MREIT eyes more acquisitions

MANILA, Philippines — MREIT Inc., the real estate investment trust of property giant Megaworld Corp., is looking at acquisition opportunities to sustain its growth trajectory this year after a stellar performance in 2024.

MREIT reported a 12-percent increase in distributable income to P3.2 billion in 2024, driven by the successful acquisition and commencement of income recognition in the fourth quarter of six PEZA-accredited office properties valued at P13.15 billion.

The acquisition expanded the company’s portfolio by 156,631 square meters, increasing its total gross leasable area by nearly half to 482,055 square meters.

The company saw revenues climb by nine percent to P4.5 billion on the back of contributions from the newly acquired assets and steady rental escalations across its existing portfolio.

“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,” MREIT president and CEO Kevin Tan said.

“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,” he said.

MREIT said the company 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 square meters of GLA by 2030,” Tan said.

“Our commitment to operational excellence and strategic expansion will continue to drive strong performance and increased dividends for our investors,” he said.