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Manila Bulletin devider Business devider AREIT posts higher profit despite pandemic

AREIT posts higher profit despite pandemic

Published Feb 25, 2021 05:00 am

AREIT, Inc. (AREIT), the real estate investment trust of Ayala Land, Inc. (ALI), reported a net income of P1.23 billion last year, up 42 percent if excluding a one-time gain in 2019.

In a disclosure to the Philippine Stock Exchange, the firm said the higher profit is on account of its stable operations during the pandemic.

AREIT recorded revenues of P1.95 billion in 2020 and Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) of P1.58 billion, 3 percent and 4 percent higher than its REIT plan, respectively.

The company also closed the year with a strong balance sheet and a funding strategy in place to support its growth.

“As the first Philippine REIT, AREIT performed consistently, delivering dividends and growing its assets,” said AREIT President and Chief Executive Officer of Carol Mills.

Among its strategic investments in 2020 was the Teleperformance Cebu Building which was acquired last September using primary proceeds from the IPO and this immediately contributed to the company’s operating income.

To further boost its growth prospects, the company also purchased in January of this year The 30th, a 75,000 sqm. commercial development located in Pasig City.

In the same month, AREIT also acquired 98,000 square meters of land located at Laguna Technopark currently leased by Integrated Micro-Electronics, Inc. for its manufacturing business.

AREIT’s total assets under management has grown from 153 thousand during its IPO to 344 thousand square meters of gross leasable space, including land that is directly leased and generating income. The company’s total deposited property is valued at P37 billion.

“Operations remained strong throughout the year. Business resilience, health and safety of all our building locators and service personnel were our focus areas as all our properties remained open throughout the pandemic,” added Mills.

Last December 2020, the company bared its three-year investment strategy to support its expansion plans, keyed on income-generating real estate that meets its set stringent criteria.

AREIT aims to provide a 10 to 12 percent total shareholder return per year through organic growth and new acquisitions.

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AREIT Inc. Ayala Land Inc. Carol Mills
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