MREIT Q2 income hit P677M on strong take-up of assets
MREIT Inc., the real estate investment trust arm of billionaire Andrew Tan, reported a P677-million profit in the second quarter of 2022 on the back of a robust occupancy rate.
MREIT thus registered a distributable income of P638 million, a statement over the weekend showed.
Revenues during the period reached P893 million while office rental occupancy rate hit 96.5 percent “as new contracts have been secured during the second quarter.”
“We remain focused on delivering attractive returns to MREIT investors. We continue to manage our assets proactively, which allowed us to register net positive take-up in our portfolio,” Kevin Tan, MREIT president and CEO, said in the statement.
MREIT, backed by sponsor Megaworld Corp., approved cash dividends of P0.25 per share, higher by 1.6 percent from the previous quarter.
“This period’s performance does not yet include additional income arising from the recently announced property-for-share swap transaction,” MREIT said in the same statement.
The company, last April, said it would acquire four prime properties worth P5.27 billion.
It said the acquisition was still subject to the approval of the Securities and Exchange Commission.
Expanding portfolio
The projects are located in Megaworld’s townships in Iloilo City and in Taguig in Metro Manila. These are the Festive Walk 1B and Two Global Center in Iloilo Business Park and One West Campus and Five West Campus in McKinley West, Taguig City.
The deal will expand MREIT’s portfolio of gross leasable area by 16 percent to 325,000 square meters covering 18 office properties in four Megaworld premier townships.
The properties 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. INQ
