Vista Land to list REIT next year

MANILA, Philippines — Vista Land and Lifescapes Inc. plans to form and list its own real estate investment trust (REIT) in the stock market  next year.

Vista Land yesterday said it is considering the possibility of launching a REIT IPO next year, confirming a report of Bilyonaryo.com.

The Villar-owned property developer and homebuilder, however, said the plan is subject to favorable market conditions and other commercial and legal considerations.

“We note that the specific timing for such REIT IPO is still being discussed,” the company said.

The REIT Act allows REIT companies to list and trade its shares of stock in the stock market as an alternative means to raise funds for property development and expansion initiatives.

The Ayala Group was the first to list its REIT through AREIT Inc. last Aug. 13.

Vista Land saw its net income decline by 39 percent year-on-year to P5.5 billion in the nine months ending September, with revenues plunging by 25 percent year-on-year to P25.7 billion due to the impact of COVID-19 on its operations.

The company, however, posted improvement between its second quarter and third quarter performance in terms of reservations sales.