MREIT, Inc. (MREIT), the real estate investment trust of Megaworld Corporation, delivered its strongest quarterly performance to date, posting a record ₱1.25 billion in distributable income for the first quarter of 2026, a 34% increase year‑on‑year.
The surge reflects the immediate earnings accretion from its recently completed Wave 4 acquisition and continued improvements in operating efficiency.
Revenues climbed 29% to ₱1.72 billion, while net operating income (NOI) margin expanded by 130 basis points to 81.6%, underscoring the operating leverage of MREIT’s enlarged, higher‑quality portfolio.
The quarter captured the full impact of Wave 4, a ₱16.2‑billion property‑for‑share swap approved by the SEC in March. The transaction added nine Grade A office towers in McKinley Hill, anchored by multinational tenants, increasing MREIT’s gross leasable area (GLA) by approximately 34% to around 647,000 square meters. With income contribution backdated to January 1, 2026, shareholders benefited from the acquisition from the start of the year.
“Wave 4 is performing exactly as designed—accretive from day one and transformative in scale,” said Jose Arnulfo C. Batac, President and CEO of MREIT, Inc. “The 130‑basis‑point improvement in NOI margin reflects the strength of a larger, more efficient platform. This disciplined, accretive growth sets a solid foundation for the rest of the year.”
With Wave 4 now fully integrated, MREIT is preparing to launch Wave 5, which is expected to mark the company’s entry into retail assets through the infusion of mall properties in the second half of 2026. Subject to due diligence, valuation, and regulatory approvals, Wave 5 will bring MREIT significantly closer to its target of one million square meters of GLA by 2027.
MREIT’s portfolio comprises prime, income‑generating assets located within Megaworld’s townships, including McKinley Hill, McKinley West, Eastwood City, Iloilo Business Park, and Davao Park District. Its long‑term expansion pipeline is supported by Megaworld’s extensive inventory of stabilized assets and further reinforced by the broader property portfolio of Alliance Global Group—giving MREIT one of the strongest sponsor‑backed growth platforms among Philippine REITs.
