MREIT posts P638 M distributable income

MREIT, Inc., the real estate investment trust of top office landlord Megaworld Corporation, reported a distributable income of P638 million for the second quarter of 2022 sustaining its strong performance in the previous quarter.

In a statement, the firm said it also closed the second quarter of the year with revenue and net income coming in at P893 million and P677 million, respectively.

Occupancy, meanwhile, registered a high of 96.5 percent as new contracts have been secured during the second quarter.

The firm was organized as a REIT only last year and thus does not have comparative figures available. It also has not provided pro-forma performances of its combined assets for 2021 as of presstime.

MREIT said its Board of Directors has also approved the declaration of dividends amounting to P0.2468 per share, which is 1.6 percent higher than the previous quarter. This brings the company’s annualized dividend yield to 6.2 percent.

“We remain focused on delivering attractive returns to MREIT investors. We continue to manage our assets proactively, which allowed us to register net positive take-up in our portfolio,” said MREIT President and CEO Kevin L. Tan.

The firm noted that, “This period’s performance does not yet include additional income arising from the recently announced property-for-share swap transaction.”

Last April, MREIT announced the acquisition of an additional four prime properties worth P5.3 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.

Once completed, the acquisition will expand MREIT’s portfolio gross leasable area (GLA) by 16 percent to 325,000 square meters covering 18 office properties in four Megaworld townships.