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Manila Bulletin devider Business devider The Stock Market devider MREIT earnings post strongest quarterly growth after Wave 4 portfolio expansion

MREIT earnings post strongest quarterly growth after Wave 4 portfolio expansion

Published Apr 23, 2026 11:33 am  |  Updated Apr 23, 2026 01:15 pm

MREIT Inc. (MREIT), the real estate investment trust (REIT) company of tycoon Andrew Tan-led top township developer Megaworld Corp., reported that it delivered its strongest quarterly performance to date due to the contribution of the recently completed Wave 4 acquisition combined with sharper operating efficiencies.

In a disclosure to the Philippine Stock Exchange (PSE) on Thursday, April 23, the firm said these efficiencies lifted earnings, revenues, and margins across the board.

Distributable income rose 34 percent year-on-year to ₱1.25 billion, outpacing revenue growth of 29 percent to ₱1.72 billion. MREIT said this is a clear signal of the operating leverage embedded in the enlarged portfolio.

Net operating income (NOI) margin expanded by 130 basis points (bps) to 81.6 percent from 80.3 percent a year ago, driven by cost efficiencies and stronger portfolio performance.

The first quarter captured the full impact of Wave 4, the ₱16.2-billion property-for-share swap that secured Securities and Exchange Commission (SEC) approval in March, ahead of the company’s own timeline.

The transaction added nine grade A office buildings in McKinley Hill, anchored by multinational tenants, expanding MREIT’s gross leasable area (GLA) by approximately 34 percent to around 647,000 square meters (sqm).

With income contribution backdated to Jan. 1, 2026, shareholders began benefiting from the acquisition from the start of the year.

“Our first-quarter results show Wave 4 working exactly as intended: accretive from day one, and at a scale that meaningfully lifts both our earnings base and margin profile,” said MREIT President and Chief Executive Officer (CEO) Jose Arnulfo C. Batac.

He noted that, “The 130-bp expansion in NOI margin reflects the operating leverage of a larger, higher-quality platform. This is the disciplined, accretive growth we committed to our shareholders, and it sets a strong foundation for the rest of the year.”

With Wave 4 now integrated, MREIT is turning to Wave 5, which is expected to mark the company’s diversification into retail by infusing mall assets in the second half of the year.

Subject to due diligence, valuation, and regulatory approvals, Wave 5 will bring MREIT materially closer to its goal of one million sqm of GLA by 2027.

MREIT’s portfolio consists of prime income-generating assets located within Megaworld’s townships, including McKinley Hill, McKinley West, Eastwood City, Iloilo Business Park, and Davao Park District.

Its visible expansion runway is backed by Megaworld’s extensive pipeline of stabilized, income-generating properties and reinforced by the broader property portfolio of Alliance Global Group Inc. (AGI), giving MREIT one of the strongest sponsor-backed growth platforms among Philippine REITs.

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MREIT Inc. Jose Arnulfo Batac Megaworld Corporation
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