VistaREIT reports ₱11.46 billion annual loss on property markdown
The Philippine trust’s property portfolio fell 45.5% in value, while unpaid rent from related retailers reached ₱1.99 billion.
A ₱12.97 billion reduction in property valuations pushed VistaREIT to a net loss of ₱11.46 billion for 2025, its delayed annual report disclosed on November 3 showed. The Philippine real estate investment trust belongs to Manny Villar’s business group.
The trust held 10 malls and two office buildings, collectively valued at ₱15.50 billion as 2025 ended. That represented a 45.5% decline from the ₱28.45 billion valuation in 2024. The adjustment was largely driven by revised valuation assumptions, rather than an equivalent cash loss.
Discount rates applied to expected property earnings rose to a range of 10.87% to 11.26%, against 8.40% a year earlier. VistaREIT said its 2025 net income would have been ₱1.45 billion without the revaluation, compared with ₱1.44 billion for 2024.
Despite occupancy of 97%, annual revenue declined by 18.8%, reaching ₱2.17 billion. Rent generated ₱1.94 billion, a fall of 21.2%.
Uncollected lease payments from AllValue retailers, including AllHome and AllDay, totalled ₱1.99 billion excluding future rent increases, versus ₱1.69 billion in 2024. With future increases included, the balance was ₱3.87 billion. VistaREIT did not disclose what portion was overdue.
VistaREIT booked no expected losses against related-company receivables, saying it anticipated recovery. It cited backing from ultimate parent Fine Properties, which has offered assets, including property holdings, to support those obligations.
