Filinvest REIT Declares Dividend

Newly listed Filinvest REIT Corp. (FILRT) declared its second quarterly cash dividend, bringing its total dividends to ₱0.224 per share equivalent to an annualized dividend yield of 6.4%.

Photo Insert: Despite the widespread community lockdowns since its listing and until the third quarter, FILRT had an average portfolio occupancy of 89% in the first nine months of the year.

This is higher than the 6.3% dividend yield it projected for 2021 in its REIT Plan and based on its initial public offering (IPO) price of ₱7.00 per share. On November 18, 2021, the Board of Directors of FILRT approved the dividend declaration to all stockholders in the amount of ₱0.112 per outstanding common share.

The cash dividends will be payable on December 20, 2021, to stockholders on record as of December 3, 2021. The amount is equivalent to a quarterly yield of 1.6% or an annualized yield of 6.4%. FILRT distributed its first quarterly cash dividend of Php0.112 per outstanding common share last September.

“The declaration of quarterly cash dividends is our commitment to our shareholders who gave us their vote of confidence despite the tough challenges of having an IPO listing in August when the Enhanced Community Quarantine was enforced. It is also in fulfillment of our mandate under the REIT Act,” said FILRT president and chief executive officer Maricel Brion-Lirio.

Despite the widespread community lockdowns since its listing and until the third quarter, FILRT had an average portfolio occupancy of 89% in the first nine months of the year with a weighted average lease expiry (WALE) of 3.9 years as of the end of September.

“We have a very strong history of lease renewals, with 99% of leases expiring last year renewed at rentals above the previous year's escalated rates. As of end-September, we have renewed 90% of all expiring leases for the year 2021 as well,” Ms. Brion-Lirio said.

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