MREIT, Inc., the real estate investment trust of Megaworld Corporation, has declared a cash dividend of P0.243 per share to its shareholders based on its income for the first quarter of 2022.
In a disclosure to the Philippine Stock Exchange, the firm said the cash dividends will be payable on May 31, 2022 to stockholders on record as of May 10, 2022.
MREIT’s dividend policy contemplates quarterly distribution of dividends. The latest tranche of dividends is higher than the previous quarter's P0.2399 per share.
“This dividend is just the first tranche of the total amount we aim to distribute for the year 2022%,” MREIT President and CEO Kevin L. Tan.
He added that, “Not including the impact of the acquisitions scheduled for this year, we are looking at declaring dividends amounting to P1.00 per share, which translates to a 6.2 percent dividend yield versus our IPO price. At current prices, the yield is at 5.7 percent.”
“We firmly believe that the benefit to MREIT investors goes beyond the dividend that they will get as we target to deliver a total return of at least 10 percent per annum over the next three years. Our current acquisition plan is key to our achieving, if not outperforming this target,” noted Tan.