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Manila Bulletin devider Business devider Property valuation boosts MREIT profits

Property valuation boosts MREIT profits

Published Mar 8, 2022 03:28 pm

MREIT, Inc., the real estate investment trust of Megaworld Corporation, reported net income of P2.0 billion for its first six months of operation, July to December 2021.

In a disclosure to the Philippine Stock Exchange, the firm said a large part of the profit (35 percent) was due to the non-recurring fair value gain on MREIT’s investment properties amounting to P702.0 million.

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Meanwhile, the company’s revenues for the same period registered was lower than its net earnings at P1.5 billion.

Fourth quarter revenues grew by 5 percent quarter-on-quarter to P749.5 million, due to a 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 profits, MREIT’s Board of Directors 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 of P0.05 for income generated by the company in June when it started operations.

Total dividends paid by MREIT for 2021 now stands at P0.48 per share. The dividends shall be payable on March 31, 2022 to shareholders on record as of March 18, 2022.

Last December, MREIT acquired four income-generating properties with sponsor Megaworld for a total consideration of P9.1 billion.

This resulted in a 25 percent increase in its MREIT’s portfolio gross leasable area (GLA) to 280,000 square meters (sq.m.) and a 19 percent growth in its portfolio value to P58.5 billion.

“We are pleased with the accomplishments of MREIT to date and are thankful for all the support that we have received from our shareholders,” said MREIT President and CEO Kevin L. Tan.

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