Gotianun-led Filinvest REIT Corp. said it had retired P6 billion in long-term retail bonds that were issued by its forerunner corporate entity, Cyberzone Properties Inc.
The 5.05- percent peso-denominated bonds, which were issued in 2017, fell due on Jan. 7 this year.
“The bonds were paid in full the following business day, Jan 9, 2023,” said the company.
Filinvest REIT, a real estate investment trust backed by property giant Filinvest Land Inc., was previously known as Cyberzone Properties.
Shareholders approved the name change to Filinvest REIT on June 25, 2021 before the company listed on the Philippine Stock Exchange in August that same year.
Filinvest REIT earlier told the Philippine Stock Exchange it had a low gearing ratio of 12 percent, which gives it room for more borrowings to expand its portfolio.
“With greater opportunities to infuse or acquire assets from FLI or third parties, [Filinvest REIT] can have debt of up to 70 percent of market value of deposited property, provided that the asset to be acquired carries an investment trade rating,” the company said of its long-term investment strategy.
Filinvest REIT previously revealed plans to acquire at least eight new buildings until 2025.
It said six of the identified office building acquisitions were located in Clark, Pampanga as well as Makati City and Pasay City in Metro Manila. Two additional buildings were located within the company’s existing areas. The assets have a gross leasable area (GLA) of over 167,400 square meters.
The additional projects would increase its GLA to 494,865 sqm, which was 64 percent bigger compared to its portfolio when it went public in August 2021.
Filinvest REIT earlier reported lower profits and revenues during the first nine months of 2022 due to the emergence of pandemic hybrid home and office work arrangements.
Net income fell about 38 percent to P1.05 billion while revenues were down 10 percent to P2.46 billion from January to September last year, its latest financial report showed.