MANILA – Real estate investment trust (REIT) company MREIT Inc., owned by billionaire Andrew Tan, reported significant growth in net income for the first half of 2023. This growth can be attributed to the expansion of its office asset portfolio.
During the period from January to June, distributable income increased by 12 percent to P1.4 billion, while revenues grew by 15 percent to P2.1 billion.
MREIT, supported by Megaworld Corp., its sponsor, acquired four new prime office towers valued at P5.3 billion. These assets contributed to the company’s earnings from January 1 of this year.
Kevin L. Tan, the president and CEO of MREIT, emphasized the continuing relevance of the office leasing sector, despite challenges posed by an oversupply of office spaces.
Tan stated, “We believe that these challenges are only temporary, and MREIT is prepared to meet the future demand as tenants transition from remote work setups to hybrid or fully office-based setups.”
Earlier, MREIT also announced cash dividends of P0.2476 per share, which will be paid to stockholders on September 14, with a record date of August 23 this year.
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Omprakash Tiwary is a business writer who delves into the intricacies of the corporate world. With a focus on finance and economic landscape. He offers readers valuable insights into market trends, entrepreneurship, and economic developments.
Denial of responsibility! Samachar Central is an automatic aggregator of Global media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, and all materials to their authors. For any complaint, please reach us at – [email protected]. We will take necessary action within 24 hours.
