MREIT nets P2B

MREIT Inc., the Real Estate Investment Trust (REIT) company of the country’s largest office landlord Megaworld, reported net income of P2 billion for six months ending December 2021, inclusive of a fair value gain on MREIT’s investment properties of P702 million. Meanwhile, the company’s revenues for the same period reached P1.5 billion. Fourth quarter revenues grow by five percent quarter-onquarter to P749.5-million, due to a similar growth in rental income resulting from the implementation of new leases as well as the initial contribution of four properties that the company acquired last December. Owing to the strong performance of MREIT, the company’s board declared dividends amounting to P0.24 per share for the fourth quarter of 2021 on 4 March 2022. This compares favorably to the dividends declared by the company for the previous quarter of P0.24 per share, which included a bonus dividend equivalent of P0.05 for income generated by the company in June when it started operations.