Real estate investment trust (REIT) MREIT Inc. said revenue for first quarter ending September reached P711.2 million, up 6 percent from last year’s P670.94 million.
The company is yet to release its financial statement for the period.
The company said rental income hit P583.7 million, up 5 percent from its target set in its REIT Plan.
“The period signifies MREIT’s first full quarter of operations since it acquired 10 prime, grade A office assets from Megaworld in June this year,” the company said.
The company’s prospectus for its P15.29-billion initial public offering (IPO) this month projected a P2.3- billion rental income for the fiscal year ending June 2022. Adjusted for a quarterly recognition, its first quarter revenue should generate about P577.5 million.
MREIT said it is looking at declaring this month a dividend of P0.24 percent, subject to required approvals.
“The 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,” said Kevin Tan, MRIT president.
Early this month, MREIT listed its shares with the Philippine Stock Exchange after selling to the public 949.84 million shares, divided into 844.3 million shares covering the primary offer and another 105.54 million shares covering the greenshoe option, at P16.10 apiece.
