MREIT sets to declare dividends as revenues jump 6% in 1st full quarter of operations

MREIT, Inc., the REIT company of the country’s largest office landlord Megaworld, records an increase in revenues by 6% to P711.2-million during the quarter ending September 2021, on the back of higher rental income amounting to P583.7-million, or 5% higher than the target set in the REIT Plan. The period signifies MREIT’s first full quarter of operations since it acquired ten (10) prime, grade A office assets from Megaworld in June this year.

Because of this, MREIT prepares to declare dividends within the month of October in line with the REIT plan.  Subject to necessary Board and regulatory approvals, the company is looking into declaring dividends of at least P0.24 per share.

“The is just the initial tranche of dividends that we intend to declare for the current fiscal year 2022. Considering MREIT’s strong performance to date, as well as our improved outlook on office demand and the infusions of additional assets, we are confident of our ability to meet, if not surpass, our dividend projection for the year as indicated in our REIT plan. We thank all our investors for the trust and confidence to MREIT,” says Kevin L. Tan, president and CEO, MREIT, Inc.

MREIT earlier announced its plan to double its portfolio size by 2024, and to reach 1-million square meters in floor size by 2030. By next year alone, around 100,000 square meters of prime office assets will be injected into MREIT.

The company also announced its plan to inject more assets from Uptown Bonifacio in BGC aside from the assets coming from Eastwood City, McKinley Hill, and Iloilo Business Park. According to the report released by Leechiu Properties in June, BGC still commands the highest rental rates among major business districts in the country.

Backed by its access to Megaworld’s extensive office portfolio, MREIT aspires to be one of, if not, the largest office REIT in Southeast Asia because of the company’s long runway for growth.