MREIT reported a robust first‑half earnings performance, driven by the completion of its fourth wave of asset acquisitions and a rise in occupancy rates.
The trust’s distributable income climbed 34%, reaching P2.49 billion, a result of expanded holdings and operational efficiencies.
Revenue for the January‑June period increased 26% to P3.41 billion from P2.70 billion a year earlier.
In the second quarter, attributable net income grew 29.4% to P1.25 billion, while revenue rose 24.2% to P1.69 billion.
Net operating income margin improved by 121 basis points to 81%, attributed to cost‑control measures and leverage across the enlarged portfolio, even amid inflationary pressures and higher energy costs linked to regional tensions.
The company highlighted disciplined cost management and a transition to 100% renewable electricity as key factors in stabilizing electricity generation costs and supporting sustainability goals.
Occupancy across the portfolio improved to 90% in the first half, up from 89% a year earlier.
A second‑quarter cash dividend of P0.2630 per share was declared, a 5% increase from the previous year, bringing total first‑half dividends to P0.5260 per share.
Leadership emphasized that each new asset infusion is structured to enhance dividend‑per‑share value, illustrating the tangible returns generated by the fourth wave of acquisitions.
MREIT is progressing a P27 billion fifth wave of acquisitions through a property‑for‑share swap, pending regulatory approval.
The transaction will add approximately 303,500 square meters of gross leasable area, expanding the portfolio to more than 950,000 square meters and positioning the trust to reach a 1‑million‑square‑meter milestone ahead of its 2027 target.
Following the swap, office properties will account for about 77% of the total GLA, retail assets 20%, and hotel properties 3%.
The deal extends the company’s presence from five to nine townships and incorporates five malls, a 737‑room hotel, and six office buildings.
New assets feature a blended occupancy rate of 91% and a weighted average lease expiry of 5.3 years.
Shares in the transaction will be valued at P16.50 each, reflecting an 18.6% premium to the recent volume‑weighted average price.
Shares closed at P14.08, up 0.43% on the day.
