News Formal

MREIT earnings up 18% on new acquisitions - BusinessWorld Online

  • 📰 bworldph
  • ⏱ Reading Time:
  • 21 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 12%
  • Publisher: 68%

South Africa News News

South Africa South Africa Latest News,South Africa South Africa Headlines

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.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 9. in ZA
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

South Africa South Africa Latest News, South Africa South Africa Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Market bets on higher SM Prime Q1 earnings - BusinessWorld OnlineInvestors were cautiously optimistic on SM Prime Holdings, Inc. last week as they expect higher first-quarter earnings amid looser movement curbs recently. READ:
Source: bworldph - 🏆 9. / 68 Read more »

COL Financial earnings rise 38% as revenues climb - BusinessWorld OnlineCOL Financial Group, Inc. reported on Monday that its net income surged by 38% to P582 million in 2021, driven by a jump in commission revenues. READ:
Source: bworldph - 🏆 9. / 68 Read more »