LISTED Filinvest REIT Corp. (FILRT) said that 16 out of 17 buildings, equivalent to 94% of its property portfolio, are now powered by renewable energy (RE).
The recent additions to the company’s green portfolio are Filinvest Axis Tower 1 and Filinvest Cyberzone Cebu Tower 1, which transitioned to renewable energy after renewing their supply contracts with FDC Utilities, Inc. in June, FILRT said in a statement to the stock exchange on Monday.
Filinvest Three also transitioned to renewable energy under the government’s Green Energy Option Program (GEOP) on July 26.
“With these recent additions, 16 out of FILRT’s 17 Grade A buildings, or 94% of the portfolio in terms of the number of properties, are now supplied with 100% renewable energy as of July 2024,” the company said.
The GEOP is an initiative of the Energy department that empowers users to choose renewable energy as their primary power source.
Other FILRT buildings powered by renewable energy include Vector One, Vector Two, Vector Three, iHub 1 and 2, Filinvest One, Filinvest Two, Plaza A, Plaza B, Plaza C, Plaza D, Plaza E, and 5132 Building.
The only nonrenewable energy powered building in FILRT’s portfolio is the Capital One building in Alabang, which has a direct contract with its retail electricity supplier and coordinates independently with its chosen supplier.
“Our goal is to ensure that all our properties are not only economically viable but also environmentally responsible. This success is shared with our tenants, who are equally dedicated to our sustainability goals,” FILRT President and Chief Executive Officer Maricel Brion-Lirio said.
For the first half, FILRT saw a 7% increase in its net income to P601 million from P561.31 million a year ago. Revenue dropped by 11% to P1.4 billion while costs and expenses also fell by 3.1% to P643 million.
FILRT shares were unchanged at P3.09 per share on Monday. — Revin Mikhael D. Ochave
