Jump to content

Philippine REITS


Recommended Posts

Philippine REITS

Rising Rates= Falling TLT, has brought down Housing stocks, in the US and Globally, including PHL REITs

5x Phl REITs vs. TLT (Bonds) ... from Mar'21: Oct'21: Dec'21: Feb'22 : YTD: 10d

2HRhMiF.gif

"The TWINS" versus AREIT

RCR & MREIT vs AREIT.. All: Ytd: 10d / 5.35, 14.64 vs $35.35. at 9.27.22, midday

(Est. Div.) Yields: (0.386) 7.21%, (0.980) 6.69%, (1.93) 5.46% = 6.45% vs. TLT: $103.68, TYX: 3.70%= 2.75%fOTwgWq.gif

TLT vs Top Reits. May'21: Feb'22 : TLT (long term US Treasury etf): 110.22, TYX: 3.34%

S974hqo.gif

#1: TLT/ Bond etf versus "cheap" Reits and Developer stocks ...  from 2016: 2020:

u4mkqnS.gif

Earnings Yield, Estimated Div.

Symbol:  Last : PER: E.Yld:  Div.Est: Yield%

ALI.      :29.05 : 30.0: 3.33%: 0.270 : 0.93%
AREIT  :38.40:  19.5: 5.13%:  1.930 :  5.03%
DD.       :  7.62 : 3.52: 28.4%: 0.20? :  2.62?
DDPMR : 1.48 : 4.36: 22.9%: 0.11E  :  7.43%
FLI        :  0.89 : 9.03: 11.1%: 0.046 :   5.22%
FILRT   :  6.60 : 21.4: 4.67%: 0.428 :  6.48%
MEG     :  2.48 : 5.51:  18.1%: 0.000 :  N/A
MREIT  : 15.60 : N/A: 00.0%: 0.980 :  6.28%
RLC      : 18.96 : 13.3: 7.52%: 0.500 :  2.64%
RCR     :  6.20 : 16.8:  5.95%: 0.386 :  6.22%
Average     :  =============== :  6.29%-3.34=2.95%, x188%
TLT      :  110. : -N/A : 00.0%: 2.387 :  2.17%TYX: 3.34%=

DIV History : MEG: 2.36. MREIT: 15.36, 6.38%
Year:   Aug. :  later  MEG: x31.9b/ may.:  jun:  aug:   nov.= Mreit x 2.53b x65%est
2022: 0.000: ????=.0000  0.00b/ .240: .243: .247 .250E= .980e: 2.48b, 1.6b est
2021: .0425:.0000=.0425 1.36b/  ===: ===: ===: .240  = .240 :  0.61 b, 0.39b

DIV History : RLC: 18.72. RCR: 6.30, 6.13%
Year:   Apr.  : later   RLC: x5.18b/   feb: may:  aug:  nov.=  RCR  x9.95b x65%est
2022: 0.500: ????=.0000 2.59b/ .092: .097: .097 .100E= .386e: 3.84b, 2.50bE
2021: .0250:.0000=.0425 1.36b/  ===: ===: ===: .062 =.062a: 0.62b, 0.40b

Compare. TLT, and US HomeBuilder index

TLT vs. XHB (Home Builder Index, Pulte Homes) ... update: 110.22. 59.38,

8NoSKvE.gif

===

Link to comment
Share on other sites

Large Developer REITS ... update: 3.15.2021: YTD:

oDEY1Ar.gif

YTD:

oDKRRo9.gif

==

Wow!  Look how closely RCR tracks MREIT !
Ytd:  update : 9.05.22 : RCR, 6.25 (yy%) / MREIT, 15.70 (xx%) = Ratio- 39.8% / +add: AReit: Filrt:

ik6TtbC.gif

Link to comment
Share on other sites

5x Phl REITs vs. TLT (Bonds) ... from May'21: Feb'22 : YTD: 10d

WuvLZgu.gif

If we were Long FILRT, we might switch into FLI, based on this chart... or into the POGO reit, DDMPR

Link to comment
Share on other sites

MREIT has been buying Offices from Megaworld with shares

8J5SHCN.gif

MREIT, the listed real estate investment trust (REIT) arm of billionaire Andrew Tan’s Megaworld Corp., announced a P5.27 billion deal to acquire four more office buildings as it builds up its portfolio following its public offering last year.

The offices, located in Megaworld’s township projects in Iloilo City and Taguig City in Metro Manila, would increase MREIT’s total leasable space by 16 percent to 325,000 square meters, the company said in a statement over the weekend.

 

The projects are the Festive Walk 1B and Two Global Center in Iloilo Business Park and One West Campus and Five West Campus in McKinley West, Taguig City.

MREIT said these were “grade A” offices in Philippine Economic Zone Authority (Peza)-accredited zones.

 

“Our objective is to accelerate our growth plans and double MREIT’s portfolio by the end of this year while ensuring that our acquisitions will be accretive to our shareholders. We aim to deliver an attractive total return to MREIT investors,” said MREIT president and CEO Kevin Tan.

Payment in shares

MREIT is paying for the properties through the issuance of 263.7 million shares at P20 each. The company’s share price shed 1.60 percent to P18.40 each on Friday.

Despite the impact of the pandemic on on-site office work, MREIT said the buildings to be acquired maintained an above-industry average occupancy rate of 96 percent.

Moreover, the assets offered a combined investment return of 5.7 percent, which MREIT said was higher than its forecast dividend yield.

Tan pointed out that Mckinley West was one of the group’s fastest growing townships in Metro Manila.

“This township location also commands one of the highest rental rates in the Greater Manila Area because of the high demand for office spaces in this area,” he said.

MREIT earlier announced plans for a P20 billion asset acquisition plan for 2022.

Other acquisitions

The current deal comes on top of MREIT acquisition of four grade-A and Peza-accredited offices last December.

Once the new acquisitions are completed, MREIT’s portfolio will cover 18 office properties in four Megaworld township projects.

These were 1800 Eastwood Avenue, 1880 Eastwood Avenue and E-Commerce Plaza in Eastwood City; One World Square, Two World Square, Three World Square, 8/10 Upper McKinley, 18/20 Upper McKinley and World Finance Plaza in McKinley Hill; One Techno Place, Two Techno Place, Three Techno Place, One Global Center, Two Global Center, Festive Walk 1B, and Richmonde Tower in Iloilo Business Park; and One West Campus and Five West Campus in McKinley West. INQ

Link to comment
Share on other sites

2 /

Megaworld to infuse more properties into its REIT unit

This will further diversify our portfolio and allow us to tap into other growth centers around the country,” Tan explained.

The hefty property infusion is part of MREIT’s grand plan of expanding its property holdings to 1 million square meters before the end of the decade.

For this year alone, MREIT is looking to absorb P20 million worth of office properties from Megaworld. Just last month, MREIT announced it would receive P5.3 billion worth of assets from its parent firm through a property-for-share swap deal.

A bigger property holdings mean more distributable income for MREIT that it must reward to investors through dividends. After MREIT received P9.1 billion worth of assets from its parent last year, the company said it is now looking at declaring dividends equivalent to P1.00 per share this year, which is 6% higher than originally planned.

Link to comment
Share on other sites

2021 LAUNCH of RCR, brought a Rally. But in 2022, shares have been sliding

RCR / RL Commercial REIT Inc.

YZr3gOD.gif

RL Commercial REIT Set to Become the Country’s Largest Real Estate Investment Trust

Ph’s Largest REIT could raise as much as Php23.5 Billion
by Robinsons Land And JG Summit Teams | Aug 27, 2021
 

RL Commercial REIT, Inc. (RCR), a real estate investment trust backed by the Gokongwei Group’s Robinsons Land Corporation (RLC), has set its initial public offering price at Php6.45 per share. RCR’s ongoing offer period runs until September 3, 2021, while its listing date on the Philippine Stock Exchange is tentatively set for September 14, 2021.

RCR’s IPO consists of 3.34 billion common shares with an overallotment option of up to 305 million common shares to be sold by Robinsons Land. Proceeds from the offer, which stands to raise up to Php23.5 billion, will be received by RLC as the selling shareholder, and will be reinvested according to the REIT’s Reinvestment Plan, viewable here.

Largest Market Capitalization

At the set offer price, RCR will have the largest market capitalization among the country’s listed REIT companies. “With the attractive IPO price of Php 6.45 per share, we will be starting with a market capitalization of Php 64.2 billion — the largest market capitalization among all REIT IPOs existing and upcoming so far,” said RCR President and CEO Jericho Go. At an IPO price of Php6.45 per share, RCR’s implied 2022 dividend yield is 5.96%.

Largest in Portfolio Valuation and Asset Size

As of June 30, 2021, RCR’s portfolio boasts a total gross leasable area of 425,315 square meters, with an aggregate appraised value of Php 73.9B. This represents a record-high portfolio size by GLA and appraised value among the country’s publicly listed REITs.

e1086122dbf418b577934a565143a16020e514cb

Widest Geographical Coverage

Consisting of 14 commercial real estate assets, RCR properties can be found in the major central business districts of Metro Manila, such as Bonifacio Global City, Makati, and Ortigas, with significant holdings also in Mandaluyong and Quezon City. RCR has also established a foothold in key cities and urban areas outside Metro Manila such as in Naga, Tarlac, Cebu, and Davao, making it the REIT with the widest geographical coverage in the Philippines.

“The bigger the size, the greater the opportunity to generate income and improve yield,” shared Go.

REITs are defined as companies that own, operate, or finance income-producing real estate ventures. In the case of publicly traded REITs, which is the aim of RCR’s IPO, they offer investors a means to invest in the real estate market, without having to buy actual property themselves. Go also noted that in the Philippines, REITs are considered income-generating instruments that are mandated to distribute at least 90% of their earnings as cash dividends to shareholders.

In relation to the group’s highly varied and well-distributed land holdings, Go says, “The diversification model of RCR is truly unmatched. A wide geographical coverage is the answer to concentration risk. If something happens to one location or city, good or bad, you don’t miss out on the good and when things go bad only portions of the portfolio, which are within that locality will be affected.”

> MORE: https://www.jgsummit.com.ph/news/rl-commercial-reit-set-to-become-the-country-s-largest-real-estate-investment-trust-20210827

Link to comment
Share on other sites

V2a37W4.png

Above image is thanks to TS's chat on viber, Phil stocks, 3A

Comments:

+ Fundamentally REITS should get crushed with rising interest rates...  ACEN offering a 6% 5yr is essentially risk free.  Granted there’s a 20% tax etc etc - but as the risk free rate increases anything purchased for the Div yield should go down in price (JY)

+ Yields have gone up to 6-7% this year, as Rates have pushed higher (click the heart above next to the Link, if you find that REIT thread useful.  We also have a somewhat quiet REIT chat here on Viber, which is probably worth reviving now.).  (DB)

+

Link to comment
Share on other sites

FILRT may be signaling an end to the REIT Downturn... (Or Not!)

Dec'21:  9.16.22: FILRT: 6.98 +0.50, +7.72%, Vol. 1.19M

ILSjdRG.gif

Mar'21:

2HRhMiF.gif

Link to comment
Share on other sites

With the Negative News of POGOs, maybe getting kicked out...

FILRT, DDMPR, and other REIT stocks got smoked ... update: 6.39 -8.45%, 1.35 -4.35% (before close)

mWt05IS.gif

 

Link to comment
Share on other sites

#17 in volume:  RCR:  5.50 - 0.18, -3.17%. 3.42M shs (so far)

RCR / RL Commercial ... All: 10d / Last: 5.50 -0.18  expected Div.: 0.386 = 7.02%-est

OS5MIOz.gif

RL Commercial REIT release of shares under lock-up - 1 : 9.06.2022

Security Details Type of Security: Common Shares Stock Symbol: RCR Par Value: PhP1.00 Reference(s): LN00209-2021 dated September 10, 2021 Type of Transaction(s): Initial Public Offering Lock-up Details Duration of Lock-up: 365 days Applicable Lock-up Rule: Article III, Part D, Section 2 of the Consolidated Listing and Disclosure Rules, as amended Escrow Agent: Rizal Commercial Banking Corporation – Trust and Investments Group Date of Execution of Escrow Agreement: Aug 20, 2021 Details of the Mandatory Lock-up Name of Shareholder - Robinsons Land Corporation No. of Shares - 6,316,584,573 Stock Symbol - RCR Percentage - 63.49 = 6.317B / 9.949B

RL Commercial REIT reinvestment plan progress report - 1 : 9.15.2022
On September 14, 2021 and October 13, 2021, Robinsons Land Corporation ("RLC") received gross proceeds from the sale of its share in RCR via secondary offering amounting to Twenty-One Billion Five Hundred Sixty-One Million Four Hundred Seventy-Two Thousand Eight Hundred Pesos (P21,561,472,800.00) and overallotment shares amounting to One Billion Eight Hundred Sixty-Seven Million Five Hundred Eighty-Eight Thousand Four Hundred Seventy Pesos (P1,867,588,470), respectively. With this, the total amount received is Twenty-Three Billion Four Hundred Twenty-Nine Million Sixty-One Thousand Two Hundred Seventy Pesos (SOLD: P23,429,061,270.00 / 3.632B sh.= P6.45 -0.206 exp. = P6.244 net received.). Update or Status of the Reinvestment Plan: As of September 13, 2022, RLC had FULLY disbursed the total proceeds amounting to Twenty-Three Billion Four Hundred Twenty- Nine Million Sixty-One Thousand Two Hundred Seventy Pesos (P23,429,061,270.00) in accordance with its Reinvestment Plan. Of this amount, Seven Hundred Forty-Seven Million Five Hundred Forty- Two Thousand Sixteen and 33/100 Pesos (P747,542,016.33) were spent for IPO expenses and the balance of Twenty-Two Billion Six Hundred Eighty-One Million Five Hundred Nineteen Thousand Two Hundred Fifty-Three and 67/100 Pesos (P22,681,519,653.67) were disbursed for its Capital Expenditures in the Philippines.
 
RL Commercial REIT change in number of shares -  9.19.2022
RL Commercial REIT change in number of shares .. 09/19/2022
Further to our disclosure on 17 August 2022, please be advised that 777,807,133 shares (the "Shares") of RL Commercial REIT, Inc. (RCR) were issued on 01 September 2022 in exchange for Robinsons Cyberscape Gamma (the "Property") owned by Robinsons Land Corporation, pursuant to the Deed of Assignment dated 20 April 2022. The abovementioned shares have already been recorded in the books of the Corporation In view of the following issuance of Shares, the number of issued and outstanding common shares of RCR are 10,726,804,330. Change(s) in Number of Issued and Outstanding Shares Type of Security /Stock Symbol: Common Shares / RCR Issued Shares BEFORE: 9,948,997,197 AFTER: 10,726,804,330 Outstanding Shares BEFORE: 9,948,997,197 AFTER: 10,726,804,330 > RCR Percentage - 66.14% = 6.317B> 7.095B  / 9.949B> 10.727B
Link to comment
Share on other sites

"The TWINS" versus AREIT

RCR & MREIT -etc.. All: Ytd: 10d / 5.35, 14.64 vs. $35.35.

(Est.Div.) Yields: (0.386) 7.21%, (0.980) 6.69%, (1.93) 5.46% = 6.45% vs. TLT: $103.68, TYX: 3.70%= 2.75%

fOTwgWq.gif

===

Mon.: Areit : Mreit : RCR : Average: TLT : TYX :
(Div.) $1.93: $0.98: .386 = ==== :  TYX = Prem.
Ye’21: 48.60: 19.70: $7.61= ==== : 148.19, 19.05
>dv.: 3.97%:4.97%:5.07%= 4.67% -1.91%= 2.76%
Mar. : 45.80: 18.70: $7.35= ==== : 132.08, 24.48
>dv.: 4.21%:5.24%:5.25%= 4.90% -2.45%= 2.45%
Jun. : 34.90: 15.20: $6.20= ==== : 114.87, 31.19
>dv.: 5.53%:6.45%:6.23%= 6.07% -3.12%= 2.95%
July : 36.10: 15.94: $6.39= ==== : 117.43, 29.74
>dv.: 5.35%:6.15%:6.04%= 5.85% -2.97%=2.88%
Aug.: 38.50: 15.40: $6.15= ==== : 111.88, 32.55
>dv.: 5.01%:6.36%:6.28%= 5.88% -3.26%= 2.62%
Last: 35.35: 14.64: $5.35= ==== : 103.7?, 36.98
>dv.: 5.46%:6.69%:7.21%= 6.45% -3.70%= 2.75%

Average REIT yield has been a premium of 2.45-2.95%, ave. is 2.75%E

Link to comment
Share on other sites

POGOs leaving?   Could be bad news for Office rents:            

Compare: 1.05M now, versus 1.68M before, means only 37.5% of potential losses in Office tenancies has  happened so far/

" Leechiu said that if an additional 1.05 million in office space would be vacated, it would translate to wider losses, and put additional pressure on rental rates.
Over the past three years, POGOs have vacated 630,000 sqm in office space."           

> more: https://www.philstar.com/business/2022/09/26/2212187/pogo-ban-trigger-real-estate-crisis

Link to comment
Share on other sites

Three REIT Stock yields, versus US Bond yield. What premium?

Mon.: Areit : Mreit : RCR : Average: TLT : TYX :
(Div.) $1.93: $0.98: .386 = ====  :  TYX = Prem.
Ye’21: 48.60: 19.70: $7.61= ====  : 148.19, 19.05
>dv.: 3.97%:4.97%:5.07%= 4.67% -1.91%= 2.76%
Mar. : 45.80: 18.70: $7.35= ====  : 132.08, 24.48
>dv.: 4.21%:5.24%:5.25%= 4.90% -2.45%= 2.45%
Jun. : 34.90: 15.20: $6.20= ==== : 114.87, 31.19
>dv.: 5.53%:6.45%:6.23%= 6.07% -3.12%= 2.95%
July : 36.10: 15.94: $6.39= ====  : 117.43, 29.74
>dv.: 5.35%:6.15%:6.04%= 5.85% -2.97%=2.88%
Aug.: 38.50: 15.40: $6.15= ====  : 111.88, 32.55
>dv.: 5.01%:6.36%:6.28%= 5.88% -3.26%= 2.62%
Last: 35.35: 14.64: $5.35= ==== : 103.7?, 36.98
>dv.: 5.46%:6.69%:7.21%= 6.45% -3.70%= 2.75%

Average REIT yield has been a premium of 2.45-2.95%, ave. is 2.75%E

Link to comment
Share on other sites

Philippine REITS

Rising Rates= Falling TLT, has brought down Housing stocks, in the US and Globally, including PHL REITs

5x Phl REITs vs. TLT (Bonds) ... from Mar'21: Oct'21: Dec'21: Feb'22 : YTD: 10d

2HRhMiF.gif

"The TWINS" versus AREIT

RCR & MREIT vs AREIT.. All: Ytd: 10d / 5.35, 14.64 vs $35.35. at 9.27.22, midday

(Est. Div.) Yields: (0.386) 7.21%, (0.980) 6.69%, (1.93) 5.46% = 6.45% vs. TLT: $103.68, TYX: 3.70%= 2.75%fOTwgWq.gif

===

Three REIT Stock yields, versus US Bond yield. What premium?

Mon.: Areit : Mreit : RCR : Average: TLT : TYX :
(Div.) $1.93: $0.98: .386 = ==== :  TYX = Prem.
Ye’21: 48.60: 19.70: $7.61= ==== : 148.19, 19.05
>dv.: 3.97%:4.97%:5.07%= 4.67% -1.91%= 2.76%
Mar. : 45.80: 18.70: $7.35= ==== : 132.08, 24.48
>dv.: 4.21%:5.24%:5.25%= 4.90% -2.45%= 2.45%
Jun. : 34.90: 15.20: $6.20= ==== : 114.87, 31.19
>dv.: 5.53%:6.45%:6.23%= 6.07% -3.12%= 2.95%
July : 36.10: 15.94: $6.39= ==== : 117.43, 29.74
>dv.: 5.35%:6.15%:6.04%= 5.85% -2.97%=2.88%
Aug.: 38.50: 15.40: $6.15= ==== : 111.88, 32.55
>dv.: 5.01%:6.36%:6.28%= 5.88% -3.26%= 2.62%
Last: 35.35: 14.64: $5.35= ==== : 103.7?, 36.98
>dv.: 5.46%:6.69%:7.21%= 6.45% -3.70%= 2.75%

Average REIT yield has been a premium of 2.45-2.95%, ave. is 2.75%E

===

Earnings Yield, Estimated Div.

Symbol:  Last : PER: E.Yld:  Div.Est: Yield%

ALI.      :29.05 : 30.0: 3.33%: 0.270 : 0.93%
AREIT  :38.40:  19.5: 5.13%:  1.930 :  5.03%
DD.       :  7.62 : 3.52: 28.4%: 0.20? :  2.62?
DDPMR : 1.48 : 4.36: 22.9%: 0.11E  :  7.43%
FLI        :  0.89 : 9.03: 11.1%: 0.046 :   5.22%
FILRT   :  6.60 : 21.4: 4.67%: 0.428 :  6.48%
MEG     :  2.48 : 5.51:  18.1%: 0.000 :  N/A
MREIT  : 15.60 : N/A: 00.0%: 0.980 :  6.28%
RLC      : 18.96 : 13.3: 7.52%: 0.500 :  2.64%
RCR     :  6.20 : 16.8:  5.95%: 0.386 :  6.22%
Average     :  =============== :  6.29%-3.34=2.95%, x188%
TLT      :  110. : -N/A : 00.0%: 2.387 :  2.17%TYX: 3.34%=

DIV History : MEG: 2.36. MREIT: 15.36, 6.38%
Year:   Aug. :  later  MEG: x31.9b/ may.:  jun:  aug:   nov.= Mreit x 2.53b x65%est
2022: 0.000: ????=.0000  0.00b/ .240: .243: .247 .250E= .980e: 2.48b, 1.6b est
2021: .0425:.0000=.0425 1.36b/  ===: ===: ===: .240  = .240 :  0.61 b, 0.39b

DIV History : RLC: 18.72. RCR: 6.30, 6.13%
Year:   Apr.  : later   RLC: x5.18b/   feb: may:  aug:  nov.=  RCR  x9.95b x65%est
2022: 0.500: ????=.0000 2.59b/ .092: .097: .097 .100E= .386e: 3.84b, 2.50bE
2021: .0250:.0000=.0425 1.36b/  ===: ===: ===: .062 =.062a: 0.62b, 0.40b

Compare. TLT, and US HomeBuilder index

TLT vs. XHB (Home Builder Index, Pulte Homes) ... update: 110.22. 59.38,

8NoSKvE.gif

===

Link to comment
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
 Share

×
×
  • Create New...