MREIT distributable income rises 58 per cent after asset swaps
Third-quarter dividends increased 10 per cent to ₱0.2762 per share as the company expanded its property portfolio.
MREIT Inc. reported distributable income of ₱4.42 billion for the first nine months to September, a 58 per cent increase following property additions. Revenue rose 48 per cent to ₱6.13 billion, according to the financial report of Megaworld Corp.’s real estate investment trust.
For the third quarter, distributable income doubled to ₱1.93 billion, while revenue reached ₱2.71 billion, up 90 per cent. The company raised its quarterly dividend to ₱0.2762 per share from ₱0.2505 a year earlier, an increase of 10 per cent.
The fourth and fifth rounds of property-for-share swaps, completed this year and valued at ₱43 billion, increased gross leasable area from 482,000 square metres to 951,000 square metres. MREIT’s occupancy rate stood at 90 per cent.
The latest additions included five malls with a combined gross leasable area of 160,200 square metres: Eastwood Mall, Festive Walk Mall, Lucky Chinatown Mall, Southwoods Mall and Venice Grand Canal Mall. Six office spaces added another 117,200 square metres.
President and CEO Arnulfo Batac said the fifth round of additions would benefit shareholders through dividends. MREIT is considering a further property-for-share swap that may include Megaworld assets in Uptown Bonifacio.
Offices now account for 77 per cent of MREIT’s portfolio, retail for 20 per cent and hotels for three per cent. Previously, offices represented more than 95 per cent.
