MREIT Inc., the real estate investment trust of Megaworld Corp., posted a strong first-quarter in 2025, with net distributable income rising 26 percent to P932 million from P742 million in the same period last year.
The company said property acquisitions and higher rental rates supported its income growth.
Revenues rose 25 percent year-on-year to P1.34 billion from P1.08 billion in the first quarter of 2024, MREIT said in a disclosure to the stock exchange Thursday.
The increase came mainly from the full-quarter contribution of six PEZA-accredited office properties acquired in late 2024 and continued rental escalations across MREIT’s high-quality office portfolio.
“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 MREIT president and chief executive Kevin Tan.
“We remain focused on optimizing returns from our existing assets while exploring further acquisition opportunities that align with our growth strategy,” he said.
MREIT’s gross leasable area stands at 482,000 square meters. It aims to keep growing by expanding its gross leasable area by around 100,000 square meters every year, with a long-term goal of hitting 1 million square meters by 2030.
Its portfolio comprises 24 prime office properties located in five Megaworld premier townships: Eastwood City, McKinley Hill, McKinley West, Iloilo Business Park and Davao Park District.
Following its positive first quarter results, MREIT declared cash dividends of P0.25047 per share, payable on June 6, 2025 to stockholders on record as of May 23, 2025.
This translates into an annualized dividend yield of 7.4 percent, based on the last closing price of P13.58 per share as of May 7, 2025.
MREIT in October 2024 acquired six prime office properties worth P13.15 billion from Megaworld via property-for-share swap deal.
It said it plans to diversify its leasing portfolio to retails assets.
