MREIT, Inc., the REIT company of the country’s largest office landlord Megaworld, declared dividends of P0.243 per share to its shareholders based on its income for the first quarter of 2022.
The cash dividends will be payable on May 31, 2022 to stockholders on record as of May 10, 2022.
MREIT’s dividend policy contemplates quarterly distribution of dividends. Reflecting the resiliency of the company’s property portfolio, the latest tranche of dividends is higher than the previous quarter’s P0.2399 per share.
“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 P1.00 per share, which translates to a 6.2% dividend yield versus our IPO price. At current prices, the yield is at 5.7%,” says Kevin L. Tan, president and CEO, MREIT, Inc.
The company earlier announced an expanded acquisition plan for the year 2022 amounting to P20-billion, with the deed of exchange for the initial acquisition of four prime properties worth P5.3-billion already signed between MREIT and sponsor Megaworld.
“We firmly believe that the benefit to MREIT investors goes beyond the dividend that they will get as we target to deliver a total return of at least 10% per annum over the next three years. Our current acquisition plan is key to our achieving, if not outperforming this target,” added Tan.
Once the new acquisitions are completed, MREIT’s portfolio will cover 18 office properties in four Megaworld premier townships: 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 in 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.