FILINVEST REIT CORP. (FILRT) recorded a net income of P721 million from January to September on higher rental and other revenues.
In a media release on Thursday, the real estate investment trust backed by listed property developer Filinvest Land, Inc., said it posted P2.2 billion in rental and other revenues.
The company has yet to disclose details of its income statement for the third quarter.
In the second quarter, it reported an attributable net income of P257.17 million, bringing its first-semester profit to P561.31 million, lower by 20.5% from P706.03 million a year ago.
In the second quarter, FILRT recorded gross revenues of P780.86 million.
FILRT is diversifying its tenant mix, the company said, adding that it is targeting to include both traditional tenants and co-working locators.
To date, FILRT’s tenant mix is comprised of 78% multinational business process outsourcing companies, about 11% traditional office and co-working tenants, and another 11% hospitality services and small retailers.
Further, FILRT said that as of September, it renewed 31,835 square meters or 77% of its expiring leases this year.
It has also signed new leases of 17,509 square meters, with both new and renewals closed at higher rates compared with current transacted rates in Alabang, the company said, citing a report published by Colliers.
At the stock exchange, shares in the company closed unchanged at P2.99 apiece. — Ashley Erika O. Jose
