FLI - Filinvest Land and related Co's

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FLI - Filinvest & related Co's . FLI owns 63.2% of FILRT, receives more Divs, than it pays out

FLI/ Filinvest: All: 2008: 2020: +Etc-Mar.'21: Oct.'21: Aug'22: 10d/. Last: 0.84 -0.01. (Range: 0.73 to 1.12 )

FILrt-FDC-etc: ALL: 2023: P2.84 +0.02/ FIL: 0.65 +0.03= R-4.37x was 6.69x; FDC: 5.45, r-8.38x

FLI vs other Prop-co's: ROCK, ALI, CDC ... Areit-etc: update: 10d:

Locations:  Filinvest Portfolio (Luzon, at 2022): More Luzon, and outside: Map: Map2:

For over 50 years, the company has built a diverse project portfolio spanning the archipelago,
from its core best-value homes, to townships, mixed-use developments, mid-rise and high-rise
condominiums, BPO office buildings, shopping centers, and leisure developments.

One of the leading real estate developers in the Philippines with residential land bank of 2,236 ha
• Developed over 200 projects and 3,000 ha of land, building Condos outside Manila

FLI (0.64, 0.66%) / FDG (5.45, 5.66%)= 11.7%, /TLT: 96.29, EW (8.51, 8.84%), FILRT (2.92, 3.03%) at 1.08.24

UPDATED...  NEW at Jan.8, 2024

Sym.  : Last: ShsOS : MktCp: BkVal: Pr/BV: Divs.: Yield  : DvPd
FLI.      : 0.64  24.25B = 15.5B: P3.69: 17.3%: 0.036: 5.62%: 0.87B (covered by 0.91B divs from FILRT holding)
FILRT  : 2.92. 4.893B = 14.3B:  P1.09: 268.%: 0.284: 9.72%: 1.39B
Public, 34.7% 1.70B = 4.96B:  P7.00: 41.7%: 0.284: 4.05%: 0.77B > P7 is IPO price, Jul.2021
FLI pct 65.3% 3.19B = 9.31B:  P1.09: 268.%: 0.284: 9.72%: .906B
FDC*   : 5.45,  8.65 B = 60.6B: 14.72: 37.0%:  0.065: 1.00%: .562B > owns 64.66% of FLI, gets 0.36B

=========

*Gotianum family co's own 87.7% of FDC.

In 2021, FLI sold 36.7% of its ownership in FILRT (formerly CPI) to the public which includes 16 buildings in Northgate
Cyberzone and 1 builiding in Cyberzone Cebu. The balance of existing offices and those under construction remain to
be 100% owned by FLI.
FLI’s current office portfolio consists of 31 operational office developments, 17 of which are in FILRT. FLI also has
13 office buildings under construction.
For 2022, FLI expects to complete 11 projects located in Northgate Cyberzone Alabang, Clark Mimosa, Quezon City,
Makati CBD and Ortigas CBD bringing FLI’s total office portfolio to 743,406 sqm. (including 301,000 sqm. under
FILRT).

WINNER's CURSE, was a Shadow of the 1995 "Victory": The development of Filinvest City began in 1995, by Filinvest at the site of the former Alabang Stock Farm.Under the administration of President Fidel V. Ramos, the farm was opened for joint development with the private sector and the government-owned property was placed for bidding The Gotianuns acquired the farm after it bested the bids of companies of the Ayala and Gokongwei families in a government-organized bidding

> Wiki: https://en.wikipedia.org/wiki/Filinvest_City

: PROFILE: https://filinvestland.com/

Year YEnd: PE : BkV.: NetInc:   EPS :  Div: Div/E :  .. NI/eps:
1995. 1.94:  x.xx:
1996. 2.84: x.xx:
2000  0.47: x.xx:
2005  0.88: x.xx
2008  0.39: === 1.63:   ====    .0800
2010.  1.31: ===  1.72:   ====    .1200
2012  1.49: ===  1.89:   ====    .1900
2014. 1.53: 9.50: 2.15:   ====    .161E: .050:  31%
2015. 1.81: 9.68: 2.30:   ====    .187E: .056:  30%
2016. 1.53: 7.54: 2.45:   ====   .203E: .061:  30%
2017. 1.88: 8.02: 2.62: 5.86Be:  .2345: .061:  26.0% .. 25B-E
2018. 1.41: 5.80: 2.76: 6,076M: .2429: .061:  25.1%  .. 25.01B
2019. 1.50: 5.77: 2.97: 6,520M: .2600: .061:  23.5% .. 25.08B
2020. 1.21: 7.87: 3.05: 3,958M: .1537: .065:  42.3% .. 25.75B
2021.  1.10: 7.02: 3.62: 4,305M: .1567: .031:  19.8%  .. 27.27B
2022 0.90: 7.56: 3.69:  3,521M: .1190: .047:  39.5% .. 29.59B
2023 0.59: 4.44: 3.78e 4,130M .138E: .036:  26%E  > 30.0E
2024 0.80E x.xx: 3.88e 5,000M .161E: .048E 30%E  > 31.0E

NetInc.      Qtr.1          Qtr.2           1stH.,   Qtr.3:  3Q’s:    Qtr.4:  Eq.H’s:  NetInc/ vs.EqH:
’21,NI: q1: 0.00B, q2: 0.00B, 1H: 1.00B; 0.00B=0.00B +0.00B =3.80B, 4,304M  (113%):
’22,NI: q1: 0.68B, q2: 0.52B, 1H: 1.20B; 0.85B=2.00B +0.89B =2.89B, 3,521M  (122%)
’23,NI: q1: 0.74B, q2: 0.65B, 1H: 1.39B;  1.05B=2.44B +1.00B =3.44B, 4,130M  120%e
’24,NI: q1: 1.0Be, q2: 1.00Be 1H: 2.00B; 1.0Be=3.00B              =4.00B, 5,000M  125%e
Note:  Probably should have used Eq.H's/ Equity Holders Net.I to calc. EPS

2020: In Retrospect... GLA Rental Target, from 2020 A/R
The crisis has brought many realizations in light of the strategies that your Company formulated years ago. It was around eight years ago when your Company made the deliberate decision to build up its recurring income segment with a heavier emphasis on the office segment to protect against the cyclical risks of the residential segment. This was anchored on FLI’s strength as one of the pioneers in Business Processing Outsourcing (BPO) companies workspace, growing with the industry since its infancy.

FLI and its subsidiaries now operates 36 office and retail developments with over 780,000 square meters of Gross Leasable Area (GLA). We are broadening our offerings with emphasis on warehouse and land lease space for the logistics
and e-commerce players. Together with its new innovation parks for lease, your Company targets to reach 2.3 million square meters of GLA by 2024 for its recurring income business.

2021 A/R:  Continued concessions in support of our mall tenants coupled with the full year impact of 2020 pre-terminations of POGO office tenants outside of the Filinvest REIT (FILRT) portfolio caused a 26% decline in rental revenues. We believe that this would be the trough of the rental business cycle.
Our vast inventory of investment properties are potential infusions to grow FILRT, which will provide opportunities for FLI to further recycle its capital.”

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GROWTH coming to FILRT /FLI: 301k GLA > 743k overall by FLI, end-2022

FLI’s current office portfolio consists of 31 operational office developments, 17 of which are in FILRT. FLI also has 13 office buildings under construction. (= 42 Offices either Built or under development.)
For 2022, FLI expects to complete 11 projects located in Northgate Cyberzone Alabang, Clark Mimosa, Quezon City, Makati CBD and Ortigas CBD bringing FLI’s total office portfolio to 743,406 sqm. (including 301,000 sqm. under FILRT). These are the upcoming buildings expected to be operational by the end of 2022 > more in 2021 AR.

Transforming FLI into an Investment Management Company

The year 2021 marked an important milestone for FLI. On August 12, 2021, the Filinvest REIT Corp. (FILRT) was listed on the Philippine Stock Exchange, as the third REIT (Real Estate Investment Trust) in the country. FLI sold 36.7% of its ownership in FILRT (formerly Cyberzone Properties Inc.) to the public. This marks the transition of FLI from a development focused company into an investment management company.

FILRT ... All: YTD: 10d : Last: 6.39

FLI vs. FILRT, AREIT ... update: All-FLIrt-Wk:

AREIT vs. FLI , FILRT ... ALL Data: update: All-FLIrt-Wk:

Sym.  : IPO :  ShsOS : MktCap: BkVal:
FILRT : 7.00. 4.893B = 34.3B : P1.22: MktCap at time of IPO ... sold 36.7% (1.8B shs x 7.00= 12.6B)

FILRT’s successful IPO (Initial Public Offering) generated net proceeds of P12.26 billion. FILRT is composed of seventeen (17) buildings mostly located in Northgate Cyberzone, a PEZA-accredited IT park in Filinvest City, Alabang, Muntinlupa. FILRT is the first sustainability focused REIT. These buildings have the unique advantage of being located within Filinvest City, the first LEED-certified CBD in the Philippines and the largest in Southeast Asia that has attained LEED Gold in Sustainable Neighborhood Development. Substantially all of this office portfolio is serviced by the country’s first and largest district cooling plant with a 12,000 ton capacity. Built in 2017, the district cooling system protects the environment by cutting carbon dioxide emission through lower energy consumption, making it a key component of sustainable development.

We look at this IPO as an opportunity to accelerate growth as your company reinvests the proceeds in investment property and residential developments across the country.

The REIT issuance also provided the opportunity to recognize the real value of our office assets. The initial portfolio is valued at P48 billion by a third-party property appraiser while the book value of such assets was P10 billion at the time of appraisal.

In 2021, FILRT generated P3.44 billion in revenues and P1.85 billion in net income. FILRT has distributed three quarterly cash dividends to date totaling P0.336 per share. This is equivalent to an annualized dividend yield of 6.4 percent based on its initial public offering (IPO) price of P7.00 per share. This is higher than benchmark rates and better than the 6.3 percent dividend yield it projected for 2021 in its REIT Plan. To date, FLI has received P1.09 billion in dividends from FILRT.

Including FILRT assets, FLI and its subsidiaries operate 36 office and retail developments with over 780,000 square meters of Gross Leasable Area (GLA). Our investment properties also include warehouse and land lease spaces for the logistic and e-commerce players and co-living accommodations. Your company targets to reach 2.1 million square meters GLA by 2026 of investment properties. Your company’s presence in three major BPO Hubs – Metro Manila/Alabang, Clark and Cebu and its extensive land bank allows it to produce 5.3 million square meters of GLA. Our vast inventory of investment properties are potential infusions to grow FILRT, which will provide opportunities for FLI to further recycle its capital.

> source: https://filinvestland.com/annual-report/2021

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Sym.  : IPO :  ShsOS : MktCap: BkVal:
FILRT : 7.00. 4.893B = 34.3B : P1.22: MktCap at time of IPO

FILRT Final REIT Plan : https://filinvestland.com/sites/default/files/pdf_files/FILRT Final REIT Plan and Reinvestment Plan_0.pdf

Managing the Pandemic - 30 Bn. "Pipeline of Projects" Stalled, leverage reduced

We continued to manage our cash flow conservatively by launching a modest number of projects during the year as we continuously evaluated inventory absorption and potential cancellations due to pandemic job impact. We have, however, a pipeline of P30 Billion that are ready for launch once market demand dictates.

Leverage was down from a net debt to equity (DE) ratio to 0.66 to 1 and gross DE ratio of 0.76 to 1 from 2020 levels of 0.85 to 1 and 0.94 to 1 respectively.

FLI also raised P10 billion through the issuance of 4- and 6- year peso fixed-rate bonds in December 2021. The bonds, which attained the highest PRS Aaa rating from the Philippines Rating Services Corporation (PhilRatings), was four times oversubscribed. We are grateful for the trust of the investor market in Filinvest Land. This was instrumental to our successful fundraising activities in the past year. These funds will accelerate the implementation of our expansion plans and continue building the Filipino dream.

The interdepartmental synergy teams we formed right before the first lockdown formulated solutions, process improvements and digitalization of key data that helped us navigate through the two years of the pandemic. Our digitalization efforts bore fruit as we were able to continue our sales efforts and capture the increasing demand for sustainable homes. Our customer management system ensures that transactions are processed in a timely manner.

Prospects for 2022

In the last quarter of 2021, during the aftermath of the disruptive Delta Variant, we saw a glimpse of an opening economy amidst a widely vaccinated Greater Metro Manila population. The year 2022 opened with an extreme surge but short Omicron assault which caused a pause to the economy but it quickly resumed its upward momentum. GDP grew by 7.8% in the last quarter and is projected to grow by 7-9% in 2022. As we anticipate the reopening of the economy, our balanced portfolio of residential inventory and investment properties will be ready to meet the demands of the market.

As we look forward to the new normal and a brighter future, we are confident that a renewed business environment will enable us to serve more homebuyers, office and mall tenants. We are excited about our new businesses, the industrial parks and co-living accommodations.

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FLI - Filinvest Land, Inc.     > 2021 Fin't Stmt

C05841: Filinvest Land 1st half 2022 results

Filinvest Land (FLI) recorded a 7% growth in its consolidated revenues and other income for the first half of the year at Php 9.1 billion compared to the same period last year. The revenue growth was due to the strong performance of FLI’s residential and retail businesses. FLI’s residential revenues grew by 10% to Php 5.8 billion.

The company’s retail rental revenues also grew by 53% compared to the same period last year. Residential and retail rental revenues contributed 72% to FLI’s consolidated revenue performance for the first half of the year. Office leasing and sale of industrial projects contributed the remaining 28% of FLI’s consolidated revenues and other income. The growth in residential revenues were due to accelerated construction progress and strong performance of its housing projects in Cavite, Laguna, and Rizal and medium-rise condo projects in Metro Manila and Davao. The growth in retail rental revenues was due to improvement in its malls occupancy and the gradual removal of rental concessions. FLI’s consolidated earnings before interest and taxes also grew by 5% for the first half of the year versus the same period last year. FLI’s sales of housing and condominium units are up 30% in the first half compared to the same period last year with total option sales of Php 9.1 billion as of the end of June 2022.

C05842: Filinvest Land press release - 1

.... "We are happy to see our sales volume increase to pre-pandemic performance and, happier, to see sales growth recorded in almost all the provinces where we operate. We have invested to build bigger distribution channels both locally and abroad to reach more customers and support our expansion activities, and it is paying dividends for us," said Filinvest Land President Tristan Las Marias.

C05842: Filinvest Land press release - 2

Filinvest Land said it has launched new condominium projects in Dagupan City, Zamboanga City, and new condo buildings in existing condo communities in Davao City, Cagayan De Oro, Cebu City, and Metro Manila. The developer also opened expansion phases in its housing and subdivision projects in Pampanga, Rizal, and Cavite. FLI estimates to roll out Php 14 billion of new launches and expansion projects for the rest of 2022. "Our economy is vibrant once again and our OFW remittance has never been stronger. We are seeing strong recovery from all our business segments, and we aim to take advantage of our extensive geographic presence to catch unserved and emerging property demands as businesses further open in the country," added Las Marias

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FLI, FILRT vs. AREIT ... 2yr: YTD: Yields: FLI: 5.17% at 0.90, FILRT: 6.79% at 6.30, AREIT: 4.93% at 39.15

FLI versus other Prop-co's: ROCK, CDC ... Areit-etc: update: 10d:

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WINNERS CURSE (relating to Alabang Farm bid) shows up in FLI's Stock chart

All: from Jan.2012: ..."Development of Filinvest City began in 1995" FLI briefly exceeded P4.00, now under 1.00

CHECK the History...

WINNER's CURSE, was a Shadow of the 1995 "Victory": "The development of Filinvest City began in 1995, by Filinvest at the site of the former Alabang Stock Farm.Under the administration of President Fidel V. Ramos, the farm was opened for joint development with the private sector and the government-owned property was placed for bidding The Gotianuns acquired the farm after it bested the bids of companies of the Ayala and Gokongwei families in a government-organized bidding." > wiki

The pattern repeats,  but the interesting thing is.  From 4.00 in 1995, the stock is now back below 1.00 !  Winning that BID was not a big victory.  It put a 25 year LOSS in FLI's portfolio.

Fred Harrison on the speculative "Winner Curse" phase:

"In Boom Bust , I trace land values over four centuries. They move in 18-year cycles, identifying a clear pattern of turning points in the economy. Embedded in this process is a 14-year house-building cycle, terminating in feverish land speculation. During the last two years of the construction cycle people recklessly expose themselves to the Winner's Curse.

In the land market, a rise in demand cannot result in an offsetting increase in supply in places where people want to live and work. So prices are driven to dizzying heights by speculators, who outbid each other with offers for tracts that cannot yield an economic return. The market stalls and the house of cards comes crashing down."  > source: Guardian, 27 Mar 2005

Barangay Alabang, part of the second district of Muntinlupa, has undergone tremendous growth mainly due to a development boom in the late 1990s. The development of high-end large scale commercial real estate projects; the Filinvest City, changed the landscape of the Alabang where it was once vast fields of cow pasture until the late 1980s, into a district that houses new residential, business, industrial and commercial establishments.^{[citation needed]}

Some of the country's premier business district, Filinvest City's Spectrum Business District, The Northgate Cyberzone which specializes in hosting information and technology industries, the towering Insular Life Towers, the Asian Star Building home to Fluor Corporation and other big companies, As SCA Hygiene Philippines, Henkel Philippines, Other Satellite Offices...  > wiki

xx

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FILRT / FILreit is now over 90% BPO Tenants,  but it did not start that way 25+ years ago

Alabang stock farm in the 1990's... has been turned into...

Northgate Cyberzone is the information technology park within Filinvest Corporate City in Alabang. The 18.7 hectare, PEZA registered IT zone is designed, mastered-planned and built around the needs of technology-based companies engaged in Business Process Outsourcing (BPO), Knowledge Process Outsourcing (KPO), education, learning and firm, software design and multimedia, call centers, e-commerce, banking and financial services, as well as other IT support businesses and the like.

Northgate Cyberzone provides office buildings and spaces for lease and built-to-suit (BTS) packages. Under the BTS arrangement, companies can custom-build according to their specifications and operational requirements in an expedient and cost-effective manner.

> https://www.yellow-pages.ph/business/northgate-cyberzone_1

EARLY ASSESSMENTS of FILRT

WHAT IS FILREIT | FILINVEST REAL ESTATE INVESTMENT TRUST | STOCKS | BASIC KNOWLEDGE |Buhay Manila

FILINVEST REIT LISTING at 7 PESOS / "Primarily BPO's.  Raised 12.6B at P 7.0" /

Marvin Germo : 319K subscribers,  12,604 views   Jul 23, 2021
 

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FIL, FILRT DIV History

Year:  may : nov.:  - FLI: x24.3b/ feb.: may: aug: nov.= FILrt x4.89b x63.2%
2022: 0.047: ????=.0470  1.14b/ .116: .088: .09E .09E= .384e 1.88b, 1.18bEst
2021: .0155:.0155=.0310 0.75b/ ===: ===: .112: .112.= 0.224: 1.10b, 0.70b

FILRT’s property portfolio consists of 17 Grade A office buildings totaling over 300,000 square meters
of gross leasable area (GLA) valued by an independent appraisal company at ₱48.5 billion (P161.6k psm)

Appraisal: ₱48.5 Bn (P161.6k per sqm., mid-2021)

Appraisal: ₱48.5 Bn/300k (P161.6k psm x7.50%= 12.13k, P1,011 psm/ mo.
MktCap. : 4.89B x 6.30= P30.8B MktCap. vs ipo at 7.0= 34.2B
Revenues: 300k sqm x 12.13psm      = P3.64B, 2021
Earnings : 20.4 PER: 30.8MCp/ 20.4 = P1.51B (41.5%)
Dividends: 6.79% yield: x 30.8B = P2.09Billion p.a.
MktCap. :  ₱30.8B +9.8debt= P40.6B/300k (P135.3k per sqm), *ipo: P147k psm

Of these,16 of the 17 buildings are in Northgate Cyberzone in Filinvest City in Alabang, a PEZA Special
Economic Zone and IT park while another building is located in the gateway of Cebu IT park in Lahug,
Cebu City.
Despite the challenges of a globally changing workplace environment, FILRT maintained a very strong
history of lease renewals. FILRT signed and renewed 90% of its 2021 expiring leases with an average
five-year lease term. > source

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FILRT NEWS

FILRT - Filinvest REIT, Corp.  C06229: Filinvest REIT press release - 1
Category : Calculations.                    =     Year , 2021.   1stH,'22 : Comparison
Revenues: 300k sqm x 12.13psm      = P3.64B, 2021.   P1.64 B : only 45.1% in 1H,'22
Earnings : 20.4 PER: 30.8MCp/ 20.4 = P1.51B (41.5%)  P 706M: only 46.7% in 1H,'22
= = = = = =                      Occupancy =   ??% in 2021.    88% in 1H,'22
= = = = = = per Mo. using 300k sqm=  1011/ ??%: xx   p911/ 88%=p1035 psm

"Filinvest REIT achieves P706M net income in 1H22"

Filinvest REIT Corp. (FILRT), the flagship commercial REIT of the Filinvest group, posted a net income of P706 million in the first half of 2022 on the back of rental and other revenues of P1.64 billion. Comparing the second quarter results from the first quarter of 2022, rental income improved by 2 percent to P784 million as a result of a slight improvement in average occupancy. However, higher costs and expenses, primarily utilities, led to a lower net income of P324 million in the second quarter compared to P382 million in the first quarter of 2022. "We are in a period of transition in the office leasing business following the re-opening of the economy and the new trend of work on site and work at home hybrid setup. Many of our locators' expansion plans were still on hold during the first half of the year although we continued to lock in the expiring leases," said FILRT president and chief executive officer Maricel Brion-Lirio. As of the end of the first half of 2022, FILRT has renewed and signed about 20,380 square meters or 86 percent of the leases expiring in 2022. Only a small 4 percent did not renew and the balance of 10 percent is under negotiation with a high probability of renewal. Aside from the lease renewals, FILRT had new signed leases in the second quarter of 2022 totaling 4,150 square meters coming from the BPO sector and a flexible space facility provider. The lease terms range from 5 to 10 years which is a good indication of the locators' long-term confidence in the company. "We are encouraged to see locators starting to come back but what we are observing is that they are expanding on a smaller scale and a slower pace. BPO companies, which comprise 91% of our tenant base, continue to lead the demand but they are still taking a wait-and-see attitude before they pursue their major expansion plans," added Ms. Brion-Lirio. FILRT posted an average rate of 88 percent occupancy in the first half of 2022, almost sideways from the first quarter, but with the second quarter marginally higher than the previous quarter.

C06229: Filinvest REIT press release - 2

On August 9, 2022, FILRT declared its third quarterly cash dividend this year amounting to P0.088 per outstanding common share. This declaration brings year-to-date dividends to P0.316 per outstanding common share which is equivalent to an annualized yield of 6.2% based on the market price on August 9, 2022 of P6.78 per share. The cash dividends will be payable on September 20, 2022 to stockholders on record as of August 31, 2022. FILRT's portfolio consists of 17 Grade A office buildings totaling over 300,000 square meters of gross leasable area (GLA) valued by an independent appraisal company at P48.5 billion. Of these, 16 of the 17 buildings are in Northgate Cyberzone in Filinvest City in Alabang, a PEZA Special Economic Zone and IT park while another building is located in the gateway of Cebu IT park in Lahug, Cebu City.

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BPO RENTS LOWER, per Colliers

BPO Commercial Office Space for Lease ALABANG Muntinlupa.

Metro Manila, Muntinlupa, Alabang

Rent: ₱ 900,000 / month ( Min. 3 years contract )

 

Furnished BPO Office Space for rent in Alabang (rented now)

Alabang Alabang, Muntinlupa  ₱ 435,000 Monthly / 511 m² = P 851 per sqm ASK

IT-BPM sector posts growth in revenue, jobs

SUMMARY

The Information Technology and Business Process Association of the Philippines (IBPAP) reported that the Information Technology and Business Process Management (IT-BPM) industry’s revenues grew by 10.6% to USD29.5 billion (PHP1.6 trillion) from USD26.7 billion (PHP1.4 trillion) in 2020. The number of full-time employees also increased by 120,000 to 1.44 million, higher by 9.1% from 1.32 million a year ago. IBPAP attributed the higher revenues to the growth of e-commerce, healthcare, and financial technology subsegments. IBPAP is also working with government agencies to streamline registration of new investors.

RESEARCH REVIEW

Colliers recorded about 146,100 square meters (1.6 million square feet) of office deals in Metro Manila in Q1 2022, up 30% YOY. In our opinion, the improvement in business confidence has driven the expansion of local and multinational firms in the country, including outsourcing companies. Colliers saw about 60,200 square meters (648,000 square feet) of office transactions from outsourcing firms in Q1 2022, up 68% YOY. Outsourcing companies such as Alorica, ePerformax, and Michael Page took up office space in the Bay Area, Makati Fringe, and Makati CBD during the period. We believe outsourcing firms as well as traditional occupiers will likely lead office space demand for the remainder of 2022. Colliers recommends that occupiers take advantage of rental corrections in major business districts. Average office rents in Metro Manila have dropped by about 30% compared to pre-Covid-19 pandemic rates.

> https://www.colliers.com/en-ph/research/property-market-intelligence-bpo-revenue-jobs-growth-moodys-philippines-gdp-forecast

LAMUDI Price Index follows: Maybe not PEZA, and not Class A. Upwards trend looks strong here

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Projects outside Metro Manila,  Zamboanga example

This week, Colliers Research provides insights on Filinvest Land’s new condo development in Zamboanga City and why the development of key cities outside Metro Manila will play an important role in helping the government achieve inclusive growth. Meanwhile, IBPAP announces that almost 30% of the country’s 1.4 million BPO workforce came from outside Metro Manila. According to IBPAP, digitalization is one of the main factors driving IT-BPM companies to expand in the provinces.

First residential condominium to rise soon in Zamboanga

SUMMARY

Filinvest Land Inc. (FLI) is developing the first-ever condominium project in Zamboanga City. Futura Vinta is a mid-rise condominium project that will be developed along Vitaliano Agan Avenue. FLI president Tristan Las Marias hopes that the developer’s investment will support the region’s continued economic expansion. FLI is investing PHP1.3 billion (USD23.6 million) to complete the midrise project. FLI has two other subdivision projects in Zamboanga City.

RESEARCH REVIEW

Colliers Philippines believes that the development of key cities outside of Metro Manila plays an important role in helping the government achieve inclusive growth. The development of vertical residential projects aside from the construction of the typical horizontal units also signifies a gradual shift in residential preferences, paving the way for a more diverse residential offerings in the market.

> https://www.colliers.com/en-ph/research/property-market-intelligence-filinvest-zamboanga-condo-project-bpo-jobs-provinces

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Is ‘Tubig’ too big an issue? / the Safe Water issue

Published August 26, 2022, by Griselda Gay G. Santos

It is said that the pandemic fast-tracked digitalization and revived the idea of “balikprobinsiya” or the mindset of wanting to relocate to the province. I was among the many Filipinos who decided to establish a residence in the province for better mobility, space, and access to fresh air during the pandemic.

I was born and raised in Manila but spent more than half of my life in a major city abroad – Washington, DC, USA. I never exerted effort to appreciate the option of living in a rural area. For me then, living in the city is simply the best and the only option.

Then the pandemic happened with all its restrictions, and I found myself confined to the walls of an apartment building for almost a year. Finally, I gathered the courage to move to the unknown. Looking back, so far, so good.

> https://mb.com.ph/2022/08/26/is-tubig-too-big-an-issue/

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MAKATI Projects

100 WEST : Filinvest Land Inc. adds another feather to its cap as 100 West, a mixed-use development envisioned to be the go-to place where one can lead a multi-faceted lifestyle, won the prestigious Best Investment Property in this year’s Southeast Asia’s Best of the Best Awards by Dot Property, a digital media company that drives a network of nine property portal websites and offline media throughout Asia in recognition of the absolute best projects, developers and companies that contribute to real estate...

387 GUY PUYAT: 387 - Filinvest

A new prime office address soon to rise in the heart of Makati City, 387 is a 14-storey development that will complement the vibrant and fast-paced lifestyle of urbanites by offering state-of-the-art leasable office and retail spaces.

Delivery: Expected Completion August 2022. All details are subject to change without prior notice.

SSC comment:Jan 13, 2021

reyvil888 said:

Unknown under construction building along Sen. Gil Puyat avenue.Construction is already at the 15th level. View attachment 959932 bernieparasgan

I never thought the zoning for that area would allow for such height. I guess that would signal the start of taller buildings for that stretc

https://filinvest.com › project › 387

 

xx

LINEAR

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CLARK: "the government’s Build Build Build program and will provide the needed roads and transportation systems that will open new opportunities for the residential business especially in areas outside of the highly-congested Metro Manila. Filinvest Land, Inc. (FLI) has more than 2,200 hectares of land bank nationwide. In addition, FLI has the right to develop 288 hectares in Clark Green City and another 201 hectares together with the leisure and hospitality arm of Filinvest Development Corp. at Clark Mimosa." (2017 A/R)

DTI-BOI, BCDA, and Filinvest Land urge Singapore to invest in Clark

August 01, 2022

This 120-hectare development offers ready-built factories as well as built-to-suit industrial buildings for factories, warehouses, logistics hub, support offices, and other industrial hub requirements.

“Filinvest Innovation Park will house high-speed internet infrastructure, 24/7 digitally-empowered security force , e-vehicle mobilty, robust infrastructure connection, renewable energy connections, digitalized park services, and increased supply chain efficiencies,” said Filinvest Land Senior Vice President and Head for Industrialand Logistics Francis Ceballos.

The development of FIP comes at an opportune time with the country’s Purchasing Management Index (PMI) and Gross Merchandise Value (GMV) on the rise. The Philippines’ PMI reached a 53-month high for April 2022 reaching 54.3 – the highest reading since November 2017. The country also posted a 93% year-on-year GMV growth from $9B GMV in 2020 to $17B in 2021. This makes the Philippines the fastest growing internet economy in South East Asia according to e-Conomy SEA 2021

> https://propertyreport.ph/news-and-events/2022/07/29/26763/dti-boi-bcda-and-filinvest-land-urge-singapore-to-invest-in-clark/

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EW / East West Bank is 78% owned by FLI's parent, FDC

FLI, FDC, FILRT, EW ... All: from Jan.2012: 3.17.20: Jun.2021: Oct.'21: 2yr: 1yr: YTD: 10d / 0.91, 7.00, 6.39

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FLI /Filinvest Stock trades like a REIT stock

FLI- etc >6/'20: 5/'21: 3yr: 1yr: Ytd: Flip: 10d / P0.90 / TLT: $108= Ratio 0.83% .. Mreit: xx (%), RCR: xx (%)

Ytd: Flip: 10d

Flip: 10d /

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FILRT may be signaling an end to the REIT Downturn...

Dec'21:  9.16.22: FILRT: 6.98 +0.50, +7.72%, Vol. 1.19M

Mar'21:

FILRT may be the trigger for the next rise in FLI . update: FLI (0.89)/ FILRT (6.98)= 12.8%, up from June Low

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NINE MONTHS REPORT
FLI - Filinvest Land, Inc.  
C08622: Filinvest Land press release - 1
"Filinvest Land residential business up 10% in 9 months"
Php 2.24 billion new projects launched Filinvest Land, Inc. (FLI), one of the country's largest real estate developers, reported Php 8.98 billion in residential revenues in the first nine months of 2022, a 10% growth compared to the same period last year. This was driven by the company's accelerated construction activities and the strong performance of its housing projects in Cavite, Laguna, and Rizal, and mid-rise condominiums in Metro Manila and Davao. Reservation sales also grew by 15% to Php 14 billion during the period as it launched new residential projects valued at P2.24 billion located in Teresa in Rizal, Naga in Camarines Sur, and San Rafael, Bulacan.

The developer's recently launched master-planned condo communities in Dagupan City, and Zamboanga City further strengthened Filinvest Land's smart-value condo segment. Futura One at Fora Dagupan and Futura Vinta in Zamboanga are green and sustainable mid-rise condo communities that offers residential units amid refreshing amenities and wide open spaces. Futura One at Fora Dagupan offers studio units fit for students or those working in the city and 2-bedroom units apt for growing families. Futura Vinta offers 2-bedroom units exclusively. These units are also investor-friendly with rental income opportunities and potential capital value appreciation. Futura One at Fora Dagupan and Futura Vinta in Zamboanga are expected to be followed by another smart-value mid-rise condo community in General Santos in the coming months. These three condo communities are the first master-planned condo communities in their respective cities. Filinvest Land is also poised to enter Bataan within the year. "We are pleased with the continued growth of our residential business, especially the sustained sales performance of our newly opened condominium projects in Dagupan City and Zamboanga City. Our investment to increase sales networks, locally and internationally, especially in tested markets like the Middle East and Eurimprovement in reservation sales performance year on year," said Filinvest Land President Tristan Las Marias

Filinvest Land press release - 2
The company's mall business also grew by 66% compared to the same period last year and contributed Php 1.14 billion in revenues. The growth in mall revenues was due to the improvement in tenant occupancy and the increase in in-store sales brought about by increased foot traffic. "With the increase in occupancy and improved performance of our mall business, we are optimistic that we can sustain our recovery trajectory and further increase revenues in the coming months," Las Marias added. Total FLI revenues and other income amounted to Php 14.19 billion, up 8% compared to the same period last year.

Net income attributable to equity holders of parent amounted to Php 2 billion.

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FLI is moving up.  10% Rise in 9mo. Residential Revs. may be helping

FLI-etc. . since 5.7.20: Aug.21: Ytd: 10d/ P 0.89 +0.03: vs.FILRT: 5.74, r15.5% or 6.45x, vs.TLT: 100.06 : r0.89%

since 5.7.20: 10d: w/ EW - EastWest Bank

FLI / Filiinvest is getting a nice BID vs. FILrt and TLT

Date==: FLI : Filrt : xRatio: FDC: xRatio : EW: xRatio: Ave: xRatio:
05.7.20 : 1.10: === : ==== : 8.10: 7.36x: 9.56: 8.69x:  
Q2 ’21.  : 1.10: === : ==== : 8.06: 7.33x: 10.4: 9.45x:
Q3 ’21.  : 1.10 :  7.22: 6.56x : 7.75: 6.56x: 8.92: 8.11x: 7.96: 7.23x:
YE’21.   :  1.10 :  7.40: 6.73x: 7.97: 7.25x: 9.60: 8.73x: 8.32: 7.57x:
Q1 ’22.  :  1.08:  7.10: 6.57x: 6.97: 6.45x: 8.43: 7.81x: 7.50: 6.94x:
Q2 ’22.  : 0.88: 6.80: 7.73x:  7.02:  7.97x: 7.00: 7.95x: 6.94: 7.88x:
Q3 ’22.  : 0.76: 6.20: 8.16x:  6.84: 9.00x: 6.03: 7.93x: 6.36: 8.37x:
11.22.22 : 0.89: 5.74: 6.45x: 6.50: 7.30x: 6.18: 6.94x: 6.14: 6.90x:
PE-ratio : 9.03: 18.6: ====:  14.6: ====: 5.68: ====:
Yield.     : 5.22:  7.04: ====:  1.08: ====: 6.47: ====:
Dividend .046: .404: 8.78x:  .070: 1.52x: .367: 7.98x:
======

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RALLY in PSEI stocks is helping FLI too

update:  FLI (0.87)/ FILRT (6.47)= 13.4%, 7.44x ... from: 2012: 2016: 11.29.22

Yr.Low :  FLI (0.74)/ FILRT (6.10) = 12.1%, 8.24x ... at Oct.3rd Low.  1.12/7.53: 14.9% at 2.18.22 H.

FLI, FDC, FILRT . All: Jan.'12: 8.15.21: Oct'21: 2yr: YTD: 10d/ 0.89, 6.63 (7.45x), 5.40 (16.5%, 6.06x) : 12.14.22

                                                               === Prev. at 11.29.22. 0.88, 6.40 (7.27x), 5.65 (15.6%, 6.42x) : 11.29.22

All: since 2008:

All: since 2008:

FLI vs.PSEI:  0.90 Unch. / Psei: 6,781 = 0.0133%

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FILRT back testing Lows at/below 5.50. (YrL: 5.47, YrH: 7.86, 143%xL.)

Divs in 2022 : ex-div. Dates
FILRT      : 2-24: 0.112,  5-03: 0.116,  8-25: 0.088, 11-25: 0.088 = 0.404 / P5.50= 7.34%
FLI, 2022: 5-05: 0.047,                                                                  = 0.047 / P0.87= 5.40%
FLI, 2021:  5-18: 0.155,  11-10: 0.155,                                            = 0.031 / P0.87= 4.25%
===
Note:  FLI own 3.1M FILRT shares (63.3% of 4.893M), and there are 24.25M FLI shares
So: Each FLI share is backed by 12.77% FLIRT sh, and 0.404 x 12.77% = 0.0515; 0.3232 x12.77%= 0.0413)

FILRT / Filinvestment REIT...  All: YTD: 10d/ P 5.50 -0.09 : Yield: 7.35% (per Bigcharts, ie 0.404)

But... If new div level is 0.088, then x4: 0.3232 / 5.50= 5.88%, so Yield may fall, if Div. doesn't bounceback

FLI-etc.  All: Since 2008: 2017: Ytd: 10d / Last: 0.90 / TLT (106.3) = 0.85%; FILRT: 5.50, 6.0x FLI

FLI-etc.  All: Since 2008: Peak, 9.20.17 FLI Peak was: 2.20 / TLT (125.9) =1.75%

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PASSING of the Matriarch

FLI - Filinvest Land, Inc.

C09160: Filinvest Land press release - 1

"Filinvest Group Co-founder Mercedes Gotianun passes away at 94"

The Filinvest Group of Companies deeply mourns the loss of its Chairperson Emerita Mrs. Mercedes T. Gotianun, 94, who passed away on December 11, 2022 surrounded by her loved ones. Mercedes or "Chita" is the wife of the late Andrew Gotianun, Sr., founder of Filinvest Development Corporation. She was regarded as the perfect complement to the visionary leader as his tireless implementor. Widely admired for her work ethic, she was known to be organized, determined, and energetic. She persevered to accomplish her goals extraordinarily.

Andrew and Chita's harmonious synergy created a fruitful conglomerate now known as Filinvest Development Corporation. Now, among the country’s major conglomerates with interest in Filinvest Land and Filinvest Alabang for land development, East West Bank for universal banking and Davao and North Cotabato Sugar Central. Hotels under the Crimson and Quest brands and power generation under Filinvest Utilities and infrastructure in the Clark International Airport among other new ventures.

Even as a young student,she was a hardworking achiever. She graduated Valedictorian in both elementary and high school from the College of the Holy Spirit. She maintained her status as a University Scholar through four years of college and graduated Magna Cum Laude with a BS Pharmacy degree from the University of the Philippines. She was also a member of the Sigma Delta Phi sorority.

She was an admired business leader who will be remembered as the first woman President of a Philippine Universal Bank, having co- founded and led Family Bank and Trust Co. in the 70s and 80s, the precursor to BPI Family Savings Bank. She was honored as a Legacy Awardee by GoNegosyo's Inspiring Filipina Entrepreneurs Awards in 2017 for her achievements as a woman leader in the Philippine business arena. She also received the Mariang Maya award from Sigma Delta Phi, an award given to distinguished and accomplished members of the sorority.

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FLI/ Filinvest: All: 2008: 2020: +Etc-Mar.'21: Oct.'21: Aug'22: 10d/. Last: 0.84 -0.01. (Range: 0.73 to 1.12 )

+Etc-Mar.'21:

FLI versus other Prop-co's: ROCK, ALI, CDC ... Areit-etc: update: 10d:

2020: +Etc-Mar.'21: 1yr:

All: 2008:

FLI Debt Profile as of September 30, 2022
============.    31-Dec-21 : 30-Sep-22 : %change
                                 (Audited) : (Unaudited).
Total Assets                193,224 :    199,653.  :   +  3.3%
Total Borrowings           68,472 :      72,664.  :   +  6.1%
Net Debt                        58,813 :      65,227   :  +10.9%
Stockholders' Equity: 89,790 :     90,920    :  +  1.3%
/shs OS ( 24,250M).     P 3.70. :     P 3.75.   :
Debt/Equity Ratio :         0.76x. :       0.80x    :
Net D/E Ratio :               0.66x  :       0.72x.   :

63.2% of FILRT :     P 7.40. :     P 6.20.   :    P 5.80 at 2.3.23
4.89B x63.2%: 3.09B:  22.87B :     19.16B   :     17.92B
Pct. of Net Debt:           38.9% :      29.4%    :     27.5%

Currency – 100% PHP
Weighted Average Interest Rate – 5%
Weighted Average Maturity – 2.38 Years
Interest Profile: Fixed Rate – 97% ; Variable Rate – 3%
Retail Bond – 57%

> Presentations: x

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FDC / Filinvest Development Group at a multi-year Low

(Estate planning issues maybe?  The matriarch, xx, passed away in XX.xx)

FDC - etc ...from 2010: 2018: Mar'20: 2yr: Ytd: 10d / Range: 6.01 to 7.70

Last: 6.01 -0.33, -5.2%, on just 1,600 shs.

2018:

2010:

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FLI - Filinvest Land, Inc. 10yr: 5yr: 2yr: 10d / Last: 0.76 +0.03, +4.1% (Range: 0.70 to 1.10 )

 

- 1 "Filinvest Land reports growth in 2022 driven by strong residential revenue performance" Filinvest Land, Inc.

 

(FLI), one of the country's largest real estate developers, reported an increase of 20% in income before income tax for 2022, totaling Php 4.25 billion. Moreover, the company's consolidated revenues reached Php 19.94 billion, a 12% growth, driven by residential revenues which grew 14% to Php12.84 billion due to accelerated construction progress and strong performance of its housing projects in Cavite, Laguna, and Rizal, and its medium-rise condo projects in Metro Manila and Davao. "We are pleased with the continued growth of our residential business, and we expect to sustain this in 2023. Our efforts to boost our international and local sales networks, as well as our investments on digital and online platforms have proven effective. We continue to focus on addressing the needs of our homebuyers," said Tristan Las Marias, FLI President.

 

Reservation sales grew by 13% to Php 18 billion as it launched seven new residential projects valued at Php5.9 billion located in Teresa in Rizal, San Rafael in Bulacan, Cavite, Pampanga and Metro Manila. It also launched its first project in Naga, Camarines Sur. Futura Monte Naga is a master-planned condo community offering four mid-rise, modern minimalist buildings set amid open spaces and a secure environment. Designed with starter families and healthy living in mind, 60% of the property is dedicated to breathable open spaces and amenities, making it an ideal community for those who value a balanced lifestyle. The company's mall rental revenues more than doubled amounting to Php 1.68 billion from Php796 million in 2021. The growth was due to improvement in its malls' occupancy and foot traffic, as well as the removal of rental concessions. "We anticipate continued growth in mall rental revenues going forward with the improved shopper traffic," added Las Marias.

- 2

Office leasing revenues amounted to Php 4.67 billion, or a slight decline of 3% due to challenges in relation to hybrid work arrangements. Despite the challenges, the company was able to sign new leases for FILRT and Non-FILRT office buildings totaling 19,670 square meters and renewed 28,370 square meters or 90 percent of expiring leases in 2022.

Year : New L.: Expiring: Renewed: Pct.
SQM
2022: 19,670 :  31,500 :  28,370 : 90% (over 12 mo.s)
2023: 17,000 :  55,400 :  18,400 : 33% (as of end-Feb)

Leasees; FILrt, & Non-FILrt: traditional and BPO multinational co’s

This year, new Letters of Intent were signed by traditional and BPO multinational companies to lease almost 17,000 square meters of office space and more than 18,400 square meters or 33 percent of the lease expiries for the year 2023 have already been renewed as of end Feb. 2023. The balance is due for renewal during the remainder of the year. The co-living space The Crib located in Filinvest Mimosa also welcomed its first guests. The company has also started the construction of ready-built- factory (RBF) buildings in its innovation parks in Ciudad de Calamba (four buildings) and New Clark City (two buildings).

 

Consolidated net income after tax reached Php3.52 billion, an 18% decline from 2021 (P 4.3bn.) which included a one-time tax benefit from the CREATE law. Net income attributable to equity holders of the parent amounted to Php2.89 billion. FLI total land bank is currently at 2,356 hectares including leased land for development which the company expects to rollout in the next 5 to 10 years depending on absorption. FLI has built townships that can accommodate different land uses such as residential, commercial and industrial, as it aims to create fully integrated and self-sufficient communities. The company will continue to do so to maximize the use and value of its landbank.

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FILRT - Filinvest REIT. All: 1yr: 10d / Last: 5.26 +0.01, +0.19% (Range: 5.10 to 7.50 )

 

 - 1 / "Filinvest REIT Corp. (FILRT) FY2022 net income reaches P1.31B"   March 22, 2023 -

Filinvest REIT Corp. (FILRT), the flagship commercial REIT of the Filinvest group, recorded a net income of P1.31 billion in 2022. This was achieved on the back of rental and other revenues of P3.24 billion.

Average occupancy for the year was 89 percent, including the newly infused Boracay property that was added to the portfolio in December 2022. "The office leasing segment had its fair share of new challenges last year brought about by the globally changing workplace environment. Closer to home, the implementation of hybrid work set-ups in PEZA zones like our Northgate property affected our leasing patterns. Despite this headwind, FILRT demonstrated resiliency and forged ahead in growing the portfolio," said FILRT president and chief executive officer Maricel Brion-Lirio. FILRT signed new leases totaling 5,087 square meters and renewed 22,891 square meters or 96 percent of expiring leases in 2022. This year, new Letters of Intent were signed by traditional and BPO multinational companies to lease almost 9,000 square meters of office space and more than 13,300 square meters or 32 percent of the lease expiries for the year 2023 have already been renewed. The balance is due for renewal during the remainder of the year.

FILRT acquired a prime property with a gross leasable area (GLA) of 29,086 square meters in Boracay, Aklan in December 2022. The acquisition resulted in an increase in its portfolio by 9.65 percent in GLA terms. The Boracay property, which is leased to the well- regarded Crimson Resort and Spa Boracay, broadens FILRT's income profile mix beyond office leasing and into the hospitality sector. Moving forward, FILRT will continue to focus on diversifying its portfolio to improve the revenues of its existing prime office assets and to ultimately boost dividends for its shareholders.

 - 2

...This growing list of accolades supports FILRT's valuable distinction as the country's first sustainability-themed REIT.