Manny Villar’s REIT suffers P9.6B loss in 2022 amid fair value
Manny Villar’s REIT suffers P9.6B loss in 2022 amid fair value changes in investment properties
VistaREIT Inc., the real estate investment trust owned by bilyonaryo Manny Villar, recorded a net loss of P9.62 billion in 2022, largely due to fair value changes in investment properties.
The company said the decline in the fair value of its properties was driven by changes in the discount rate and cap rate, which resulted from the upward trend in interest rates.
Fair value changes in investment properties recorded a loss of P11.2 billion during the year, according to the company’s statement.
However, VREIT said that excluding the fair value adjustment for the period, it would have recorded a core net income of P1.57 billion last year. Rental income accounted for the majority of revenues generated by the company at P1.96 billion. The company needed the year with an occupancy rate of 97 percent.
In addition, parking fees and other operating income added P33 million and P109 million, respectively.
VREIT made its debut on the Philippine Stock Exchange in June 2021.
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