Smarter News Now
  • About Us
  • Privacy Policy
  • Terms & Conditions
  • Contact Us
  • Email Whitelisting
No Result
View All Result
  • Top News
  • Economy News
  • Forex News
  • Investing News
  • Stock News
  • Politics News
  • Editor’s Pick
  • Top News
  • Economy News
  • Forex News
  • Investing News
  • Stock News
  • Politics News
  • Editor’s Pick
No Result
View All Result
Smarter News Now
No Result
View All Result
Home Investing News

Vista Land plans REIT offering, sees recovery signs as income falls

by
November 16, 2020
in Investing News
0
Vista Land plans REIT offering, sees recovery signs as income falls
0
SHARES
8
VIEWS
Share on FacebookShare on Twitter

VILLAR-LED Vista Land & Lifescapes, Inc. is keen on doing a real estate investment trust (REIT) offering for some of its leasing assets to improve its financial position during the coronavirus pandemic.

In a statement on Monday, the property developer said it is  “seriously looking at the possibility of doing a REIT with our 1.5 million square meters GFA (gross floor area) leasing portfolio.”

It noted 15% of its leasing portfolio is made up of office spaces occupied by business process outsourcing tenants, which have remained operational throughout the past months of the lockdown.

The rest are from malls, which Vista Land said are occupied mostly by tenants offering essential services.

“Rest assured that Vista Land is continuously making the necessary adjustments to operate effectively in the new normal and is strengthening our financial and operational positions to be able to address the needs of all our stakeholders,” Vista Land President and CEO Manuel Paolo A. Villar said in the statement.

Also on Monday, the company reported that its earnings in the nine months through September dropped 39% to P5.5 billion. It recorded consolidated revenues of P25.7 billion, down by 25% from the same period last year.

Without disclosing details, it said its third quarter-performance improved against the previous quarter, as activity started picking up when the government relaxed quarantine rules beginning June.

“This pandemic continues to impact our performance, both on our leasing and residential businesses. However, as mentioned before, we are glad to have seen encouraging signs of recovery when the economy started to reopen last June,” Vista Land Chairman Manuel B. Villar, Jr. said in the statement.

The company plans to launch more residential projects in the fourth quarter to add to the five projects that it launched in the past nine months, which were valued at P5 billion.

It is allocating P25 billion for capital expenditures this year, of which some 71% has already been spent.

Shares in Vista Land closed at P3.82 each on Monday, up four centavos or 1.06% from the last session. — Denise A. Valdez

ShareTweetPin

Related Posts

Investing News

Globalization’s cheerleaders grasp for new buzzwords at Davos

May 27, 2022
Century Pacific Food, Inc. to hold annual stockholders’ meeting on June 30
Investing News

Century Pacific Food, Inc. to hold annual stockholders’ meeting on June 30

May 27, 2022
Marcos names more economic managers
Investing News

Marcos names more economic managers

May 26, 2022
Investing News

For next Finance chief, the top priority is debt management

May 26, 2022
Investing News

Gov’t to borrow P250 billion from domestic market in June

May 26, 2022
Investing News

BSP signals rate hike in June

May 26, 2022
Next Post
ABS-CBN swings to loss as ad, consumer revenues fall

ABS-CBN swings to loss as ad, consumer revenues fall

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
Email Address *
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!
 

Recommended

Britain’s first sanctions target Russians, Saudis

Britain’s first sanctions target Russians, Saudis

July 6, 2020

Celtics clobber Bucks to reach Eastern Conference finals

May 16, 2022
Head of leading Hispanic-owned U.S. food company sparks backlash over praise for Trump

Head of leading Hispanic-owned U.S. food company sparks backlash over praise for Trump

July 11, 2020
Britons work from home while Europe goes back to the office

Britons work from home while Europe goes back to the office

May 17, 2022
EU chair Germany tells parliament to move faster on pandemic recovery cash

EU chair Germany tells parliament to move faster on pandemic recovery cash

November 2, 2020
Fed Chair Powell spoke with Trump as virus took aim at U.S.

Fed Chair Powell spoke with Trump as virus took aim at U.S.

April 3, 2020
  • About Us
  • Privacy Policy
  • Terms & Conditions
  • Contact Us
  • Email Whitelisting

Copyright © 2022 SmarterNewsNow.
All Rights Reserved.

Disclaimer: SmarterNewsNow.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice.
The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

No Result
View All Result
  • About Us
  • Contact Us
  • Email Whitelisting
  • Home
  • Privacy Policy
  • Terms & Conditions
  • Thank You

Copyright © 2020 SmarterNewsNow. All Rights Reserved.