March 22, 2023 – Filinvest REIT Corp. (FILRT), the flagship commercial REIT of the Filinvest group, recorded a net income of ₱1.31 billion in 2022. This was achieved on the back of rental and other revenues of ₱3.24 billion. Average occupancy for the year was 89 percent, including the newly infused Boracay property that was added to the portfolio in December 2022.

“The office leasing segment had its fair share of new challenges last year brought about by the globally changing workplace environment. Closer to home, the implementation of hybrid work set-ups in PEZA zones like our Northgate property affected our leasing patterns. Despite this headwind, FILRT demonstrated resiliency and forged ahead in growing the portfolio,” said FILRT president and chief executive officer Maricel Brion-Lirio. FILRT signed new leases totaling 5,087 square meters and renewed 22,891 square meters or 96 percent of expiring leases in 2022. This year, new Letters of Intent were signed by traditional and BPO multinational companies to lease almost 9,000 square meters of office space and more than 13,300 square meters or 32 percent of the lease expiries for the year 2023 have already been renewed. The balance is due for renewal during the remainder of the year.

FILRT acquired a prime property with a gross leasable area (GLA) of 29,086 square meters in Boracay, Aklan in December 2022. The acquisition resulted in an increase in its portfolio by 9.65 percent in GLA terms. The Boracay property, which is leased to the well-regarded Crimson Resort and Spa Boracay, broadens FILRT’s income profile mix beyond office leasing and into the hospitality sector. 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.

FILRT was named as a Circle of Excellence Awardee for Best Sustainability Company of the Year at the 13th Asia CEO Awards 2022 for the second consecutive year. FILRT also won the gold title in the Office Development category and the silver title in the Sustainable Development category for Axis Tower One at the recently concluded Property and Real Estate Excellence Awards by Paris-based International Real Estate Federation (FIABCI). Earlier in 2022, FILRT won REIT Initiative of the Year and Office Development of the Year at the Real Estate Asia Awards. This growing list of accolades supports FILRT’s valuable distinction as the country’s first sustainability-themed REIT.