Filinvest REIT Corp. said initial figures for its full year 2023 indicates a profit of P1.05 billion.
“Excluding the net fair value change in investment properties, Filinvest REIT posted a net income of P1.28 billion on the back of rental and other revenues of P3 billion,” it said.
The real estate investment trust of realtor Filinvest Land Inc. said it closed 2023 with an average occupancy of 83 percent – better than market occupancy of 81 percent as reported by Colliers in its fourth quarter 2023 office market report.
As of end-December 2023, Filinvest REIT successfully signed new leases totaling 20,139 square meters (sq.m.), including 2,630 sq.m. in the fourth quarter of 2023 coming from the expansion of two BPO companies.
This also includes 4,512 sq.m. of new traditional tenants, reinforcing Filinvest REIT’s strategy of diversifying its tenant base.
Filinvest REIT said the size of new leases in 2023 “is almost a fourfold improvement from the signed 5,087 sq.m. of new leases in 2022.”
“New leases were closed at higher rates against current transacted rates in the Alabang area based on the Colliers report,” it said.
