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MREIT earnings up 18% on new acquisitions - BusinessWorld Online

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MREIT, Inc., the real estate investment trust company of Megaworld Corp., announced on Tuesday that its distributable income in the first three months of the year increased by 18% to P639 million quarter on quarter, driven by recent acquisitions. READ:

“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,” MREIT President and Chief Executive Kevin L. Tan said in a statement.

Last December, MREIT completed the acquisition of four properties worth P9.1 billion, expanding its portfolio’s gross leasable area by 25% to 280,000 square meters from 224,000 sq.m. during its initial public offering in September last year. Last week, the real investment trust declared dividends amounting to P0.243 per share to its shareholders based on its income for the first quarter of 2022.

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