MREIT grows Q1 dividend
MREIT [MREIT 14.70 0.3%; 245% avgVol] [link] declared a Q1/23 dividend of P0.2476, payable on Jun 19 to shareholders of record as of May 29.
The dividend has an annualized yield of 6.74% based on the previous closing price, which is larger than MREIT's pre-dividend annualized yield of 6.61%.
The total amount of the dividend represents 97% of MREIT’s distributable income for the quarter.
Relative to MREIT's IPO price, the dividend increased MREIT's total stock and dividend gain to 1.9%, up from its pre-dividend gain of 0.4%. MREIT is a commercial REIT that is owned by Andrew Tan as a subsidiary of Megaworld [MEG 1.99 0.5%; 94% avgVol]. It has declared seven dividends since becoming a part of the PSE.
MB BOTTOM-LINE
This Q1 dividend is up 1.9% y/y, up 2.0% q/q, and when it’s distributed, it will be the largest in MREIT’s history. For all of the post-COVID challenges that the commercial REIT sector has had since MREIT’s IPO, the company has done well by its shareholders to protect the income stream and distribute a relatively stable dividend.
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Merkado Barkada's opinions are provided for informational purposes only, and should not be considered a recommendation to buy or sell any particular stock. These daily articles are not updated with new information, so each investor must do his or her own due diligence before trading, as the facts and figures in each particular article may have changed.
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