Fresh asset swaps hike MREIT income by 58 percent
The real estate investment trust (REIT) of Megaworld Corp. raised its distributable income by more than half in the nine months to September following the infusion of over P43 billion in assets.
Real estate investment trust (REIT) of Megaworld Corp., MREIT Inc., has significantly boosted its distributable income by 58 percent to P4.42 billion within nine months due to the infusion of over P43 billion in assets. Revenue for the period rose by 48 percent to P6.13 billion, with MREIT's distributable income doubling to P1.93 billion in the third quarter alone.
This surge is credited to recent property-for-share swaps, with MREIT completing four and five waves of property addition, expanding its gross leasable area (GLA) to 951,000 square meters from 482,000 sqm. Occupancy rate stands at 90 percent, indicating robust performance despite a challenging property market. MREIT's latest property infusion added five malls and six office spaces to its portfolio, further diversifying its asset base.
MREIT president and CEO Arnulfo Batac highlighted that shareholders would benefit from the dividends, which have been increased by 10 percent to P0.2762 per share, citing the fifth wave of property infusion as a means to translate meaningful growth. MREIT is considering another round of property-for-share swap, potentially including Megaworld's flagship properties in Uptown Bonifacio.
Written by urgent.news from Philippine Star Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
