MREIT Inc., the real estate investment trust (REIT) of property giant Megaworld Corp., reported a 25 percent increase in its first-quarter net income to ₱932 million, from only ₱742 million in the same period last year, driven by strategic acquisitions and sustained rental growth.
Revenue also rose 25 percent to ₱1.34 billion from ₱1.08 billion. The boost in earnings was primarily attributed to the full-quarter income contribution of six newly acquired PEZA-accredited office properties, added to MREIT’s portfolio in late 2024, as well as continued rental escalations across its growing commercial footprint.
“This solid start to the year demonstrates the strength of our expanded portfolio and the continued demand for prime office spaces in our strategically located townships,” said Kevin L. Tan, MREIT president and CEO.
Tan said the company remains focused on “optimizing returns from our existing assets while exploring further acquisition opportunities that align with our growth strategy.”
The board also approved a cash dividend of ₱0.25047 per share, payable on 6 June to shareholders of record as of 23 May. Based on MREIT’s last traded share price of ₱13.58 on 8 May, the dividend represents an annualized yield of 7.4 percent—a competitive return in the local REIT market.
MREIT reiterated its long-term growth objective of reaching 1 million square meters of gross leasable area (GLA) by 2030. To support this, the company aims to add approximately 100,000 square meters of GLA annually. Its current GLA stands at 482,000 square meters—up 48 percent year-on-year—following the recent acquisition.
The company’s portfolio now comprises 24 office properties, primarily located within Megaworld’s mixed-use townships, and strategically positioned to benefit from resilient demand in the Philippine office market.
