Real estate investment trust (REIT) companies MREIT Inc. and Filinvest REIT Corp. (FILRT) reported occupancy rates of 96 percent and 88 percent, respectively, in the first 9 months of 2022.
MREIT said it generated a distributable income of P1.9 billion during the period, as revenues hit P2.7 billion.
Recorded profit for the first three quarters stood at P2 billion.
“Our offices remain steadfast with above-industry occupancy rates and improving revenues even as we navigate through a challenging environment, proving once again the quality of our portfolio and tenants. We work double time to continue our promise of delivering consistent and attractive returns to our shareholders,” said Kevin Tan, MREIT president.
MREIT’s board approved the declaration of cash dividends worth P0.2444 per share for the third quarter of the year.
This brings the REIT’s declared dividends for the first nine months of the year to P0.7342 percent, for an annualized dividend yield to 8.2 percent based on its November 11 closing share price of P11.96 per share.
MREIT said since being listed last year, it has grown its portfolio size by 25 percent to 280,000 square meters (sq.m.) and its property value by 20 percent to P59.3 billion.
“Moving forward, the company will continue to work towards providing long-term attractive returns for its shareholders from a combination of organic growth and new acquisitions,” MREIT said.
In a separate report, FILRT said its profit in the first 9 months of the year reached P1.1 billion over revenues of P2.5 billion.
“While the office leasing segment has its challenges due to emerging trends surrounding remote work, we remain focused on delivering growth for our shareholders,” said Maricel Brion-Lirio, FILRT president.
Lirio said FILRT continued to lock in the expiring leases in 2022, renewing and signing about 20,585 sq.m. or 86 percent as of the end of the first 9 months of 2022.
“Only a small 4 percent did not renew and the balance of 10 percent is under negotiation with a high probability of renewal,” Lirio said.
