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Manila Bulletin devider Business devider The Stock Market devider FILRT earnings fall 21.5% in 2025 despite stronger rental revenues

FILRT earnings fall 21.5% in 2025 despite stronger rental revenues

Published Feb 23, 2026 11:55 am

Earnings of Filinvest REIT Corp. (FILRT), the real estate investment trust (REIT) of Gotianun-led Filinvest Land Inc. (FLI), continued to decline, this time by 21.5 percent to ₱1.28 billion last year from the ₱1.63-billion net income earned in 2024, due to the impact of changes in property valuation.

In a disclosure to the Philippine Stock Exchange (PSE) on Monday, Feb. 23, the firm said this came despite a 26-percent growth in rental and other revenues to ₱3.58 billion in 2025 from ₱2.84 billion in 2024.

However, excluding the net fair value change in investment properties, FILRT said it posted net income growth of 53 percent to ₱1.95 billion from ₱1.27 billion in 2024.

The growth came mainly from the addition of Festival Main Mall to the portfolio in late May 2025. The new mall asset improved FILRT’s asset diversity and increased portfolio size by 37 percent in terms of gross leasable area (GLA) to 452,310 square meters (sqm).

FILRT’s portfolio, presently composed of 17 office buildings, one mall, and one resort lot, had an overall average occupancy of 87 percent in 2025. This represents an occupancy improvement of six percentage points (ppts) from 81 percent in the previous year.

The mall asset infusion improved the portfolio’s occupancy and helped offset the softness of rental rates in the office segment.

As of end-December 2025, FILRT successfully signed new leases totaling 15,722 sqm, including 5,405.29 sqm of traditional tenants composed of both new entrants and existing tenants expanding within Northgate Cyberzone.

In terms of tenant retention, 100 percent, or 34,787 sqm, of expiring leases in 2025 were successfully renewed, proving the continued trust of existing locators in FILRT.

For 2025, weighted average lease expiry (WALE) improved significantly as renewals and new leases for the year took effect, while the addition of Festival Main Mall pushed WALE to 12.81 years from 7.3 years in 2024.

The overall tenant mix is broken down into 60-percent offices, 32-percent retail, and eight-percent hospitality. Of the office segment, which had an average occupancy of 80 percent, 84 percent are multinational business process outsourcing (BPO) companies, while 16 percent are traditional and co-working tenants.

Meanwhile, the board of directors of FILRT approved last Friday, Feb. 20, a dividend declaration to all stockholders amounting to ₱0.06 per outstanding common share, payable on March 19, 2026, to stockholders on record as of March 9, 2026.

This represents an improvement of 5.3 percent from the ₱0.057 per share declared in the previous quarter. On a yield basis, with this being the company’s first dividend announcement in 2026, this quarter’s dividend is equivalent to an annualized yield of 7.9 percent based on the closing share price of ₱3.02 on Feb. 19, 2026.

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Filinvest Land Inc. Filinvest REIT Corporation
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