MREIT, Inc., the real estate investment trust of Megaworld Corporation, more than doubled its distributable income to P2.5 billion last year from P1.1 billion in 2021.
In a disclosure to the Philippine Stock Exchange, the firm said this is owed to its revenues of P3.6 billion, also more than 100 percent higher than the P1.5 billion posted din 2021. In 2022, MREIT posted an average occupancy of 96 percent.
Last February 15, MREIT paid out dividends of P0.2428 per share to its shareholders based on its distributable income in the fourth quarter of 2022. Total dividends for the year reached P0.9770 per share.
This brings the company’s dividend yield to 6.7% as of MREIT’s closing share price of Php14.54 per share on April 17, 2023.
The company was also recently included in the Philippine Property Index. This achievement affirms the company’s commitment to delivering sustained growth and long-term value to our stakeholders and reinforces MREIT’s position as a leading player in the market.
“We cap off the year firm despite some headwinds faced by the office industry. Our ability to adapt and pivot in response to the ever-changing market conditions is a testament to the quality of our assets,” said MREIT President and CEO Kevin L. Tan.
He added that, “As we look ahead, we believe we are well positioned to withstand any headwinds that may come. We will continue leveraging our expertise and experience to capitalize on emerging opportunities.”
Last month, MREIT announced the approval of the acquisition of an additional four prime office properties in Megaworld’s prime township McKinley West and Iloilo Business Park worth P5.3 billion.
Income from these new assets will contribute to MREIT starting January 1, 2023 and is expected to further drive MREIT’s growth.
The acquisition expanded MREIT’s portfolio by 44,567 square meters or by 16 percent to 325,000 square meters covering 18 office properties in four Megaworld premier townships.
MREIT is committed to grow its portfolio by 54 percent to 500,000 square meters by 2024. This will help the company achieve its objective to deliver at least 10 percent annual total shareholder return through a combination of both organic and inorganic growth.
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The article was originally published in Manila Bulletin and written by James A. Loyola.
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