MREIT distributable income hits P2.8 billion
MEGAWORLD Corp.’s MREIT, Inc. said on Thursday that it recorded a 13% jump in its distributable net income to P2.8 billion last year from P2.5 billion in 2022 due to higher revenues.
The Tan-led real estate investment trust company saw a 14% increase in revenues to P4.2 billion, led by the full-year contribution of four additional Grade-A office towers from January 2023, as well as steady rental escalations among current tenants, it said in a stock exchange disclosure.
MREIT ended 2023 with a 96% occupancy rate, exceeding Metro Manila office industry’s average occupancy rate of around 81% to 82%, 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,” MREIT President and CEO Kevin L. Tan said.
Mr. Tan said that MREIT is looking to expand its portfolio this year.
“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,” he said.
MREIT’s portfolio covers 18 office properties to date. These are 1800 Eastwood Ave., 1880 Eastwood Ave., 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.
Also included in the company’s portfolio are One Techno Place, Two Techno Place, Three Techno Place, One Global Center, Two Global Center, Festive Walk 1B, and Richmonde Tower in Iloilo Business Park; and One West Campus and Five West Campus in McKinley West.
On Thursday, MREIT shares fell by 0.61% or eight centavos to P13.10 apiece. — Revin Mikhael D. Ochave