The vacancy arose after only six directors were elected at that meeting instead of the required seven, which the company said was due to an intended nominee being left off the election slate.
Laynes, who was chief financial officer of PrimeWater Infrastructure and daughter of former Virac, Catanduanes Mayor Samuel Laynes, was approved by the board on Feb. 5, 2026 and took office on Feb. 12, restoring the REIT’s board to full membership after about seven months.
Before joining the board, she was a member of PREIT’s risk oversight committee.
Her appointment comes as PREIT confronts the financial fallout from regulators halting operations of its Siquijor power tenant, S.I. Power Corp. (SIPCOR), a key income source for the Villar-owned REIT.
SIPCOR has been unable to run the plants since the Energy Regulatory Commission revoked its provisional permits in Aug. 2025.
SIPCOR is appealing the revocation before the Court of Appeals, while the REIT has said it may terminate the lease and look for another operator or buyer for the Siquijor facilities.
The stock is up about 16.7 percent in 2026 yet remains down nearly 47 percent over the past year as investors weigh the fallout from its Siquijor power assets.
