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MREIT Q1 income jumps 31%,fueled by new properties
MREIT, Inc. reported a 31% increase in first-quarter net income to P963 million, up from P733 million in the same period last year.
The real estate investment trust's revenues rose by 25% to P1.34 billion for the January-to-March period.
Distributable income grew by 26% to P932 million from P742 million last year.
This growth was primarily driven by six office properties acquired in October 2024 for P13.15 billion, which added 156,631 square meters of gross leasable area.
The newly acquired assets are located in McKinley West, Iloilo Business Park, and Davao Park District.
MREIT President and CEO Kevin L. Tan stated that the performance reflects the strength of their expanded portfolio and the demand for prime office spaces.
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