MREIT Inc., the real estate investment trust of Megaworld Corp., said its distributable income for 2024 reached a record P3.2 billion, up 12 percent from the previous year.
Revenues went up 9 percent to P4.5 billion, supported by contributions from the newly-acquired assets and steady rental escalations across its properties.
Distributable income climbed 37 percent year-on-year to P969 million in the fourth quarter, as revenues advanced 34 percent to P1.4 billion.
MREIT completed the acquisition and commencement of income recognition of six prime, PEZA-accredited office properties worth P13.15 billion in the fourth quarter of 2024.
The acquisition expanded MREIT’s portfolio by over 156,000 square meters, increasing its total gross leasable area by 48 percent to 482,000 sq. m.
“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 MREIT president and chief executive Kevin Tan.
“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,” Tan said.
The occupancy rate averaged 91 percent, supported by a stable tenant mix, dominated by top-tier BPO firms and traditional corporate tenants.
MREIT said it 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,” said Tan.
“Our commitment to operational excellence and strategic expansion will continue to drive strong performance and increased dividends for our investors,” he said.
MREIT’s properties include 24 prime office buildings in five Megaworld premier townships: Eastwood City, McKinley Hill, McKinley West, Iloilo Business Park and Davao Park District.