“We earlier announced an additional 44,300 square meters by end of the year, but we are working to further bulk it up with more assets as we continuously look for ways to increase dividend yields for our shareholders,” MREIT President and Chief Executive Officer Kevin Andrew L. Tan said in a statement on Thursday.MREIT said it expects a 34% increase in portfolio value to P78.5 billion from P58.5 billion once it acquires new assets this year.
The property infusions will be funded via equity and through debt. MREIT said its debt versus total deposited properties percentage stands at 12%, which is below the 35% limit provided under the country’s REIT law. MREIT aims to be “one of the largest REITs in Southeast Asia.” The company is targeting to have a portfolio with 500,000 sq.m. of GLA by 2024, and doubling it before the end of the decade.
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