FOR THE first half of the year, Filinvest REIT Corp. (FILRT) recorded revenues of P1.4 billion, a contraction of 11 percent from the same period in 2023, resulting from the overhang of the temporary drop in occupancy in the first quarter due to rightsizing of some tenants brought about by hybrid work.
This was partially offset by the 3.1 percent drop in cost and expenses to P643 million as the company continued to be prudent in managing its resources.
FILRT registered a net income of P601 million in the first six months of 2024.
The company’s portfolio of 17 office buildings and one resort lot totaling 330,448 square meters had an average occupancy of 79 percent in the first half of 2024, lower than the average occupancy of 84 percent in the same period last year. / PR