MANILA, Philippines — The real estate investment trust (REIT) arm of tycoon Andrew Tan’s Megaworld Corp. recorded higher earnings in the past year compared to 2022 levels after new assets injection and robust occupancy rates.
MREIT Inc. weathered industry challenges brought about by the work-from-home shift as it reported a 2023 distributable income of P2.8 billion—an increase of 13 percent.
Revenues also rose 14 percent to P4.2 billion “fueled by the full-year contribution of the additional four Grade-A office towers from January 2023″.
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“MREIT’s success in 2023 reflects the quality of our assets and our strong tenant relationships,” MREIT president and CEO Kevin L. Tan said in a statement on Thursday.
“Our approach to focus 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 added.
MREIT finished the year with a robust 96 percent occupancy rate, marking an improvement from the previous quarter. This also surpassed the average occupancy rate of 81-82 percent for the Metro Manila office industry, as reported by property consultants, the statement showed.
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“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,” Tan said.