MREIT’S 9-mo income hits ₧1.99B

MREIT Inc., the real estate investment trust of Megaworld Corp., said last Monday its net income more than doubled in the nine months of the year through September to P1.99 billion from last year’s P807.39 million.

Revenues almost tripled to P2.71 billion from the previous year’s P938.39 million as It recorded an average occupancy of 96 percent during the period.

“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,” Kevin L. Tan, president and Ceo of MREIT said. “we work double time to continue our promise of delivering consistent and attractive returns to our shareholders.”

For the third quarter, the company’s revenues grew 29 percent to P917.03 million from the previous year’s P711.2 million. Net income for the three-month period meanwhile grew 34 percent to P629.37 million from last year’s P469.41 million.

Mreit’s board a 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 November 11.

Last month, MREIT celebrated the first anniversary of its successful listing in the Philippine Stock exchange. A year after, 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.

In 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 township developments to date, the Iloilo Business Park in Mandurriao, Iloilo and Mckinley west in Taguig.