AREIT Inc., the real estate investment trust arm of property giant Ayala Land, saw first quarter profits soar 45 percent to P1.47 billion, driven by high occupancy rates at 96 percent and strategic acquisitions.
The increase in net income was largely attributed to the acquisitions of One Ayala Avenue East and West Office Towers, Glorietta 1 and 2 Mall and Office buildings, MarQuee Mall, and Seda Hotel. This raised AREIT’s assets under management to P88.6 billion.
The country’s pioneering REIT also reported total revenues of P2.11 billion and an earnings before interest, taxes, depreciation, and amortization of P1.51 billion, marking a 43 percent and 45 percent year-on-year increase, respectively.
Meanwhile, the company’s board of directors declared a cash dividend of P0.56 per share for the first quarter, which is payable on June 13 to shareholders on record as of May 28, 2024.
