MREIT Inc., the real estate investment trust backed by Megaworld Corp., posted a record distributable income of P1.25 billion in the first quarter of 2026, a 34% jump from a year ago, fueled by a larger property portfolio.
In a disclosure on Thursday, the company said revenues climbed 29% to P1.72 billion, while its net operating income margin improved to 81.6% from 80.3% in the same period last year.
The record performance was largely attributed to the full-quarter impact of its Wave 4 acquisition, which included a P16.2-billion property-for-share swap completed in March. The deal added nine Grade A office buildings in McKinley Hill, expanding MREIT's gross leasable area by 34% to around 647,000 square meters.
MREIT noted that the enlarged portfolio enhanced operating efficiencies and earnings, with income contribution recognized starting January this year.
Looking ahead, the company is preparing for Wave 5, which will introduce retail assets into its portfolio. This move supports MREIT's target of reaching 1 million square meters of gross leasable area by 2027.