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. )