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Manila Bulletin devider Business devider MREIT profit surge 147% to P1.99 B

MREIT profit surge 147% to P1.99 B

Published Nov 14, 2022 03:48 pm

MREIT, Inc. reported a 147 percent surge in attributable net income to P1.99 billion in the first nine months of 2022 from P807 million in the same period last year after it expanded its portfolio.

In a disclosure to the Philippine Stock Exchange, the real estate investment trust of Megaworld Corporation said revenues almost tripled to P2.7 billion in the first nine months of the year from P938 million last year.

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MREIT said it recorded an average occupancy of 96 percent during the first nine months of the year.

“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,” said MREIT President and CEO Kevin L. Tan.

MREIT President Kevin L. Tan

He added that, “We work double time to continue our promise of delivering consistent and attractive returns to our shareholders.” Meanwhile, MREIT’s board approved the declaration of dividends amounting to P0.2444 per share for the third quarter of 2022.

Total dividends per share for the first nine months of the year stands at P0.7342. This brings the company’s annualized dividend yield to 8.2 percent as of MREIT’s closing share price of P11.96 per share on Nov. 11, 2022.

A year after its public listing, MREIT has grown its portfolio size by 25 percent to 280,000 square meters 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.

This period’s performance, however, does not include additional income arising from the announced property-for-share swap transaction.

Last April, MREIT announced the acquisition of an additional four prime properties worth P5.3 billion. Once complete, this will increase the portfolio’s size by 16 percent to 325,000 square meters and its property value by 9 percent to P64.5 billion.

The acquisition is still subject to the approval of the Securities and Exchange Commission (SEC). These properties are located in two of Megaworld’s most prime township developments to date: Iloilo Business Park in Mandurriao, Iloilo and McKinley West in Taguig City.

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