February 16, 2023

Est. Est. Return

Company REIT REIT
Price* Dividend/ Dividend vs. Offer
Name Sponsor Type
Share (2023) Yield Price**

Office,
AREIT ₱35.70 ₱2.10 5.98% 37.0% Ayala Land retail,
AREIT, Inc. industrial

CREIT Citicore
Renewable
Citicore Energy ₱2.45 ₱0.18 7.18% -3.9% Renewable
energy
REIT Corp. Energy

DDMPR ₱1.46 ₱0.12 8.22% -32.9%

DoubleDragon
Office
DDMP REIT, Inc. Properties

FILRT
Filinvest REIT ₱5.78 ₱0.29 5.02% -7.1% Filinvest Land Office
Corp.

MREIT ₱14.20 ₱0.97 6.83% -0.9% Megaworld Office

MREIT, Inc.

RCR Robinsons
RL Commercial ₱5.90 ₱0.39 6.61% 0.8% Office
Land
REIT Inc.

VREIT ₱1. 70 ₱0.16 9.24% -0.6%

Vista Land &
Retail
VistaREIT, Inc. Lifescapes

COL Top Pick

*as of February 16, 2023

**Last price vs. the offer price; Does not include dividends

Click the Company Ticker to view the full details

February 16, 2023

COL TOP PICK

AREIT ₱35.70
AREIT, Inc. *as of February 16, 2023

INVESTMENT HIGHLIGHTS 2023 2024

Est. Dividend
• All office assets are PEZA-accredited Per Share ₱2.10 ₱2.16
(DPS)
• Best in class sponsor with long growth
runway Est. Dividend
Yield*
5.98% 6.11%
• Has the potential to add 750,000sqm of
PEZA-accredited office space based on ALI's
Est. DPS
current portfolio
Growth
7.69% 3.00%

RISKS

• Risk that growth targets are not met due to 52 Wk Range

delays in acquisition

• Higher interest rates may reduce ₱30.55 ₱52.30

attractiveness of REITs

Market Capitalization* ₱53.0 billion

TOP REIT HOLDINGS Price Performance*

• Vertis North Commercial Development YTD -0.8%

164,000 sqm Since Listing +30.0%
(08/13/2020)
• Ayala North Exchange Dividend Payment
Quarterly
95,554 sqm Schedule
REIT Sponsor Ayala Land, Inc.
• Laguna Technopark lot
76,000 sqm Mix of office, retail
REIT Type
& industrial lot
Portfolio Size 549,500 sqm

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February 16, 2023

COL TOP PICK

CREIT ₱2.45
Citicore Energy REIT Corp. *as of February 16, 2023

INVESTMENT HIGHLIGHTS 2023 2024

Est. Dividend
• High growth potential through acquisitions Per Share ₱0.18 ₱0.18
funded by the proceeds from the IPO (DPS)
• Tenants supported by reliable operations and Est. Dividend
attractive offtake contracts Yield*
7.18% 7.81%

RISKS Est. DPS

Growth
0.00% 0.00%
• A significant decline in WESM prices could
affect the tenants’ ability to fulfill their lease
obligations to CREIT
52 Wk Range
• Aside from the Bulacan and South Cotabato
properties, the Citicore Group’s other real
estate assets are still under development ₱1.97 ₱2.94
• Higher interest rates may reduce
attractiveness of REITs Market Capitalization* ₱16.0 billion
Price Performance*
TOP REIT HOLDINGS
YTD +7.0%
• Toledo Property Since Listing -3.9%
730,000 sqm (02/22/2022)
Dividend Payment
• Silay Property Quarterly
Schedule
431,000 sqm Citicore Renewable
REIT Sponsor
Energy Corporation
• Clark Solar Plant
250,000 sqm REIT Type Renewable energy

Portfolio Size 1,653,621 sqm

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February 16, 2023

DDMPR ₱1.46
DDMP REIT, Inc. *as of February 16, 2023

2023 2024
INVESTMENT HIGHLIGHTS
Est. Dividend
• High projected dividend yield Per Share ₱0.12 ₱0.12
(DPS)

Est. Dividend
Yield*
8.22% 9.30%
RISKS

• Occupancy risk due to high exposure to Est. DPS

Growth
9.09% 0.00%
POGOs

• Higher interest rates may reduce attractive of

REITs
52 Wk Range

TOP REIT HOLDINGS

₱1.17 ₱1.82
• Double Dragon Plaza
139,240sqm
Market Capitalization* ₱26.0 billion
Price Performance*
YTD +13.2%
Since Listing -35.1%
(03/24/2021)
Dividend Payment
Quarterly
Schedule
DoubleDragon
REIT Sponsor
Properties Corp.

REIT Type Office

Portfolio Size 175,252 sqm

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February 16, 2023

FILRT ₱5.78
Filinvest REIT, Corp. *as of February 16, 2023

2023 2024
INVESTMENT HIGHLIGHTS
Est. Dividend
• All office assets are PEZA-accredited Per Share ₱0.29 ₱0.29
(DPS)
• Biggest player in Alabang
Est. Dividend
Yield*
5.02% 5.34%
• Has the potential to add 71,000sqm of office
space based on FLI’s office portfolio
Est. DPS
Growth
-20.11% 1.34%

RISKS

• Risk that growth targets are not met due to

delays in acquisition 52 Wk Range

• Higher interest rates may reduce

attractiveness of REITs ₱5.20 ₱7.59

Market Capitalization* ₱28.3 billion

TOP REIT HOLDINGS
Price Performance*
• Axis Tower 1 YTD +5.1%
39,340 sqm
Since Listing -17.4%
• Vector Three (08/12/2021)
36,345 sqm Dividend Payment
Quarterly
Schedule
• Filinvest Two REIT Sponsor Filinvest Land, Inc.
23,784 sqm
REIT Type Office

Portfolio Size 301,361 sqm

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February 16, 2023

MREIT ₱14.20
MREIT, Inc. *as of February 16, 2023

2023 2024
INVESTMENT HIGHLIGHTS
Est. Dividend
• All office assets are PEZA-accredited Per Share ₱0.97 ₱0.98
(DPS)
• Longest growth runway given MEG’s office
Est. Dividend
portfolio of more than 1,000,000sqm of PEZA Yield*
6.83% 6.77%
accredited office space
Est. DPS
Growth
-1.02% 1.03%
RISKS

• Risk that growth targets are not met due to

delays in acquisition 52 Wk Range
• Higher interest rates may reduce
attractiveness of REITs ₱11.20 ₱21.00

TOP REIT HOLDINGS Market Capitalization* ₱36.0 billion

Price Performance*
• 1800 Eastwood Avenue
34,738 sqm YTD -1.9%
Since Listing -11.8%
• 1880 Eastwood Avenue (10/01/2021)
33,744 sqm Dividend Payment
Quarterly
Schedule
• One World Square
30,482 sqm REIT Sponsor Megaworld Corp.

REIT Type Office

Portfolio Size 280,131 sqm

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February 16, 2023

COL TOP PICK

RCR ₱5.90
RL Commercial REIT, Inc. *as of February 16, 2023

2023 2024
INVESTMENT HIGHLIGHTS
Est. Dividend
• All office assets are PEZA-accredited Per Share ₱0.39 ₱0.39
(DPS)
• Most geographically diversified portfolio
Est. Dividend
Yield*
6.61% 6.75%
• Has potentially to add 180,000sqm of PEZA-
accredited office space based on RLC’s
current office portfolio Est. DPS
Growth
0.00% 1.28%

RISKS

• Risk that growth targets are not met due to 52 Wk Range

delays in acquisition

• Higher interest rates may reduce ₱4.80 ₱8.94

attractiveness of REITs

Market Capitalization* ₱63.3 billion

TOP REIT HOLDINGS Price Performance*

• Exxa-Zeta Tower YTD +0.9%

74,584 sqm Since Listing -8.5%
(09/14/2021)
• Cyber Sigma Dividend Payment
49,970 sqm Quarterly
Schedule
Robinsons Land
• Cyberscape Alpha REIT Sponsor
Corp.
49,902 sqm
REIT Type Office

Portfolio Size 423,316 sqm

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February 16, 2023

VREIT ₱1.70
VistaREIT, Inc. *as of February 16, 2023

2023 2024
INVESTMENT HIGHLIGHTS
Est. Dividend
• Synergies with the Villar Group’s retail Per Share ₱0.16 ₱0.16
(DPS)
ecosystem
Est. Dividend
• Positioned to take advantage of the post- Yield*
9.24% 9.77%
pandemic consumption recovery

• High future growth potential as its Sponsor Est. DPS

Growth
63.18% 2.67%
still has more than 1 Mil sqm of retail space

RISKS
52 Wk Range
• Increasing share of revenues from Villar
Group could be seen as concentration risk
₱1.47 ₱1.77
• Revenues from retail spaces have a variable
component which could result in positive or
negative surprise in dividends Market Capitalization* ₱12.8 billion
Price Performance*
TOP REIT HOLDINGS
YTD +3.0%
• Starmall San Jose Del Monte Since Listing -2.9%
35,665 sqm (06/15/2022)
Dividend Payment
• SOMO-A-Vista Mall Quarterly
Schedule
31,850 sqm Vista Land &
REIT Sponsor
Lifescapes, Inc.
• Vista Mall General Trias
26,638 sqm REIT Type Retail

Portfolio Size 256,404 sqm

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 February 16, 2023

Glossary

COL Top Pick Price Performance (Since Listing)

REIT that offers the best balance of yields, growth Percentage gain/loss from the initial offer
potential, and risks based on COL's view price

52 Wk High/Low REIT Sponsor

Highest and lowest prices attained over the past Parent company of the REIT and the one who
52 weeks injected the initial set of properties into the REIT.
Usually is the largest shareholder of the REIT

Est. Dividend Per Share

Estimated total dividend per share for the year REIT Type
Classification of the REIT
Est. Dividend Yield
Percentage of the share price that you are Dividend Payment Schedule
projected to receive as dividends. Calculated as Frequency of dividend payments
dividend per share for the year divided by the
current market price
Portfolio Size
Total size of the REIT's investment properties
Market Capitalization
Total value of all the company's shares.
Calculated by multiplying the share price by the Top REIT Holdings
number of outstanding shares Biggest assets of the REIT

Price Performance (YTD)

Percentage gain/loss since the start of the year

IMPORTANT DISCLAIMER
Securities recommended, offered or sold by COL Financial Group, Inc. are subject to investment risks, including the possible loss of the principal amount
invested. Although information has been obtained from and is based upon sources we believe to be reliable, we do not guarantee its accuracy and said
information may be incomplete or condensed. All opinions and estimates constitute the judgment of COL’s Equity Research Department as of the date of
the report and are subject to change without prior notice. This report is for informational purposes only and is not intended as an offer or solicitation for the
purchase or sale of a security. COL Financial and/or its employees not involved in the preparation of this report may have investments in securities of
derivatives of the companies mentioned in this report and may trade them in ways different from those discussed in this report.