FILRT declares dividends for stockholders

FILINVEST REIT Corp. (FILRT), the flagship commercial REIT of the Filinvest group, declared its quarterly dividends in a meeting held on May 31, 2023.

The board of directors of FILRT approved the dividend declaration to all stockholders amounting to P0.071 per outstanding common share, maintaining the same level as the previous quarter.

The cash dividends will be payable on June 30, 2023 to stockholders on record as of June 15, 2023.

This declaration brings year-to-date dividends to P0.142 per outstanding common share which is equivalent to an annualized yield of 6.8 percent based on the closing share price on May 30.

The annualized dividend yield is higher than benchmark reference rates. FILRT has declared two quarterly cash dividends this year. FILRT recorded a net income of P304 million in the first quarter of 2023, 17 percent higher than the previous quarter, driven by a five percent improvement in rental revenues and a 13 percent reduction in operating costs.

The growth was led by the successful acquisition of the 2.9 hectares of prime resort property that is being leased to Crimson Resort & Spa Boracay that began contributing to FILRT’s income starting Jan. 1, 2023. (PR)


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