This growth came on the back of higher rental income, driven by the full-quarter contribution from six newly acquired PEZA-accredited office buildings added in late 2024, alongside steady rental increases across its portfolio.
Revenues climbed 25 percent to P1.34 billion, up from P1.08 billion in the same period last year, underscoring the rising demand for office space in Megaworld’s integrated townships.
“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, president and chief executive officer of MREIT, Inc.
“We remain focused on optimizing returns from our existing assets while exploring further acquisition opportunities that align with our growth strategy,” he added.
With its gross leasable area (GLA) now at 482,000 square meters—up 48 percent from last year—MREIT’s portfolio includes 24 prime office properties across Eastwood City, McKinley Hill, McKinley West, Iloilo Business Park, and Davao Park District.
The company is targeting to add 100,000 square meters annually, aiming to reach 1 million square meters of GLA by 2030—a move that will make it one of the largest office REITs in the Philippines.
To reward shareholders, MREIT declared a cash dividend of P0.25047 per share, payable on June 6 to stockholders on record as of May 23. This translates to a 7.4 percent annualized dividend yield, based on its May 7 closing price of P13.58.
