Newly- listed Filinvest REIT Corp. ( FILRT) has declared P547.99 million as cash dividend barely a month after completing a P12.6-billion initial public offering.
The dividend translates to P0.112 per share of the 4.89 billion common shares held by shareholders as of Sep.15, 2021. The dividend will be payable on Sept. 30, 2021, the company said.
“The amount is equivalent to a quarterly yield of 1.6 percent or an annualized yield of 6.4 percent,” Filinvest REIT said.
In its IPO on Aug.12, 2021, the Filinvest Land-affiliated real estate investment trust (REIT) projected a dividend yield of 6.3 percent for 2021 and 6.6 percent for 2022 based on its IPO price of P7 per share, translating to a projected P0.441 dividend that shareholders may receive this year and P0.462 next year.
Under the current REIT law, a REIT has to declare as dividend 90 percent of its income for a year.
“Filinvest REIT’s declaration of cash dividends is in fulfillment of our commitment to our shareholders who gave us their vote of confidence during our IPO listing and our mandate under the REIT Act. We continue to stay on track to deliver 6.3 percent dividend yield for 2021 to FILRT shareholders,” said Josephine Gotianun-Yap, Filinvest Land president.
