MREIT nets P1.9 billion in 9 months

MANILA, Philippines — MREIT Inc., the real estate investment trust (REIT) company of Megaworld Corp., registered a net income of P1.9 billion in the January to September period, up from P807 million recorded a year ago.

This was driven by revenues of P2.7 billion, higher than the P938.4 million recorded a year ago.

MREIT recorded an average occupancy of 96 percent during the nine month period.

MREIT Inc. president and CEO Kevin Tan said the company’s offices remain steadfast with above-industry occupancy rates and improving revenues despite the challenging environment.

“We work double time to continue our promise of delivering consistent and attractive returns to our shareholders,” Tan said.

Against this backdrop, MREIT’s board likewise approved the declaration of dividends amounting to P0.2444 per share for the third quarter.

Total dividends per share amounted to P0.7342, bringing the company’s annualized dividend yield to 8.2 percent as of MREIT’s closing share price of P11.96 per share on Nov. 11. MREIT will continue to declare dividends quarterly.

Last month, MREIT celebrated the first anniversary of its successful listing at the Philippine Stock Exchange.

A year after listing, 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.

The company will continue to work toward providing long-term attractive returns for its shareholders from a combination of organic growth and new acquisitions.

Last 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 nine percent to P64.5 billion.

The acquisition is still subject to the approval of the Securities and Exchange Commission.

These properties are located in two of Megaworld’s most prime township developments to date: Iloilo Business Park in Mandurriao, Iloilo and McKinley West in Taguig City.

MREIT’s portfolio covers 18 office properties in four Megaworld premier townships: 1800 Eastwood Avenue, 1880 Eastwood Avenue, and E-Commerce Plaza in Eastwood City; One World Square, Two World Square, Three World Square, 8/10 Upper McKinley, 18/20 Upper McKinley, and World Finance Plaza in McKinley Hill; One Techno Place, Two Techno Place, Three Techno Place, One Global Center, Two Global Center, Festive Walk 1B, and Richmonde Tower in Iloilo Business Park; and One West Campus and Five West Campus in McKinley West.