The MREIT board earlier backed a capital hike and the issuance of up to 1.36 billion shares, providing MREIT with ample resources to acquire prime assets, pending stockholder approval on Sept. 29.
“When we envisioned MREIT, our goal was to build a REIT that would grow faster and deliver more value than the market expected,” MREIT chair Kevin L. Tan said in a statement on Tuesday.
“Accelerating our 1 million square meters GLA target to 2027 aligns with that vision, especially amid a more accommodative global rate environment,” he added.
This comes as MREIT’s distributable income jumped 25 percent in the second quarter to P932 million, while revenues climbed 32 percent to P1.36 billion, fueled by new office acquisitions, rental escalations, and strong occupancy.
For the first half, distributable income rose 26 percent to P1.86 billion, with revenues up 28 percent to P2.70 billion.
“Soon, Megaworld will have close to 1.7 million square meters of office GLA and close to 700,000 square meters of mall GLA, giving MREIT unparalleled access to a deep pipeline of prime assets,” Tan said.
MREIT president and CEO Jose Arnulfo C. Batac added that the strategic initiative positions MREIT to capture growth opportunities at a faster pace, reinforcing its commitment to deliver sustainable value to shareholders.
—Edited by Miguel R. Camus
