Mreit declares dividends for January-March

Mreit Inc., the real estate investment trust sponsored by Andrew Tan’s Megaworld Corp., on Monday said it declared dividends of P0.243 per share based on its income for the first quarter.

The cash dividends will be payable on May 31 to stockholders on record as of May 10, the company said.

The latest tranche of dividends is higher than the previous quarter’s P0.2399 per share, it said.

“This dividend is just the first tranche of the total amount we aim to distribute for the year 2022. Not including the impact of the acquisitions scheduled for this year, we are looking at declaring dividends amounting to P1 per share, which translates to a 6.2 percent dividend yield versus our IPO [initial public offering] price. At current prices, the yield is at 5.7 percent,” Kevin Andrew L. Tan, the company’s president and CEO, said.

The company earlier announced an expanded acquisition plan this year to reach P20 billion, with the deed of exchange for the initial acquisition of four prime properties worth P5.3 billion already signed between MREIT and  Megaworld.

In December, Mreit completed the acquisition of four commercial properties with a total gross leasable area (GLA) of 55,700 square meters for P9.1 billion. By the end of 2021, Mreit’s expanded portfolio already consisted of 14 prime buildings with a total GLA of around 280,000 square meters located mainly in PEZA-accredited zones in Megaworld’s developments in Eastwood in Libis, Quezon City, McKinley Hill in Taguig and Iloilo Business Park.