MREIT, Inc. Reported a PHP 2.8 Billion Distributable Income in 2023, Up 13%

MREIT, Inc., the REIT subsidiary of Megaworld Corporation, the country's largest office landlord, reported a distributable income of P2.8 billion in 2023, up 13% from P2.5 billion in 2022. Revenues increased by 14% year on year to P4.2 billion, driven by the full-year contribution of the additional four Grade-A office towers beginning in January 2023. Consistent rental increases among current tenants also aided revenue growth.

The company finished the year with an occupancy rate of 96%, not only up from the previous quarter but also much higher than the Metro Manila office industry's typical occupancy rate of 81% to 82%, according to property experts. This outperformance highlights MREIT's competitive advantage and position as a market leader in the office sector.

“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.

The Institute of Corporate Directors (ICD) awarded MREIT a Golden Arrow in 2023, demonstrating the company's high adherence to corporate governance measures. The Golden Arrow recognizes MREIT's compliance with the Philippine Code of Corporate Governance as well as the ASEAN Corporate Governance Scorecard's internationally approved corporate governance measures.

“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,” adds Tan.

MREIT currently owns 18 office properties in four Megaworld townships: 1800 Eastwood Avenue, 1880 Eastwood Avenue, and E-Commerce Plaza in Eastwood City; One World Square, Two World Square, Three World Square, 8/10 Upper McKinley, 18/20 Upper McKinley, and World Finance Plaza in McKinley Hill; One Techno Place, Two Techno Place, Three Techno Place, One Global Center, Two Global Center, Festive Walk 1B, and Richmonde Tower in Iloilo Business.