MANILA -Billionaire Andrew Tan’s MREIT Inc. doubled earnings in 2022 as it expanded its portfolio of leasing assets.
The real estate investment trust (REIT), backed by Tan’s property giant Megaworld Corp., closed the year with a distributable income of P2.5 billion, which was higher than the previous year by nearly 130 percent.
Revenues in 2022 also jumped 140 percent to P3.6 billion.
“We cap off the year firm despite some headwinds faced by the office industry. Our ability to adapt and pivot in response to the ever-changing market conditions is a testament to the quality of our assets,” MREIT president and CEO Kevin Tan said in a statement on Tuesday.
The REIT company said occupancy across its projects remained robust with an average rate of 96 percent.
Emerging opportunities
“As we look ahead, we believe we are well positioned to withstand any headwinds that may come. We will continue leveraging our expertise and experience to capitalize on emerging opportunities,” Tan noted.
MREIT, which listed on the Philippine Stock Exchange on Oct. 1 2021, earlier paid out dividends of P0.977 per share for 2022.
It previously announced plans to grow its portfolio by 54 percent to 500,000 square meters by 2024.
MREIT’s portfolio is expanding anew after the the Securities and Exchange Commission approved the infusion of P5.3 billion worth of Grade A offices from Megaworld.
The office building are projects within the developer’s townships in Iloilo City and Taguig City in Metro Manila.
Earnings recognition
These were the Festive Walk 1B and Two Global Center in Iloilo Business Park and One West Campus and Five West Campus in McKinley West, Taguig City.
MREIT will recognize earnings from the projects beginning Jan. 1 this year.
The company’s portfolio will then include 18 office properties in four Megaworld premier townships: 1800 Eastwood Ave., 1880 Eastwood Ave., 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. INQ
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