Filinvest REIT Corp., the listed real estate investment trust of the Gotianun Group, saw first half net income decline P561 million as rental and other revenue eased to P1.58 billion.
In the year-earlier period, Filinvest REIT reported net income of P706 million on revenue of P1.64 billion.
The company is diversifying its real estate portfolio to widen its income stream that previously focused on office towers. it had recently acquired the 2.9 hectares of prime resort property leased to Crimson Resort and Spa Boracay, which started contributing to earnings in January.
Meantime, Filinvest REIT said it approved the declaration of a P0.071 per share cash dividend, maintaining the same level as the previous two quarters. It will be paid on 20 September to stockholders on record 31 August.
This brings year-to-date dividends to P0.213 a share, equivalent to an annualized yield of 8.5 percent.
Maricel Brion-Lirio, president and chief executive officer, said the company is focused on its goal of delivering stable dividends and provide attractive returns to investors.
She said the company recently signed leases over 7,200 square meters of office space, bringing total new signed leases to over 17,500 square meters this year coming from a mix of BPO and co-working tenants.
“We are also in the process of finalizing an additional 8,400 square meters that are expected to materialize in the next quarter while discussions with other BPO and traditional companies are ongoing,” she added.
FILRT has also renewed 29,427 square meters or 72 percent of expiring leases in 2023 with another 2,408 square meters or 5 percent that have signed renewal letters of intent. Both new leases and renewals were closed at higher rates against current transacted rates in the Alabang area according to the Colliers market report.
