Andrew Tan’s MREIT books P2B profit in first 6 months of operations

Megaworld-backed MREIT Inc. posted a net income of P2 billion in the six months ending December last year, boosted by a fair value gain on investment properties worth P702 million.
Revenues rose five percent to P1.5 billion.


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Given its robust performance, the company has approved the declaration of dividends amounting to 24 centavos per share for the fourth quarter of 2021. This brings the total dividends declared by MREIT last year to 48 centavos per share.
The dividends shall be payable on March 31 to shareholders on record as of March 18.
“We are pleased with the accomplishments of MREIT to date and are thankful for all the support that we have received from our shareholders, as evidenced by the strong performance of MREIT shares in the bourse. We aim to build on this momentum as we embark on our expanded acquisition plan this year,” said Kevin L. Tan, president and CEO of MREIT.
MREIT is looking to acquire up to P20 billion worth of office assets, which will expand its gross leasable area to around 500,000 square meters by the end of 2023 and achieve an annual total shareholder return of at least 10 percent via organic growth and new acquisitions.
“We also want to look at opportunities to expand our portfolio footprint to Megaworld’s other townships,” Tan said.
MREIT plans to eventually expand its portfolio GLA to one million sqm before the end of the decade as part of its goal to be one of the largest office REITs in Southeast Asia.