Filinvest REIT Corp. (FILRT) sustained the level of dividends in its fourth quarterly dividend declaration for 2023.
The Board of Directors of FILRT, in a meeting held on November 9 approved the dividend declaration to all stockholders amounting to P0.071 per outstanding common share, maintaining the same level as the previous three quarters. The cash dividends will be payable on Dec. 15, 2023 to stockholders on record as of Nov. 29, 2023.
This fourth quarterly cash dividend declaration for the year brings year-to-date dividends to ₱0.284 per outstanding common share which is equivalent to an annualized yield of 9.5 percent based on the previous day’s market price. FILRT’s dividend yield is remarkably higher than the industry average.
“We remain committed to deliver stable dividends and provide attractive returns to our investors. We are steadfast in our goal to improve the performance of FILRT amidst the challenges faced not only by us but by the industry in general,” said Maricel Brion-Lirio, president and chief executive officer of FILRT.
As of end-September , FILRT has renewed 31,835 square meters (sq.m.) equivalent to 77 percent of the expiring leases in 2023. FILRT has also successfully signed new leases of 17,509 sq.m. as of the end of September 2023. Both new leases and renewals were closed at higher rates against current transacted rates in the Alabang area according to the Colliers 3Q 2023 market report.
The new leases have lengthened FILRT’s Weighted Average Lease Expiry (WALE) to 7.1 years as of end-September 2023 from 6.9 years as of the previous quarter. Average occupancy for the first nine months of the year was 84 percent, which is better than market occupancy of 81 percent as reported by Colliers in its 3Q 2023 Office market report.
FILRT recorded a net income of P721 million in the first nine months of 2023, achieved on the back of rental and other revenues of P2.22 billion. The financial results do not yet reflect the impact of the change in accounting method.
