May 31, 2023 – Filinvest REIT Corp. (FILRT), the flagship commercial REIT of the Filinvest group, declared its quarterly dividends in a meeting held on May 31, 2023. The Board of Directors of FILRT approved the dividend declaration to all stockholders amounting to ₱0.071 per outstanding common share, maintaining the same level as the previous quarter. The cash dividends will be payable on June 30, 2023 to stockholders on record as of June 15, 2023.
This declaration brings year-to-date dividends to ₱0.142 per outstanding common share which is equivalent to an annualized yield of 6.8% based on the closing share price on May 30, 2023. The annualized dividend yield is higher than benchmark reference rates. FILRT has declared two quarterly cash dividends this year.
“Our goal of delivering stable dividends and providing attractive returns to our investors remains amidst the challenges being faced by the office leasing sector. We believe that the sector is resilient and will continue to thrive. We are focused on expanding FILRT’s portfolio organically and with regular asset infusions, guided by clear strategic imperatives which are to increase occupancy, manage costs and acquire assets,” said FILRT president and chief executive officer Maricel Brion-Lirio.
FILRT recorded a net income of ₱304 million in the first quarter of 2023, 17 percent higher than the previous quarter, driven by a 5 percent improvement in rental revenues and a 13 percent reduction in operating costs. The growth was led by the successful acquisition of the 2.9 hectares of prime resort property that is being leased to Crimson Resort & Spa Boracay that began contributing to FILRT’s income starting January 1, 2023.
As a sustainability-themed REIT founded on strong ESG principles, FILRT is focused on sustainability and the utilization of eco-efficient assets. Six buildings in FILRT’s portfolio have successfully met the rigorous criteria for Level 1 certification on EDGE (Excellence in Design for Greater Efficiencies), a distinguished benchmark established by the International Finance Corporation. Two buildings in FILRT’s portfolio are also LEED Gold-certified. These green building certifications confirm FILRT’s commitment to sustainability, particularly on energy, water and resource efficiency. FILRT looks forward to growing a resilient and robust real estate investment portfolio.
