MREIT income climbs in 2023

MANILA, Philippines — MREIT Inc., the real estate investment trust company of Andrew Tan-led Megaworld Corp., reported a 13 percent expansion in distributable income to P2.8 billion last year.

Steady rental escalations among current tenants coupled with full-year contribution of the additional four Grade-A office towers boosted revenues by 14 percent year-on-year to P4.2 billion.

“MREIT’s success in 2023 reflects the quality of our assets and our strong tenant relationships,” MREIT president and CEO Kevin Tan said.

“Our approach to focusing on top-tier properties within Megaworld townships was crucial to our unparalleled success, allowing us to maintain elevated occupancy rates and keeping our growth momentum through the year,” he said.

MREIT closed 2023 with an occupancy rate of 96 percent, significantly exceeding Metro Manila office industry’s average occupancy rate of around 81 to 82 percent, based on figures from property consultants.

The company said MREIT’s strong occupancy rate underscores its competitive edge and role as a leader in the office sector.

MREIT’s portfolio currently covers 18 office properties located in four Megaworld premier townships.

Tan said MREIT is actively working on expanding its portfolio through the strategic asset acquisition announced last year.

He said this would allow MREIT to remain at the forefront of the industry in delivering sustained value to its stakeholders.

“As we look ahead, the focus on growth and quality will continue to be the pillars of our company,” Tan said.