Filinvest Land says Q1 mall leasing revenues rise 17%

GOTIANUN-LED Filinvest Land, Inc. (FLI) said mall leasing revenues rose 17% to P744 million in the first quarter (Q1), supported by higher occupancy rates across its retail portfolio.

In a statement on Tuesday, the property developer said occupancy across its mall portfolio reached 80% during the period.

“The mall business is no longer just a defensive buffer; it is a primary growth engine for the group,” FLI President and Chief Executive Officer Tristan Las Marias said.

“With leasing revenues up 17% and occupancy scaling to 80%, we are seeing the tangible results of our active asset enhancement strategy,” he added.

FLI attributed the growth partly to stronger consumer activity and higher tenant take-up, particularly in regional developments such as Il Corso, where foot traffic increased 33% following asset enhancement initiatives.

The company said its mall segment is expanding through efforts focused on tenant mix optimization and community-oriented retail concepts.

FLI’s mall business contributed to consolidated revenues of P6.31 billion for the quarter, up 4.5% from a year earlier.

Net income stood at P1.1 billion, supported by recurring income streams and contributions from its diversified property portfolio. — Alexandria Grace C. Magno