MREIT’s distributable income up by 18% in Q1

MREIT, Inc., the REIT company of Megaworld, registered distributable income amounting to P639.0 million for the first quarter of 2022.

This translated to an 18% growth as compared to the previous quarter as the company’s recent acquisitions provided their first full quarter contribution during the period.

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 amounting to P9.1-billion. This expanded MREIT’s portfolio GLA by 25% from 224,000 square meters during its IPO to 280,000 square meters with occupancy rate averaging at 96%, with five office assets registering 100% occupancy. As of the end of March 2022, the company’s portfolio value stood at P59.3-billion.

“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. 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,” Kevin L. Tan, president and CEO of MREIT, Inc., said.

Recently, MREIT declared dividends amounting to P0.243 per share to its shareholders based on its income for the first quarter of 2022. The company aims to declare dividends amounting to P1.00 per share for FY2022, 6% 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. /