MREIT posts 12% growth in H1 income
MANILA -Billionaire Andrew Tan’s real estate investment trust arm MREIT Inc. said net income grew during the first semester of 2023 after expanding its portfolio of office assets.
As a result, distributable income from January to June climbed 12 percent to P1.4 billion while revenues expanded by 15 percent to P2.1 billion.
MREIT, backed by sponsor Megaworld Corp., recently acquired four new prime office towers worth P5.3 billion. These contributed to earnings starting Jan. 1 this year.
Kevin L. Tan, MREIT president and CEO, said the office leasing sector “remains relevant amid challenges from excess supply”.
“We believe the challenges are only temporary and MREIT is ready to capture the coming demand of a recovering office sector as tenants transition back from the work-from-home setup to hybrid or even a full return-to-office setup,” Tan said.
MREIT earlier declared cash dividends of P0.2476 per share to its shareholders. These will be paid on Sept. 14 to stockholders of record as of Aug. 23 this year.