MREIT’s third-quarter 2026 attributable income more than doubled to P1.98 billion as Waves 4 and 5 nearly doubled gross leasable area (GLA) to 951,000 square meters. Revenue increased 90% to P2.71 billion, while distributable income doubled to P1.93 billion. Quarterly dividends per share (DPS) rose 10% year-on-year to P0.2762.
View
We think the distinction between portfolio growth and per-share accretion is important. Distributable income doubled, but dividends per share rose 10%, showing more modest growth at the shareholder level. The latest infusion also diversifies the portfolio, with retail comprising 20% of gross leasable area.
Catalyst
A potential sixth infusion in Uptown Bonifacio could take gross leasable area above 1 million square meters, although assets, pricing and timing remain undecided. We would assess incremental rental yields against acquisition funding costs, particularly given elevated interest rates and office leasing uncertainties.
Action
In our view, MREIT’s execution is encouraging, but further upside depends on sustainable dividends-per-share accretion and attractive acquisition economics. We would monitor occupancy, leverage and distributable income per share, particularly as elevated bond yields continue to influence real estate investment trust (REIT) valuations.