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FILRT’s net income falls 34.5%

Filinvest REIT Corp.’s (FILRT) net income for the first nine months of this year plummeted by 34.5 percent to P721 million from P1.1 billion in the same period in 2022.

In their disclosure to the Philippine Stock Exchange (PSE), their revenues also decreased by 11 percent to P2.22 billion this year compared to P2.5 billion recorded in the nine-month period last year.

Following this, FILRT Board of Directors approved a dividend declaration amounting to P0.071 per outstanding common share for the fourth quarter (Q4) of the year.

The year-to-date dividends, including Q4, is at P0.284 per outstanding common share, equivalent to an “annualized yield of 9.5 percent based on the previous day’s market price.”

The firm noted that its Q4 dividends have maintained the same level as the previous three quarters, but its dividend yield is greater than the industry average yield.

FILRT President and CEO Ms. Maricel Brion-Lirio said, “while we and the industry are presently facing challenges, we are steadfast in our goal to significantly increase dividends in the long term.”

The new dividends will be payable to stockholders on Dec. 15 on record as of Nov. 29, 2023.

In terms of projects, FILRT has renewed 31,835 square meters or 77 percent of the expiring leases in 2023, signed new leases of 17,509 square meters and closed new leases and renewals at higher rates against current transacted rates in the Alabang area as of the end of September this year.

The new leases have lengthened FILRT’s Weighted Average Lease Expiry (WALE) to 7.1 years from 6.9 years as of the previous quarter, with average occupancy for the first nine months of the year at 84 percent.

FILRT is diversifying its tenant mix with traditional tenants and co-working locators with whom FILRT has signed almost 5,200 square meters to date.

It is currently diversifying its tenant mix comprised of traditional tenants and co-working locators, 78 percent of which are multinational BPO companies, 11 percent traditional office and co-working, 11 percent hospitality, and a smaller percentage of retail tenants. 

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The article was originally published in Manila Bulletin and written by Khriscielle Yalao.

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