D.M. Wenceslao and Associates, Inc. reported that its net income inched up 4.75 percent to P551 million in the first quarter of 2024 from the P526 million in the same period last year due to robust leasing operations.
The firm said in a disclosure to the Philippine Stock Exchange that its leasing revenues consisting of rentals from land, building, and other revenues including CUSA and parking fees rose 31 percent year-on-year to P790 million from P600 million, representing 84 percent of total revenues.
Notably, commercial building revenues jumped 54 percent to 320 million propelled by strong leasing activities across the whole portfolio and boosted by the 73,000sqm addition in commercial GLA from the opening of Parqal.
Land rentals increased by 10 percent to P344 million on new leases and lease expansions. Residential revenues stood at P148 million in the first quarter of 2024, impacted by the timing of revenue recognition.
“Our first quarter results reflect our strategic foresight in cultivating a holistic real estate portfolio,” said DMWAI Chief Executive Officer Delfin Angelo Wenceslao.
He added that, “Our focus on creating mixed-use environments that encapsulate the essence of live, work, and play has translated into strong sustained interest from a diverse range of tenants. This highlights the effectiveness of our strategy to provide not just spaces but destinations that enrich daily experiences.”