MREIT Inc., the real estate investment trust of Megaworld Corp., more than doubled its distributable income in the third quarter of 2026 as fresh property infusions nearly doubled its leasable area and lifted rental revenues.
Distributable income jumped 106 percent year-on-year to P1.93 billion, while revenues surged 90 percent to P2.71 billion, MREIT reported.
The growth followed more than P43 billion in property infusions through Waves 4 and 5, the largest infusion value among Philippine Stock Exchange-listed REITs in the first nine months of the year. These transactions expanded gross leasable area to approximately 951,000 square meters from 482,000 square meters.
For January to September, distributable income rose 58% to P4.42 billion, while revenues increased 48 percent to P6.13 billion.
Portfolio occupancy remained above 90 percent, supported by recurring rental income and newly added properties. Wave 5, which began contributing income on July 1, added five lifestyle malls: Festive Walk, Lucky Chinatown, Venice Grand Canal, Eastwood and Southwoods.
The expanded portfolio now consists of approximately 77 percent office, 20 percent retail and 3 percent hotel space across nine Megaworld townships, diversifying MREIT’s income beyond its core office business.
Shareholders are also getting a bigger payout. MREIT declared a third-quarter cash dividend of P0.2762 per share, up 10% from P0.25048 a year earlier and 5% from the previous quarter’s P0.263.
The dividend represents an annualized yield of 8.1% based on the October 22 closing share price. Payable on November 20 to shareholders of record as of November 10, it brings dividends for the first nine months to P0.80215 per share. The latest payout represents 91 percent of distributable income.
“We committed to making each asset infusion translate into meaningful growth in dividends per share, and Waves 4 and 5 delivered on that commitment,” MREIT President and CEO Jose Arnulfo C. Batac said.
MREIT is evaluating potential Wave 6 acquisitions involving select premium properties in Megaworld’s Uptown Bonifacio. The assets, terms and timing remain subject to due diligence, valuation and regulatory approvals.
