MREIT doubles income to P2.5 billion

MANILA, Philippines — MREIT Inc., the Andrew Tan-led real estate investment trust (REIT), reported a distributable income of P2.5 billion last year, more than double the P1.1 billion recorded in 2021.

The company raked in revenues of P3.6 billion, also higher compared to the prior year’s P1.5 billion.

MREIT president and CEO Kevin Tan said last year’s business was firm despite some headwinds faced by the office industry.

“Our ability to adapt and pivot in response to the ever-changing market conditions is a testament to the quality of our assets. As we look ahead, we believe we are well positioned to withstand any headwinds that may come. We will continue leveraging our expertise and experience to capitalize on emerging opportunities,” Tan said.

Moving forward, MREIT has a plan to grow its portfolio by 54 percent to 500,000 square meters by 2024.

Tan said this would help the company achieve its objective to deliver at least 10 percent annual total shareholder return through a combination of both organic and inorganic growth.

Last Feb. 15, MREIT paid out dividends of P0.2428 per share to its shareholders based on its distributable income in the fourth quarter of 2022. This brings total dividends for 2022 at P0.9770 per share.

This brings the company’s dividend yield to 6.7 percent as of MREIT’s closing share price of P14.54 per share on April 17, 2023.

MREIT has been strengthening its portolio, acquiring an additional four prime office properties in Megaworld’s prime township McKinley West and Iloilo Business Park worth P5.3 billion last year.

The acquisition expanded MREIT’s portfolio by 44,567 sqm or by 16 percent to 325,000 sqm, covering 18 office properties in four Megaworld premier townships.

These are 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.

MREIT was also recently included in the Philippine Property Index. This achievement affirms the company’s commitment to delivering sustained growth and long-term value to our stakeholders and reinforces MREIT’s position as a leading player in the market.