MREIT declares early Q4 dividends
MREIT, Inc., the REIT company of the country’s largest office landlord Megaworld Corporation, has declared dividends of P0.2428 per share for its shareholders based on its distributable income in the fourth quarter of 2022. The cash dividends will be payable on 15 February 2023 to stockholders on record as of 24 January 2023.
Total dividends for the year reached P0.9770 per share. This brings the company’s dividend yield to 7.1 percent as of MREIT’s closing share price of P13.70 per share on 6 January 2023. MREIT will continue to declare quarterly dividends to its shareholders.
“We remain committed to delivering competitive returns to our shareholders through a combination of organic growth and acquisitions,” said Kevin L. Tan, President and Chief Executive Officer, MREIT, Inc.
The dividends, however, do not include additional income arising from the announced property-for-share swap transaction. Last April, MREIT announced the acquisition of an additional four prime 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 1 January 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,” added Tan.
Once complete, the acquisition will expand MREIT’s portfolio by 16 percent to 325,000 square meters, covering 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 at the Iloilo Business Park; and One West Campus and Five West Campus in McKinley West.
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