FILRT six-month profit jumped 34%
Filinvest REIT Corp. (FILRT) grew its first-half net income by 34 percent to P874 million, as the full-period contribution of Festival Main Mall lifted revenues and helped offset weakness in the office leasing market.
On Tuesday, the real estate investment trust arm of Filinvest Land Inc. said revenues for the January-to-June period rose 31 percent year-on-year to P2.05 billion, driven mainly by the addition of Festival Main Mall to its portfolio.
“Our first-half performance reflects the resilience of our portfolio,” said FILRT president and CEO Maricel Brion-Lirio.
“As we move through the rest of 2026, we will remain focused on disciplined leasing, prudent cost management and sustainability-led initiatives that support stable dividends and long-term shareholder value,” she said.
Costs and expenses increased by a slower 8 percent to P663 million, while other charges slipped one percent to P185 million, supporting the improvement in earnings.
FILRT said the mall, which was added to its portfolio in May last year, also helped improve occupancy.
Average portfolio occupancy reached 87 percent in the first half, steady from the previous quarter and six percentage points higher than a year earlier despite softer office rental rates.
The company’s portfolio now comprises 17 office buildings, one mall and one resort lot, with a combined gross leasable area of 452,310 square meters.
Office assets account for 61 percent of the portfolio, followed by retail at 32 percent and hospitality at 7 percent.
Office occupancy averaged 80 percent in the first six months of the year.
