MREIT, Inc., the real estate investment trust of Megaworld Corporation, reported net income of 2.0 billion pesos for its first six months of operation, from July to December 2021.
In a statement to the Philippine Stock Exchange, the company said a large portion of the profit (35%) was due to the non-recurring fair value gain on MREIT’s investment properties amounting to 702.0 million pesos. .
Meanwhile, the company’s revenue for the same period recorded fell short of its net profit at 1.5 billion pesos.
Fourth quarter revenue increased 5% quarter-on-quarter to 749.5 million pesos, driven by growth in rental income resulting from the implementation of new leases as well as the initial contribution of four properties that the company acquired last December.
On the back of its earnings, the MREIT board declared dividends amounting to P0.24 per share for the fourth quarter of 2021 on March 4, 2022, the same amount declared by the company for the previous quarter. .
The P0.24 per share in the previous quarter had included a bonus dividend equivalent to P0.05 for the revenue generated by the company in June when it started up.
Total dividends paid by the MREIT for 2021 now stand at P0.48 per share. Dividends will be payable on March 31, 2022 to shareholders of record on March 18, 2022.
Last December, MREIT acquired four revenue-generating properties with sponsor Megaworld for a total of 9.1 billion pesos.
This resulted in a 25% increase in the gross leasable area (GLA) of its MREIT’s portfolio to 280,000 square meters (m²) and a 19% growth in the value of its portfolio to 58.5 billion pesos.
“We are pleased with the accomplishments of the MREIT to date and are grateful for all of the support we have received from our shareholders,” said MREIT President and CEO Kevin L. Tan.
SUBSCRIBE TO THE DAILY NEWSLETTER
CLICK HERE TO REGISTER