We had the opportunity to clarify with FLI management some of the aspects of its REIT proposal. They said that they used an average occupancy rate of 94 percent and a year-end occupancy rate of 99 percent in calculating their anticipated dividends for 2021. This is contrasted with its existing 90 percent occupancy rate. Due to the increase in vacancy rates in Alabang, which has coincided with a decrease in office rental prices, we think that FIL REIT will most likely fall short of its own projections. As a result, the company’s offer price has a lot of space to fall in order to compensate for the risks. FLI REIT continues to be a favorite of ours for the time being.


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