Billionaire Andrew Tan’s real estate investment trust arm MREIT Inc. pledged on Monday to maintain “competitive returns” for investors as it announced a cash dividend payout for next month and plans to further expand its property footprint.
MREIT said the latest payout would bring total 2022 dividends to P0.9770 per share. This represents a yield of 7.1 percent as of its closing share price last Friday.
The company aims to further expand after recently announcing an “accelerated growth plan” to upsize its gross leasable area to 500,000 square meters by the end of 2024 from about 280,000 square meters as of September 2022.It will also diversify its tenant mix to include the industrial, logistics and warehousing segments.
While announced last year, the assets have yet to be injected into MREIT because the acquisition is still subject to the approval of the Securities and Exchange Commission.
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