MREIT to hit 1M sqm GLA target by 2027

MREIT, Inc., the real estate investment trust of Megaworld Corp., is projected to achieve its goal of 1 million square meters of gross leasable area (GLA) by 2027, three years ahead of its original timeline.

This accelerated growth will be facilitated by a capital raise and the infusion of additional prime assets into the company.

The company's Board has approved a proposal to increase its authorized capital stock from P5 billion to P8 billion and issue up to 1.36 billion primary common shares, pending stockholder approval.

These shares will be issued in exchange for cash and/or properties to expand MREIT's income-generating assets.

MREIT Chairman Kevin L. Tan expressed confidence in the company's vision to exceed market expectations and highlighted the advantage of an accommodative global rate environment.

He also pointed out Megaworld's significant office and mall GLA, which provides MREIT with access to a substantial pipeline of prime assets.

In the first half of the year, MREIT saw a 26 percent increase in distributable income, reaching P1.86 billion, due to the acquisition of six new office properties in 2024, rental escalations, and sustained occupancy rates.