MREIT Inc., the real estate investment trust of developer Megaworld Corp., reported a record P1.25-billion distributable income in the first quarter, up 34 percent, driven by portfolio expansion.
In a disclosure on Thursday, MREIT said its revenues rose 29 percent to P1.72 billion, while net operating income margin improved to 81.6 percent from 80.3 percent a year earlier.
The growth was fueled by the full-quarter impact of its Wave 4 acquisition, including the P16.2-billion property-for-share swap completed in March.
The deal added nine Grade A office buildings in McKinley Hill, expanding gross leasable area by 34 percent to about 647,000 square meters (sq m).
MREIT said the enlarged portfolio improved operating efficiencies and earnings, with income contribution recognized starting January this year.
The company is now preparing for Wave 5, which will introduce retail assets and support its target of 1 million sq m of gross leasable area by 2027.