MREIT Inc., the real estate investment trust of Megaworld Corp., posted a 34-percent increase in distributable income to P2.49 billion in the first half (H1), driven by its Wave 4 acquisition, higher portfolio occupancy and improved operating efficiency.
The company on Thursday said first-half revenues rose 26 percent to P3.41 billion from P2.70 billion a year earlier, while distributable income grew at a faster pace than revenues following completion of its latest asset infusion.
Net operating income margin improved by 121 basis points to 81 percent from 79.8 percent despite inflationary pressures and higher energy-related costs stemming from the Middle East war, the company said.
MREIT said disciplined cost management and its transition to 100-percent renewable electricity across its portfolio helped mitigate volatility in electricity generation costs.
Portfolio occupancy improved to 90 percent from 89 percent, above prevailing occupancy rates in both Metro Manila and provincial office markets.
MREIT also declared a second-quarter cash dividend of P0.2630 per share, up from P0.2505 a year earlier.
This brought total dividends for the first half to P0.5260 per share, equivalent to an annualized dividend yield of 7.6 percent based on the stock’s last closing price.
“As promised, we now structure every asset infusion we pursue to deliver material dividend-per-share accretion,” MREIT President and CEO Jose Arnulfo Batac said.
“The dividends declared in both the first and second quarters of 2026 reflect that commitment and demonstrate how Wave 4 is translating portfolio growth into tangible per-share returns for our shareholders,” he added.
Building on the completion of Wave 4, MREIT said it was advancing its Wave 5 asset infusion, a P27-billion property-for-share swap with sponsor Megaworld that is still awaiting regulatory approval.
Once completed, the transaction will expand MREIT’s portfolio to more than 950,000 square meters.
MREIT shares added P0.06, or 0.43 percent, to close at P14.08 each on Thursday.
