MREIT reports 31% Q1 net income growth to P963M

MREIT, Inc. reported a 31% increase in first-quarter (Q1) net income to P963 million, up from P733 million last year.

The company's revenues rose by 25% to P1.34 billion compared with P1.08 billion in the same period of 2024.

This growth was primarily driven by contributions from six recently acquired office properties valued at P13.15 billion and sustained rental escalations across its portfolio.

MREIT's President and CEO, Kevin L. Tan, highlighted the strength of their expanded portfolio and the continued demand for prime office spaces in strategically located townships.

The company aims to expand its gross leasable area (GLA) by 600,000 sq.m. by year-end and increase it annually by 100,000 sq.m. to reach 1 million sq.m. by 2030.