Filinvest REIT Corp., the real estate investment trust company of the Filinvest Group, said Wednesday it plans to expand its portfolio to include retail, leisure, residential and industrial properties.
FILRT said in a stock exchange filing new acquisitions would be focused on Grade A commercial properties that would enable its assets to expand beyond office leasing.
“The company’s strategy is to expand in key central business districts in Metro Manila and towards major regional hubs or key cities in the Philippines with high and stable occupancy from income-generating Grade A real estate properties and deliver additional value by driving more efficient and sustainable cost of operations,” FILRT said.
The company said its recent acquisition of a Boracay property was a part of the investment strategy.
In November, FILRT reported the acquisition of a 2.9-hectare Boracay property from Filinvest Development Corp. for P1.05 billion.
The land is being leased by Boracay Seascapes Inc., the building owner of Crimson Resort & Spa Boracay and a subsidiary of FDC.
FILRT president and chief executive Maricel Lirio said the acquisition not only expanded the company’s asset types but also broadened its income profile and allowed it to diversify into hospitality.
“FILRT is focused on diversifying its portfolio to boost dividends for its shareholders while improving the revenues of its existing prime office assets,” Lirio said.
FILRT also reported its board of directors approved the declaration of P0.071 per share cash dividend. This brought the total dividends declared by the company to P0.363 based on the cut-off period for year 2022 and translated into to an annualized yield of 6.6 percent based on the closing market price of P5.50 per share on Dec. 29, 2022.
The cash dividends will be payable on Mar. 24 to stockholders on record as of Mar. 3.
FILRT’s original portfolio consists of 17 Grade A office buildings, totaling over 300,000 square meters of gross leasable area valued by an independent appraisal company at P48.5 billion.