FILRT approves Boracay land purchase

FILINVEST REIT Corp. (FILRT), approved to purchase 2.9 hectares of land owned by Filinvest Development Corp. (FDC) on Boracay Island through a deed of sale for P1.05 billion.

The land is being leased by Boracay Seascapes Inc. (BSI), the building owner of Crimson Resort & Spa Boracay and a subsidiary of FDC.

The acquisition of this land will directly contribute to FILRT’s income starting January 2023, adding to the earnings generated by the company’s existing 17 buildings. This will expand FILRT’s portfolio in terms of size by 29,086 square meters or by 10 percent to reach 330,448.3 square meters of gross leasable area.

This, likewise, will improve occupancy by 1-percentage point to 89 percent and extend weighted average lease expiry to 6.83 years. FILRT’s total property value upon infusion will rise to P49.5 billion.

On another note, the board of directors, during its Nov. 15, 2022 meeting, approved the declaration of P0.088 per outstanding common share in cash dividends, maintaining the same level as the previous quarter.

This declaration brings yearto-date dividends to P0.404 per outstanding common share, which is equivalent to an annualized yield of 7.0 percent based on the market price on Nov. 14, 2022 of P5.81 per share. The cash dividends will be payable on Dec. 20, 2022 to stockholders on record as of Dec. 1, 2022.