MREIT Inc., the real estate investment trust (REIT) of Megaworld, announced on Monday a net profit of 2 billion pesos for the six-month period ending December 2021.
The REIT company, in a disclosure, said the figure includes a fair value gain on MREIT’s investment properties of 702 million pesos.
MREIT’s revenue ended at 1.5 billion pesos during the period. The company noted that its fourth-quarter revenue rose 5% quarter-on-quarter to P749.5 million.
The quarterly growth was attributed to “growth in rental income resulting from the implementation of new leases as well as the initial contribution from four properties the company acquired last December.”
MREIT acquired four properties for a total consideration of 9.1 billion pesos, which increased its gross leasable area (GLA) by 25% to 280,000 square meters (m²) and the value of its portfolio by 19% to 58 .5 billion pesos. Meanwhile, total dividends paid by the MREIT for the past year now stand at 48 centavos per share.
MREIT had previously announced its intention to acquire office assets worth 20 billion pesos this year to potentially exceed its target of reaching 324,000 sq m GLA by the end of the year.
“We seek to achieve our target portfolio of 500,000 sqm GLA sooner by the end of 2023 and achieve an annual total shareholder return of at least 10% through organic growth and new acquisitions,” underlined MREIT President and CEO Kevin Tan.
“We also want to look at opportunities to expand our portfolio footprint to other townships in Megaworld. Our improved pipeline will help us achieve these goals,” Tan continued.
Shares of MREIT lost 34 centavos or 1.73% on Monday to end at P19.30 each.