Filinvest REIT Corp. (FILRT) has brought its total dividends to P0.336 per share, which is equivalent to an annualized dividend yield of 6.4 percent — higher than the 6.3 percent dividend yield it projected for 2021 in its REIT Plan based on an initial public offering (IPO) price of P7.00 per share.
The Board of Directors of Filinvest REIT approved the dividend declaration to all stockholders in the amount of P0.112 per outstanding common share on February 15, 2022, paid on March 20, 2022 to stockholders on record. This amount is equivalent to a quarterly yield of 1.6 percent.
Filinvest REIT distributed its previous two quarterly cash dividends of P0.112 per outstanding common share per declaration in September and November last year.
“The declaration of quarterly cash dividends is our continuing commitment to our valued shareholders. It is compliant with the minimum dividend payout as required by the REIT Act and fulfills what we set forth in our REIT Plan,” said Filinvest REIT president and CEO Maricel Brion-Lirio.
Filinvest REIT’s property portfolio currently consists of 17 Grade A office buildings totaling to over 300,000 square meters of gross leasable area (GLA) valued by an independent appraisal company at P48.5 billion. 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.
Filinvest Land Inc. (FLI), Filinvest REIT’s sponsor, is fully committed to growing the REIT portfolio with regular asset infusions. In its three-year investment plan submitted to the PSE and the Securities and Exchange Commission in December 2021, the company said it would constantly venture into expanding the portfolio and provide a stable and competitive return to investors, with a focus on dividend yield protection.
To date, a pipeline of possible commercial projects has been identified for potential asset infusion as announced by FLI. There are two office buildings totaling almost 70,000 sqm in GLA that may potentially be added within the year.
Part of Filinvest REIT’s investment policy is to invest in properties that have sustainability features to align with the company’s differentiation as a “green” or sustainability-themed REIT.