Megaworld Group’s real estate investment trust (REIT) MREIT Inc. targets to declare a cumulative P1 per share cash dividend for the year, as it announced the first of four cash dividend issuances.
MREIT said it has declared a P0.243 per share dividend to shareholders based on its income for the first quarter of 2022.
The cash dividends will be payable on May 31, 2022 to stockholders on record as of May 10, 2022.
At an outstanding shares of stocks of 2.53 billion shares, it may be deduced that MREIT earned at least P683 million, of which 90 percent of distributable income has to be declared as dividend under the REIT law.
MREIT said its first quarter dividend payout reflects the resiliency of the its portfolio given that it is higher than the previous quarter’s P0.2399 per share.
“This dividend is just the first tranche of the total amount we aim to distribute for the year 2022. Not including the impact of the acquisitions scheduled for this year, we are looking at declaring dividends amounting to P1 per share, which translates to a 6.2 percent dividend yield versus our IPO price. At current prices, the yield is at 5.7 percent,” said Kevin Tan, MREIT president.
