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FILRT earns P1.3B on rentals

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FILINVEST REIT Corp. (FILRT) reported a net income of P1.31 billion in 2022, driven by the company’s rentals and other revenues, it said on Wednesday.

In a disclosure to the stock market, the company reported its revenues at P3.25 billion. The company did not give comparable numbers.

FILRT, a real estate investment trust  (REIT) backed by Filinvest Land, Inc., was listed on the stock exchange on Aug. 12, 2021.

“The office leasing segment had its fair share of new challenges last year brought about by the globally changing workplace environment,” said Filinvest REIT President and Chief Executive Officer Maricel Brion-Lirion.

“Despite this headwind, FILRT demonstrated resiliency and forged ahead in growing the portfolio,” Ms. Brion-Lirio added.

The company reported that its average occupancy rate was at 89%, which included its newly acquired property in Boracay, Aklan with a gross leasable area of 29,086 square meters (sq.m.).

In 2022, new leases signed by the company totaled 5,087 sq.m. It also renewed 22,891 sq.m. or 96% of expiring leases for the year.

This year, the company intends to lease about 9,000 sq.m. of office spaces to traditional and business process outsourcing companies.

The company said that it has already renewed 32% of its expiring leases in 2023, which total about 13,300 sq.m.

“Moving forward, FILRT will continue to focus on diversifying its portfolio to improve the revenues of its existing prime office assets and to ultimately boost dividends for its shareholders,” the company said.

On Wednesday, FILRT shares fell by 2.19% or 12 centavos to end at P5.36 apiece. — Adrian H. Halili

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