MREIT, Inc. reported a net income of P2 billion for the second semester of 2021, up from P325 million in the first half of the year, it told the stock exchange on Monday.
MREIT, the real estate investment trust (REIT) firm of Megaworld Corp., said its half-year performance is inclusive of a fair value gain on its investment properties worth P702 million.
Meanwhile, revenues for the same period were registered at P1.5 billion from P227.2 million in the first half, as rental income surged due to new leases and properties acquired in December.
The company’s board on March 4 declared dividends amounting to P0.24 per share for the fourth quarter of last year.
“This compares favorably to the dividends declared for the previous quarter of P0.24 per share, which included a bonus dividend equivalent of P0.05 for income generated in June when it started operations,” MREIT said.
For 2021, total dividends paid by the company stood at P0.48 per share. The dividends are payable on March 31 to shareholders on record as of March 18.
Last December, MREIT acquired four income-generating properties of its parent company Megaworld for P9.1 billion. This resulted in a 25% increase in its portfolio’s gross leasable area (GLA) to 280,000 square meters (sq.m.) and a 19% growth in its value to P58.5 billion.
“We aim to build on this momentum as we embark on our expanded acquisition plan this year,” MREIT President and Chief Executive Officer Kevin L. Tan said.
MREIT said it is looking to acquire up to P20-billion worth of office assets in 2022.
“We are looking to reach our target portfolio GLA of 500,000 sq.m. earlier by the end of 2023 and achieve an annual total shareholder return of at least 10% via organic growth and new acquisitions. We also want to look at opportunities to expand our portfolio footprint to Megaworld’s other townships. Our enhanced pipeline will help us deliver on these targets,” Mr. Tan said.
MREIT said it plans to eventually expand its portfolio GLA to 1 million sq.m. before the end of the decade.
At the stock exchange, MREIT shares fell by 34 centavos or 1.73% to P19.30 on Monday. — Luisa Maria Jacinta C. Jocson
