MREIT, Inc., the real estate investment trust of Megaworld Corp., registered a distributable income of P2.8 billion in 2023, up 13 percent from the P2.5 billion recorded in 2022, on the back of steady rental escalation and high occupancy rate in its office portfolio.
Total revenue was up 14 percent year-on-year to P4.2 billion with the full-year contribution of the additional four Grade-A office towers in January last year.
MREIT ended 2023 with an occupancy rate of 96 percent, better than the previous year’s and Metro Manila office industry’s average occupancy rate of around 82 percent, based on figures from property consultants.
“MREIT’s success in 2023 reflects the quality of our assets and our strong tenant relationships. 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,” says Kevin L. Tan, president and chief executive officer, MREIT, Inc.
“As we look ahead, the focus on growth and quality will continue to be the pillars of our company. We are actively working on expanding our portfolio through the strategic asset acquisition announced last year, allowing MREIT to remain at the forefront of the industry in delivering sustained value to our stakeholders,” added Tan.
MREIT’s portfolio covers 18 office properties located in four Megaworld premier townships.
