MREIT income in the second quarter reached 677 million pesos thanks to strong asset absorption

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MREIT Inc., the real estate investment trust arm of billionaire Andrew Tan, posted a profit of P677 million in the second quarter of 2022 on the back of robust occupancy.

The MREIT thus recorded a distributable income of 638 million pesos, according to a press release at the weekend.

Revenues during the period reached 893 million pesos, while the rental office occupancy rate reached 96.5% “as new contracts were obtained during the second quarter”.

“We remain focused on delivering attractive returns to MREIT investors. We continue to manage our assets proactively, which has allowed us to record positive net underwriting in our portfolio,” said Kevin Tan, President and CEO of MREIT, in the release.

MREIT, backed by sponsor Megaworld Corp., approved cash dividends of P0.25 per share, up 1.6% from the prior quarter.

“Performance for this period does not yet include additional revenue from the recently announced property-for-equity swap transaction,” the MREIT said in the same statement.

The company last April announced that it would acquire four prime properties worth 5.27 billion pesos.

He said the acquisition was still subject to Securities and Exchange Commission approval.

Expanding portfolio

The projects are located in Megaworld townships in Iloilo City and Taguig in Metro Manila. These are 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 gross leasable area portfolio by 16% to 325,000 square meters spanning 18 office buildings in four prime Megaworld 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 at 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

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