Filinvest REIT Corp., the real estate investment trust of the Gotianun family, suffered a decline in net income by 29.6 percent to P1.31 billion in 2022, largely due to the reduction in rental revenue and other income.
FILRT’s revenue decreased by 5.88 percent to P3.2 billion, with lease income falling by 2.4 percent to P2.46 billion and other income dropping by 15.5 percent to P779.7 million.
FILRT president and CEO Maricel Brion Lirio attributed the challenges in the office leasing segment to the implementation of hybrid work set-ups in PEZA zones like their Northgate property.
In addition, FILRT’s consolidated costs and expenses increased by 3.3 percent to ₱1.64 billion due to the rise in utilities, service, and management fees.
The average occupancy for the year was 89 percent, with new leases totaling 5,087 square meters and 22,891 square meters of expiring leases being renewed.
FILRT also signed new letters of intent to lease office space and has already renewed 32 percent of the lease expiries for 2023.
Brion-Lirio said FILRT would concentrate on diversifying its portfolio to enhance the revenues of its existing prime office assets and ultimately increase dividends for its shareholders.
