MREIT reports 12% income growth, expands portfolio

MREIT, Inc., a real estate investment trust of Megaworld Corporation, reported a 12 percent increase in distributable income to P3.2 billion for full-year 2024.

The growth was driven by the acquisition of six prime office properties valued at P13.15 billion, which expanded MREIT's portfolio by 156,631 square meters and increased its total gross leasable area by 48 percent to 482,055 square meters.

Revenues climbed nine percent to P4.5 billion, supported by contributions from newly acquired assets and steady rental escalations across existing properties.

MREIT's president and CEO Kevin L. Tan highlighted the successful acquisition of high-quality income-generating properties, strengthening MREIT's position as one of the country's leading REITs with a well-diversified portfolio.

Looking ahead, MREIT aims to further expand its portfolio and enhance long-term value for shareholders by assessing new acquisition opportunities and maintaining an average occupancy rate of 91 percent.