MREIT, Inc.'s Q4 Distributable Income Surges 37% on Strategic Expansion

​MREIT, Inc., the real estate investment trust of township developer Megaworld Corporation, posted stellar fourth-quarter performance with distributable income rising 37% year-on-year to P969 million. Revenues also surged by 34% to P1.4 billion, driven primarily 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 over 156,000 sqm, increasing its total gross leasable area by 48% to 482,000 sqm.

For the full-year 2024, distributable income reached a record P3.2 billion, up 12% from the previous year. Revenues likewise climbed 9% 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 Kevin L. Tan, president and chief executive officer, MREIT, Inc. “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 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,” added Tan. “Our commitment to operational excellence and strategic expansion will continue to drive strong performance and increased dividends for our investors.”
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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.