Vista Land plans REIT listing

MANILA, Philippines — Vista Land & Lifescapes, Inc., the Villar-owned property developer, is looking to do a real estate investment trust (REIT) for its office space, joining the ranks of Ayala Land’s AREIT Inc. and Double Dragon’s DDMP REIT.

The company reported a net income of P2.1 billion in the first quarter, down 14 percent year on year due to higher interest expense.

EBITDA was P3.9 billion, representing a decrease of seven percent.

But reservation sales have been sustained since June of last year, registering approximately P16.1 billion or an estimated four percent increase from the first quarter last year and an estimated 14 percent increase since the fourth quarter of 2020.

“We continue to navigate through these still challenging times brought about by the pandemic, but with a more optimistic outlook this year, especially as the vaccination rollout ramps up. In addition, indicators such as overseas Filipinos (OF) demand remains resilient, with an upward trend as the host countries of our OFs are on their way to achieving herd immunity,” said Vista Land chairman Manuel Villar Jr.

Manuel Paolo A. Villar, president & CEO of Vista Land, said coming from 2020, the company’s preliminary first quarter headline numbers this year are quite encouraging.

“The company expects to report total revenues of approximately P8.7 billion, representing a decrease of approximately 12 percent from the same period last year, with real estate revenues at P6.3 billion, a decrease of a 13 percent percent and leasing income estimated at P2 billion, a decrease of nine percent from same period last year,” Paolo  said.

Moving forward, Vista Land said it would maintain its stance on minimal land acquisition thereby maximizing its existing land bank and will be conservative in terms of its leasing space expansion program.

Vista Land said it may reopen an existing $200 million 7.250 notes due 2021 following a series of fixed income investor calls which commenced yesterday.