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Manila Bulletin devider Business devider MREIT earns P639 M in Q1

MREIT earns P639 M in Q1

Published May 4, 2022 12:05 am

MREIT, Inc., the real estate investment trust sponsored by Megaworld Corporation, reported an attributable net income of P639 million in the first quarter of 2022.

In a statement, the firm said this translates to an 18 percent growth as compared to the previous quarter as the company’s recent acquisitions provided their first full quarter contribution during the period.

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Meanwhile, the company’s revenue and net income for the first three months of 2022 came in at P901.6 million and P687.2 million, respectively.

Last December, MREIT completed the acquisition of four income-generating properties worth P9.1 billion from Megaworld. As of the end of March 2022, the company’s portfolio value stood at P59.3 billion.

The acquisition expanded MREIT’s portfolio gross leasable area by 25 percent from 224,000 square meters during its IPO to 280,000 square meters with occupancy rate averaging at 96 percent, including five office assets that registered 100 percent occupancy.

“Our solid performance in the first quarter of 2022 affirms our efforts to sustain MREIT’s growth via a combination of organic and inorganic means,” said MREIT President and CEO Kevin L. Tan.

He added that, “The combination of rent escalation, steady occupancy, and implementation of our acquisition plans puts us on track to deliver on our targeted returns for our shareholders in 2022.” The company aims to declare dividends amounting to P1.00 per share for 2022, 6 percent higher than originally contemplated in the company’s REIT plan.

This target does not yet consider the upside impact of the acquisitions that MREIT is contemplating this year.

The company earlier announced the acquisition of an additional four prime properties worth P5.3 billion through a property for share swap. This will expand MREIT’s portfolio GLA by 16 percent to 325,000 square meters.

“We hope to complete the acquisition within the month of May. We look forward to the completion of this deal as it will further cement MREIT’s presence in the Fort Bonifacio area, which continues to command one of the highest rental rates in the Philippines today,” said Tan.

Once the new acquisition is completed, MREIT’s portfolio will cover 18 office properties in four Megaworld townships.

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