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Manila Bulletin devider Business devider The Stock Market devider Portfolio expansion drives MREIT profit growth

Portfolio expansion drives MREIT profit growth

Published Feb 28, 2025 08:37 am

MREIT, Inc., the real estate investment trust of township developer Megaworld Corporation, reported a 12 percent improvement in distributable income to P3.2 billion for full-year 2024. 

In a disclosure to the Philippine Stock Exhcange, the firm said this growth was primarily driven by the successful acquisition and commencement of income recognition in the fourth quarter of six prime, PEZA-accredited office properties valued at P13.15 billion.

The acquisition expanded MREIT’s portfolio by 156,631 sqm, increasing its total gross leasable area by 48 percent to 482,055 square meters.

Revenues climbed nine percent to P4.5 billion, supported by contributions from the newly acquired assets and steady rental escalations across its existing portfolio.

“This past year marks a significant milestone for MREIT, as we continue executing our strategic expansion plans while ensuring consistent income and value creation for our shareholders,” said MREIT President and CEO Kevin L. Tan.

He added that, “Our ability to successfully acquire high-quality, income-generating properties strengthens MREIT’s position as one of the country’s leading REITs, with a well-diversified portfolio across major business districts.”

MREIT continued to demonstrate the resilience of its portfolio, maintaining an average occupancy rate of 91%—well above the Metro Manila office industry average. This high occupancy is supported by a stable tenant mix, dominated by top-tier BPO firms and traditional corporate tenants.

Looking ahead, MREIT said it remains focused on further expanding its portfolio and enhancing long-term value for shareholders. 

“We are actively assessing new acquisition opportunities to sustain MREIT’s growth trajectory and move closer to our long-term goal of achieving one million sqm of GLA by 2030,” noted Tan. 

He added that, “Our commitment to operational excellence and strategic expansion will continue to drive strong performance and increased dividends for our investors.”

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. 

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MREIT Inc. Megaworld Corporation Kevin L. Tan
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