Skip to main content

MREIT nets PhP 2 Billion in its first 6 months of operation

MREIT, Inc., the REIT company of the country’s largest office landlord Megaworld, reported net income of P2.0-billion for the six months period ending December 2021, inclusive of a fair value gain on MREIT’s investment properties of P702.0- million. Meanwhile, the company’s revenues for the same period registered at P1.5-billion. Fourth quarter revenues grew by 5% quarter-on-quarter 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. 

MREIT Board declares higher dividends for the fourth quarter of 2021

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 March 4, 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. Total dividends paid by MREIT for 2021 now stands at P0.48 per share. As of the close of trading last week, MREIT’s total shareholder return since IPO stood at 25%. The dividends shall be payable on March 31, 2022 to shareholders on record as of March 18, 2022.

Last December, MREIT acquired four income-generating properties with sponsor Megaworld for a total consideration of P9.1-billion. This resulted in a 25% increase in its MREIT’s portfolio gross leasable area (GLA) to 280,000 square meters (sq.m.) and a 19% growth in its portfolio value to P58.5-billion. 

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

MREIT recently announced that it is looking to acquire up to P20.0-billion worth of office assets in 2022, thus potentially exceeding its earlier target of growing its portfolio GLA to around 324,000 sq.m. by the end of the year. 

“We are looking to reach our target portfolio GLA of 500,000 sq.m. earlier by the end of 2023 and achieve an annual total shareholder return of at least 10% via organic growth and new acquisitions. We also want to look at opportunities to expand our portfolio footprint to Megaworld’s other townships. Our enhanced pipeline will help us deliver on these targets,” adds Tan. 

MREIT plans to eventually expand its portfolio GLA to 1-million sq.m. before the end of the decade. Backed by its access to Megaworld’s extensive office portfolio, MREIT aspires to be one of the largest office REITs in Southeast Asia because of the company’s long runway for growth. 

Comments

Post a Comment

Check out more...

5 Awesome Things You Could Enjoy If You Had One Less Bill to Pay

Imagine getting your monthly internet bill ( typically costing around P1,000 or more )  completely covered. That’s right:  free internet , and with it, a whole new world of possibilities.   Just think—if you had an extra ₱1,000+ in your monthly budget, what would you do? Here are five awesome ways to enjoy that extra cash:   1. Upgrade Your On-the-Go Gadget Essentials Always on the move, but your phone’s battery can’t keep up? That extra budget could go towards a high-capacity power bank, wireless charger, or travel-friendly charging hub. Whether you’re saving up or finally buying that must-have gadget, that extra P1,000 can go a long way  for your next gadget upgrade .   2.  Level Up Your Entertainment Experience Free  internet means unlimited streaming ,  but  how  about upgrading your setup? Use the extra cash for smart speakers to boost your  audio or  invest in accessories to enhance your smart TV. Into gaming? Spend ...
Post a Comment
Read more

Enjoy an all-in-one Unli Internet plan at home with PLDT Home

What  better way to  enjoy everything at home  with a broadband plan that  gives   you an  all-in-one unlimited  access to  the  internet,  Pay  TV, and  mobile services .    The new  PLDT Home  Fiber  Unli  All plan  offer s  the best value for money  with a bundled package that comes with unlimited fiber internet,  unlimited entertainment content from Cignal TV, and unlimited calls to PLDT, Smar t a nd TNT.    Here’s a quick breakdown of the new Fiber  Unli  All plans available and their internet speeds: Whether you   want to stream your favorite videos, TV series, and movies ,  the  new Fiber  Unli  All plans deliver what  the whole family wants  with the fast broadband internet and a wide range of  entertainment  options on premium  Pay  TV.  With the Philippines’ largest  Pay  TV provi...
Post a Comment
Read more

Book Your Flights with Cebu Pacific and Seize Sulit Hotel Deals

Cebu Pacific (PSE: CEB), the Philippines’ leading airline,  is giving  every Juan  more reasons to seize the moment and  book their flights now  as it partners with  several hotels   offering   sulit   and   exclusive discounts  for that one unforgettable vacation. Book your flights across Cebu Pacific’s widest domestic network  and get  these  exciting deals  from the following hotel partners * : Club Paradise Palawan •  10% off on seafood bucket •  30% off on couple’s massage at Glow Spa •  10% savings on other treatment and services Discovery Shores Boracay •  16% off on dining offers;  Tomohawk  Steak at Forno Osteria Modern Filipino Boodle Fight  •  16% off on spa treatments: Terra for Two (180 mins); Terra’s Journey (180 mins) Discovery Samal •  Up to 40% off in The Bar - Junior Suite, Executive  Villa  and Villa  rooms o  Includes breakfast f...
Post a Comment
Read more

GCash cautions against gambling apps used for phishing

A recent investigation by the National Privacy Commission (NPC) and the leading mobile wallet GCash, has led to the discovery of certain gambling sites and apps which were used for account takeovers in the recent surge of phishing scams. Additionally, some influencers may have unknowingly promoted these gaming apps without being aware of their fraudulent nature. GCash is now cautioning its users to be extremely careful when accessing online gambling sites and apps, and to avoid them altogether if possible. In this latest scheme, perpetrators created gambling apps while falsely claiming to be accredited by the Philippine Amusement and Gaming Corporation (PAGCOR). These apps deceive users with a verification process, redirecting them to a fake GCash website or payment page to top up betting credits. From there, fraudsters were able to access sensitive information such as credit card details, passwords, GCash numbers, MPINs, OTPs, and other personal data that can be exploited to gain unau...
Post a Comment
Read more

#Gcash users can now go cashless on their next Euro trip thanks to Alipay+ partnership

GCash users can now opt for a hassle-free, cashless payment method on their next Euro trip as the Philippines’ leading mobile wallet is now accepted in Europe’s top travel destinations, including the United Kingdom, France, Germany, and Italy. This cross-border payment service is part of the e-wallet’s strengthened collaboration and partnership with Alipay+ to offer a seamless and secure payment experience, as well as real-time foreign exchange (forex) with no service fee, allowing customers to a hassle-free and rewarding travel experience abroad. Among the key merchants and stores that can accept GCash via Alipay+ are Harrods, Liberty London, and Harvey Nichols in the UK; Printemps in France; Müller and dm-drogerie markt in Germany; as well as itTaxi, and IVS Group, the leader in the vending machines market, in Italy. “In line with our fervent commitment to make our customers’ everyday lives better and more convenient, we want to make sure that they can maximize their GCash account no...
Post a Comment
Read more