Mreit Inc., the real estate investment trust of Megaworld Corp., reported income of P2.5 billion in 2022, more than double the previous year’s P1.1 billion.
The company also reported revenues of P3.6 billion, also higher compared to previous year’s P1.5 billion.
“We cap off the year 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,” Kevin Andrew L. Tan, president and CEO, said.
Only in March, Mreit approved the acquisition of four additional office properties at its prime townships McKinley West and Iloilo Business Park worth P5.3 billion.
Income from these assets is expected to further drive growth starting this year.
The acquisition expanded Mreit Inc.’s portfolio by 44,567 square meters or 16 percent to 325,000 square meters covering 18 office properties in four Megaworld premier townships.
Mreit targets to grow its portfolio by 54 percent to 500,000 square meters by 2024. This will help the company deliver at least 10 percent annual total shareholder return by a combination organic and inorganic growth.
In February, the company paid out dividends of P0.2428 per share to shareholders based on distributable income in the fourth quarter of 2022.
Dividends for the year totaled P0.9770 per share, which brings its dividend yield to 6.7 percent based on Mreit’s closing share price of P14.54 per share on April 17, 2023.
Mreit recently formed part of the Philippine Property Index.
