MREIT posts P2 billion net income in first 6 months of operations

ABS-CBN News

Posted at Mar 07 2022 12:36 PM

MANILA - Megaworld's real estate investment trust MREIT Inc on Monday said it posted a net income of P2 billion for the first 6 months of operations.

Revenues until end of December 2021 reached P1.5 billion while fourth quarter revenues grew 4 percent quarter-on-quarter to P749.5 million, MREIT said in a disclosure to the stock exchange.

The strong performance was due to growth in rental income from new leases as well as a contribution from newly acquired properties, MREIT said. 

“We are pleased with the accomplishments of MREIT to date and are thankful for all the support that we have received from our shareholders, as evidenced by the strong performance of MREIT shares in the bourse. We aim to build on this momentum as we embark on our expanded acquisition plan this year,” MREIT Inc president and CEO Kevin Tan said. 

Dividends declared amounted to P0.24 per share for the fourth quarter, it said. 

MREIT started operations in 2021. It acquired 4 assets in December, which brought its total gross leasable area (GLA) to 280,000 square meters and its portfolio value to P58.5 billion, it said. 

For 2022, the company said it was eyeing the acquisition of up to P20 billion worth of office assets. It aims to expand its GLA to 1 million sqm before the end of the decade.

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