SM Prime Holdings Inc., the property-development firm of the Sy family, is set to list additional common shares to cover its merger with affiliate SM Land Inc. 

The company said in its disclosure to the Philippine Stock Exchange that it will list a total of 15.77 billion additional common shares with a par value of P1 per share. 

This will cover the merger with SM Land that the company implemented last year as part of the consolidation of the Sy family’s property assets into a single unit.

This will also cover for the company’s share-for-share swaps and property-for-share swaps, the company said. “Listing of the shares is subject to submission of post approval requirements of the [Philippine Stock] Exchange,” it said. 

The company  reported an 11-percent jump in net income for the first quarter of the year to P4.58 billion from P4.11 billion last year due to strong rental revenues. 

Consolidated revenues rose 3 percent to P15.35 billion, from P14.95 billion last year. 

“We are off to a good start this year [as we maintain] a steady growth for the first quarter of 2014. As we move toward our five-year road map, we are very optimistic that SM Prime will achieve its targets,” SM Prime President Hans Sy said in a statement.

Rental revenues accounted for more than half of consolidated revenues, which grew by 12 percent to P8.56 billion for the period, from P7.63 billion last year. 

The increase in rental revenue was primarily due to the new SM malls opened in 2012 and 2013 in Olongapo, Consolacion, San Fernando, General Santos, Lanang (Davao),  Aura Premier (Taguig), and BF Parañaque, with a total gross floor area of 818,000 square meters, the company said.

Excluding the new malls and expansions, same-store rental growth is reported at 7 percent.