It seems FILRT is waking up and making positive moves. It is transforming into a diversified REIT with malls and hotels with the aim of reducing the GLA contribution of its office assets to around half by next year :

I.

The board has just greenlit a major acquisition that promises to significantly boost the REIT’s portfolio.  They’re set to acquire the iconic Festival Mall building in Filinvest City, Alabang, from its parent company, Filinvest Land. The acquisition will be executed via a property-for-share swap.  FILRT will issue 1,626,003,316 primary common shares to FLI at a price of P3.85 per share, totaling a substantial P6.26 billion.
So, what’s FILRT getting for this investment?  They’ll take ownership of the Festival Mall’s main building, boasting a massive 121,862 square meters of gross leasable area.  And the benefits don’t stop there.  FILRT anticipates some impressive improvements to its key metrics:
* Occupancy Rate: Projected to jump from 83% to 88%.
* Weighted Average Lease Expiry (WALE):  Expected to nearly double, from 7.3 years to a much healthier 14.6 years.
This acquisition is a major strategic move for FILRT, strengthening its position in the market and offering potentially greater stability and returns for investors.
However, the deal isn’t finalized just yet.  FILRT stockholders will need to give their stamp of approval at a meeting scheduled for March 4th.  Furthermore, the transaction requires the go-ahead from the Securities and Exchange Commission (SEC) before the ownership transfer can be completed.

II.

FILRT, the real estate investment trust of the Filinvest Group, has announced a plan to double its leasing portfolio within the next three years.  The goal is to increase their current 330,000 square meter portfolio.
FILRT president Maricel Brion-Lirio discussed the company’s strategy at a recent forum.  The plan involves asset infusions from the Filinvest Group and strategic acquisitions.  Brion-Lirio explained that the company aims to double its current gross leasable area by acquiring suitable assets over the next three years, depending on market conditions.
The Filinvest Group has a large number of potential assets, about 700,000 square meters, that could be transferred to FILRT. These assets include Grade-A office buildings, retail spaces, and hotels.  FILRT is also open to acquiring commercial assets from other companies, as long as they meet specific criteria.
In addition to portfolio expansion, FILRT wants to improve its office occupancy rate to 95 percent by 2026, up from the current 83 percent.  This will involve diversifying the types of tenants they attract.  Brion-Lirio noted that FILRT is working to expand its tenant base beyond BPO companies and has been adapting spaces to accommodate different types of clients.  This includes attracting traditional tenants to replace BPO tenants who have downsized due to work-from-home arrangements.
FILRT has reported an increase in new leases in the first nine months of 2024 compared to the same period in 2023. They have also secured new leases to replace a substantial portion of expiring leases.
FILRT is also focused on sustainability.  They aim to achieve green certification for their properties and provide 100 percent renewable electricity to tenants.