Filinvest reports P4.1-B inventory drawdown, office lease deal - BusinessWorld Online

FILINVESTLAND.COM GOTIANUN-LED Filinvest Land, Inc.said it reduced its unsold residential inventory by P4.1 billion in the first quarter (Q1), as the developer pursued asset monetization and balance sheet optimization initiatives.

“By successfully moving P4.1 billion in inventory this quarter, we have strengthened our balance sheet.This disciplined execution allows us to pursue new high-value opportunities with confidence,” Filinvest Land President Tristaneil D.

Las Marias said in a statement on Monday.The company said the strategy focused on optimizing existing assets to improve cash flow generation while reducing carrying costs associated with unsold inventory.

Filinvest Land said P1.7 billion worth of ready-for-occupancy sales contributed to the inventory reduction, while March reservation sales reached P2.7 billion across projects located in key growth corridors.In its first-quarter financial report, the developer said consolidated revenues rose 4.5% to P6.31 billion, while net income attributable to equity holders increased to P1.1 billion. Real estate revenues reached P3.92 billion, supported by contributions from projects in Mindanao, Central Luzon, and the National Capital Region (NCR).

Mall revenues increased 17% to P744 million, while portfolio occupancy reached 80%.The company said foot traffic across its retail assets was supported by the continued ramp-up of Il Corso, an 8-hectare (ha) waterfront retail development within the South Road Properties district in Cebu, which has around 35,000 square meters (sq.m.) of gross leasable area (GLA).

Office leasing revenues reached P1.26 billion, with the company posting a 100% renewal rate for first-quarter lease expiries.REIT OPERATIONSMeanwhile, Filinvest REIT Corp.

(FILRT) said it signed a new office lease covering nearly 3,500 sq.m.with Gatestone & Co.

at Filinvest Three in Alabang, expanding the real estate investment trust’s (REIT) roster of mu...