Filinvest REIT Corp., (FILRT) said Wednesday it plans to increase the occupancy rate across its office portfolio while acquiring more properties from the Filinvest Group.
FILRT president and chief executive Maricel Brion-Lirio said during the company’s annual stockholders meeting the company planned to increase the occupancy rate of its 17 office buildings by diversifying its tenant mix, attracting tenants who value sustainability and implement stronger retention strategies.
The company ended 2023 with an average occupancy rate of 83 percent across its portfolio, better than the market’s average of 81 percent.
“We are focused on organic growth, particularly increasing the occupancy of the portfolio driven by a deliberate plan to target a more diversified tenant mix and stronger retention strategies,” Lirio said.
Lirio said they also planned to expand their asset base with the acquisition of new assets from Filinvest Land Inc. (FLI) and Filinvest Development Corp. as the company’s share price improve.
“There are several identified assets but are dependent on a favorable exchange price to enable a property-for-share swap that is dividend-accretive for FILRT investors,” Lirio said.
FLI has about 532,000 square meters (sq. m.) of office and retail gross leasable area in key central business districts that are potential acquisitions for FILRT.
“We will endeavor to strengthen and grow our business to deliver value to our shareholders,” she said.
Meanwhile, Lirio said the company would continue to incorporate green features in its portfolio and further increase the use of renewables for its buildings.
Thirteen of the group’s 17 office buildings enjoy 100-percent supply of renewable electricity.
“We believe that it’s an important commitment on our part to contribute to the conservation of the environment, acknowledging the importance of sustainability to our valued partner tenants composed of a diverse tenant mix where majority are multinational BPO companies and traditional,” she said.
FILRT recorded a net income of P1.74 billion in 2023 and managed to sign new leases totaling 20,139 sq .m. and renew 31,835 sq. m. of expiring leases.
