News & Media

MREIT, Inc., the real estate investment trust of township developer Megaworld Corporation, ended the first quarter of 2025 with a robust performance, as distributable income soared to P932 million in the first quarter of 2025, from P742 million during the same period last year.

Revenues grew 25% year-on-year to P1.34 billion, up from P1.08 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 Kevin L. Tan, president and chief executive officer, 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.

Following its 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 to an annualized dividend yield of 7.4%, based on the last closing price of P13.58 per share as of May 7, 2025.

MREIT’s gross leasable area currently stands at 482,000 square meters, a 48% increase following the Wave 3 acquisition 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.