MREIT Inc., the real estate investment trust unit of Megaworld Corp., said Tuesday it registered distributable income of P639 million in the first quarter.
This translated into an 18-percent growth from the previous quarter as the company’s recent acquisitions provided their first full-quarter contribution during the period.
Revenue and net income in the first three came in at P901.6-million and P687.2-million respectively.
MREIT completed the acquisition of four income-generating properties amounting to P9.1 billion in December last year. This expanded MREIT’s portfolio gross leasable area by 25 percent from 224,000 square meters during its initial public offering to 280,000 sq. m., with occupancy rate averaging at 96 percent with five office assets registering 100-percent occupancy.
The company said that as of end-March 2022, its portfolio value stood at P59.3 billion.
“Our solid performance in the first quarter of 2022 affirms our efforts to sustain MREIT’s growth via a combination of organic and inorganic means. The combination of rent escalation, steady occupancy and implementation of our acquisition plans puts us on track to deliver on our targeted returns for our shareholders in 2022,” said MREIT president and chief executive Kevin Tan.