Filinvest REIT books P1.9B profit in 2021 on resilient BPO sector

The real estate investment trust of the Gotianun family posted a net income of P1.9 billion last year, driven by rental revenues from business process outsourcing companies.

Filinvest REIT Corp. (FILRT) registered rental and other revenues of ₱3.4 billion and a gain on derecognition of lease liabilities of ₱189 million.

The company has distributed three quarterly cash dividends to date totaling ₱0.336 per share. This is equivalent to an annualized dividend yield of 6.4 percent which is 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 ₱7 per share in August last year.

“ We are optimistic of a strong economic recovery in 2022, particularly in the business process outsourcing (BPO) industry, which comprises about 91 percent of our tenant base,” said FILRT president and CEO Maricel Brion-Lirio.

FILRT believes that the government’s back-to-office directive will boost the the company’s office leasing segment as BPOs rebuild their on-site footprint.

The company’s portfolio consists of 17 Grade A office buildings totaling over 300,000 square meters of gross leasable area (GLA).

Of these, 16 of the 17 buildings are in Northgate Cyberzone in Filinvest City in Alabang, a PEZA Special Economic Zone and IT park 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 ₱48.5 billion.

SOURCE: Bilyonaryo

Categories: filrt, gotianun, REIT