Filinvest REIT [FILRT 4.25 2.9%; 241% avgVol] [link] declared a Q1/23 cash dividend of P0.071/share, payable on June 30 to shareholders of record as of June 15.
The dividend implies an annualized yield of 6.68% based on the previous closing price. The total amount of the dividend is P347 million, sourced from distributable income generated up to April 30, which is 100% of the P347 million in distributable income that FILRT reported for the period.
Relative to FILRT's IPO price, the dividend increased FILRT's total stock and dividend return to -28.29%, up from its pre-dividend total return of -29.3%. FILRT did not specify if this dividend represents just the first quarter of FILRT’s distributable income, or if it is intended to represent the first four months as the cut-off date would imply.
MB BOTTOM-LINE
“When someone shows you who they are, believe them.” When is the market going to listen to what FILRT has been screaming for months? This dividend matches FILRT’s all-time low, confirms that the tiny Q4/22 dividend was not a mistake or fluke, and yet the market trades FILRT like it’s the twin brother of AREIT. Quarter-on-quarter, the dividend is the same. It matches the low. But this dividend is 39% lower from a year-on-year perspective.
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