New assets boost MREIT income to P932M
| PHOTO: Official website of MREIT
MANILA, Philippines — MREIT Inc., the real estate investment trust arm of developer Megaworld Corp., posted a 26-percent surge in its first-quarter distributable income to P932 million on gains from its new asset acquisitions.
Revenues in the January to March period likewise swelled by 25 percent to P1.34 billion, MREIT said in a stock exchange filing on Thursday.
Last October, MREIT bought six office properties from Megaworld valued at P13.15 billion. These were Two West Campus, Ten West Campus and One Le Grand in McKinley West; One Fintech and Two Fintech in Iloilo Business Park; and Davao Finance Center in Davao Park District, spanning a total of 156,631 square meters (sq m).
This brought MREIT’s total gross leasable area to 482,055 sq m.
In exchange, MREIT issued 926.16 million shares worth P14.20 each to its REIT sponsor.
“This solid start to the year demonstrates the strength of our expanded portfolio and the continued demand for prime office spaces in our strategically located townships,” MREIT president and CEO Kevin Tan said in their disclosure.
READ: Megaworld’s REIT diversifying into retail
