Filinvest REIT Corp., the flagship commercial real estate investment trust of the Filinvest Group, on Friday reported a net income of P1.9 billion in 2021.
FILRT said in a disclosure to the stock exchange the strong 2021 financial performance was achieved on the back of rental and other revenues which amounted to P3.4 billion.
“We are pleased with our performance despite the challenges of a globally-changing workplace environment. We are optimistic of a strong economic recovery in 2022, particularly in the business process outsourcing industry, which comprises about 91 percent of our tenant base,” said FILRT president and chief executive Maricel Brion-Lirio.
FILRT said it distributed three quarterly cash dividends totaling P0.336 per share. This is equivalent to an annualized dividend yield of 6.4 percent, higher than benchmark rates and better than the 6.3 percent dividend yield it projected for 2021 in its REIT plan and based on its initial public offering price of P7.00 per share in August last year.
FILRT said it was resilient throughout the COVID-19 pandemic as BPO companies remained operational even during periods of the tightest lockdowns.
The company welcomed the government’s recent move to transition the Information Technology and Business Process Management sector to on-site office operations by April 1, 2022 which is expected to boost the office leasing segment as BPOs rebuild their on-site footprint.
FILRT’s portfolio consists of 17 Grade A office buildings totaling over 300,000 square meters of gross leasable area. Of these, 16 of the 17 buildings are in Northgate Cyberzone in Filinvest City in Alabang while another building is located in the gateway of Cebu IT Park in Lahug, Cebu City.
The assets were valued by an independent appraisal company at P48.5 billion.