MREIT Inc., the real estate investment trust of Megaworld Corp., has declared dividends of P0.2428 per share to its shareholders based on its distributable income in the fourth quarter of 2022.
The cash dividends will be payable on February 15 to stockholders on record as of January 24, the company said.
This brings total dividends for the year to P0.9770 per share, or a dividend yield of 7.1 percent as of MREIT’s closing share price of P13.70 per share last week.
“We remain committed on delivering competitive returns to our shareholders through a combination of organic growth and acquisitions,” Kevin Andrew L. Tan, the company’s president and CEO, said.
The dividends do not include additional income arising from the announced property-for-share swap transaction. Last April, MREIT announced the acquisition of an additional four properties worth P5.3 billion. The acquisition is still subject to the approval of the Securities and Exchange Commission.
“We aim to complete within this quarter our planned acquisitions announced last year. Once complete, income from these assets will be recognized retroactively beginning January 1 of this year. The acquisition will increase MREIT’s property value by 9 percent to P64.5 billion and will provide added growth in line with our promise to deliver sustainable value to our shareholders,” Tan said.
Once complete, the acquisition will expand MREIT’s portfolio by 16 percent to 325,000 square meters covering 18 office properties in four Megaworld townships. VG Cabuag