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Manila Bulletin devider Business devider The Stock Market devider New assets, higher rent push up MREIT profits

New assets, higher rent push up MREIT profits

Published May 8, 2025 12:28 pm
Recently-acquired assets and higher rent boosted the earnings of MREIT, Inc., the real estate investment trust of township developer Megaworld Corporation, by 25.6 percent to ₱932 million in the first quarter of 2025 from the ₱742 million earned in the same period last year.
The firm said in a disclosure to the Phiippine Stock Exchange that revenues grew 25 percent year-on-year to ₱1.34 billion from ₱1.08 billion in the first quarter of 2024.
The strong growth in both revenue and income was driven by the full-quarter income contribution from the six newly acquired, PEZA-accredited office properties added in late 2024, as well as sustained rental escalations across MREIT’s high-quality 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 CEO Kevin L. Tan.
He noted that, “We remain focused on optimizing returns from our existing assets while exploring further acquisition opportunities that align with our growth strategy.”
Following its first quarter results, MREIT declared cash dividends of ₱0.25047 per share, payable on June 6, 2025 to stockholders on record as of May 23, 2025.
This translates to an annualized dividend yield of 7.4 percent, based on the last closing price of ₱13.58 per share as of May 7, 2025.
MREIT’s gross leasable area currently stands at 482,000 square meters, a 48 percent increase following its third wave of acquisitions completed last year.
To date, MREIT’s portfolio comprises 24 prime office properties strategically located in five Megaworld premier townships: Eastwood City, McKinley Hill, McKinley West, Iloilo Business Park, and Davao Park District.
To support its long-term growth target, MREIT plans to expand its gross leasable area by approximately 100,000 square meters annually.
This strategy will bring the company closer to its goal of reaching 1 million square meters of GLA by 2030, solidifying its position as one of the largest office REITs in the country.

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MREIT Inc. Megaworld Corporation Kevin L. Tan
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