, so does RCR.) RCR (4.74) : 5.39% of TLT ($87.99), MReit (12.20), 13.9% ... AReit (32.70), 37.2%; Filrt (2.97), 3.38% Question: How much of MEG's Value is MReit? (About 27-28%), based on: MEG vs. its holdings of MReit, GERI and ELI Valuation Type Php.Bn : PerSh. (% NAV) Net Asset Value 209.2B : P6.64 : 100.% Mkt.Cap, 31.5B sh. 63.0B : P2.00 : 30.0% of Bk.Value Mreit 12.20 x1.41 B= 17.2 B : P0.55 (55.6% of 2.53B sh) GERI 0.76 x8.25B= 6.27B : P0.20 (75.0% of 11.0B sh ) ELI 0.145 x12.0B= 1.74B : P0.06 (81.7% of 14.7B sh ) Mreit +GERI +ELI = 25.2B : P0.81 : 40.5% MEG's MktCp

Virtual Condo Strategy, DIVS cover RENT. Provide Future Gains? Targeting 9M cost, for Virtual Condo, instead of P13-15M in 2nd Hand Market Smart move? Instead of buying the Condo, Buy the VC Portfolio and use the Divs to RENT at 55,000/mo. x 8.14% Yield = P732.6k / 12= P61,050 x90% (after-Tax): P55,000 (54,945 ave.) Dividends are sufficient to RENT the target Condo at P55,000 a month, with some timing issues, see below Virtual Condo, 9Million, investment at 3.Nov.23 4stk Areit: Mreit: RCR: Filrt : 4 REIT Stocks M’s: 2.25, 2.25, 2.25, 2.25 : Millions of Pesos Last 32.65:12.20: 4.76: 2.99 : Price at 3 Nov.'23 Div. P2.06: .982 : .391: .301 : Last 12 months Yld 6.31%:8.05% 8.21%:10.0%: Div. Yield Ave 8.14%, x 90%= 7.326% : Aver. Yield, After-Tax Shs 68.9k, 181.k, 473.k, 752.k: 000's Shares Bought DPa 142.k, 181.k, 185.k, 226.k: Dividends per annum. D/yr: 734.k P/mo 61.2k, monthly average : 61.2k= 55k. Af-Tax / 55.1: +11% increase in Div. on 9M port. since 1 year ago, as stock got cheaper ==== Paying 9M cost (and locking in a 35% savings) for a Virtual Condo, instead of P14M to buy an actual unit in 2nd Hand Market... 9M covers the RENTAL costs thru AT- Dividends. Your RENT is paid, and If the portfolio rises, you can buy the actual unit later at a smaller premium, if/when the discount narrows. ( Why does this work? Because the REIT portfolio returns MORE per 1M - like 7.3% AT, than you get from buying the actual Condo, and earning a 4.7% "Use Yield". I expect that GAP to narrow, as the REITs outperform the Condo. )