MREIT Inc., the real estate investment trust (REIT) of property developer Megaworld Corp., said its revenues in the third quarter recorded a single-digit hike.
The company said it saw a 6-percent increase in revenues to P711.2 million in the quarter ending September on the back of the 5-percent increase in rental income to P583.7 million.
The period is MREIT’s first quarter of full operations after Megaworld transferred 10 office assets to the company.
Mreit said it is preparing to declare dividends within the month of October in line with the REIT plan. It will declare dividends of at least P0.24 per share subject to necessary board and regulatory approvals.
“This is just the initial tranche of dividends that we intend to declare for the current fiscal year 2022. Considering Mreit’s strong performance to date, as well as our improved outlook on office demand and the infusions of additional assets, we are confident of our ability to meet, if not surpass, our dividend projection for the year as indicated in our REIT plan. We thank all our investors for the trust and confidence to MREIT,” Kevin Andrew L. Tan, the company’s president and CEO, said.
MREIT earlier said it plans to double its portfolio size by 2024, to reach 1 million square meters in floor size by 2030. By next year, around 100,000 square meters of prime office assets will be injected into MREIT.
The company announced its plan to inject more assets from Uptown Bonifacio in Bonifacio Global City (BGC) aside from the assets coming from Eastwood City, McKinley Hill and Iloilo Business Park.
According to the report released by Leechiu Properties in June, BGC still commands the highest rental rates among major business districts in the country.