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Manila Bulletin devider Business devider The Stock Market devider AREIT's profits rise 27% to P2 B

AREIT's profits rise 27% to P2 B

Published Aug 14, 2023 08:40 am

AREIT Inc. (AREIT), the Ayala Group’s real estate investment trust, reported a 27 percent growth in recurring net income to P2.04 billion in the first half of the year, excluding the net fair value change in investment properties.

In a disclosure to the Philippine Stock Exchange, the firm said it posted total revenues of P2.97 billion and Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) of P2.10 billion, 26 percent and 23 percent higher year-on-year respectively, on account of stable operations. 

AREIT's properties recorded an occupancy rate of 98 percent at the end of the semester.

Meanwhile, AREIT said its Board of Directors approved the declaration of P0.53 per share in cash dividends from second-quarter operations, a two percent increase from the previous quarter. 

The dividends are payable on Sept. 13, 2023 to stockholders on record as of August 30, 2023. This declaration brings the total dividends to P1.05 per share for the first half of 2023, eight percent higher year-on-year.

AREIT filed with the SEC last June 2023 the Deed of Exchange on the infusion involving flagship offices and malls with an aggregate value of P22.48 billion.

The assets are mainly located in the Makati CBD, specifically, the newest One Ayala Avenue East and West BPO Towers at the corner of Ayala Avenue and EDSA, as well as the Glorietta 1 and 2 mall wing and BPO buildings at Ayala Center. 

Aside from these, the MarQuee Mall in Angeles, Pampanga, located close to the Angeles exit of the North Luzon Expressway (NLEX), will also be added to AREIT's portfolio. 

AREIT is looking forward to securing regulatory approvals for this third property-for-share swap with its sponsor, Ayala Land Inc. (ALI), within the year.

This transaction will expand AREIT's gross leasable area more than five-fold to 863 thousand square meters or Assets Under Management (AUM) to P87 billion – a three-fold increase since its IPO.

AREIT delivered consistent growth throughout its first three years of operations, with dividends increasing by 89 percent in the past three years, from P0.28 per share for the first quarter of 2020 to P0.53 per share for the second quarter of 2023.
 

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AREIT Inc. Ayala Land Inc.
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