AREIT Inc. recorded a 43 percent in profit in 2023 to P4.93 billion from P3.44 billion the prior year.
Revenues reached P7.14 billion, up 41 percent from P5.06 billion.
Earnings before interest, taxes, depreciation, and amortization (EBITDA) stood at P5.04 billion, a 39 percent increase from P3.63 billion the prior year.
AREIT said its properties recorded a 97- percent average occupancy as of end-2023, higher than the industry’s.
“AREIT’s 2023 performance was boosted by the acquisition of One Ayala Avenue East and West Towers at the corner of Ayala Avenue and EDSA, Glorietta 1 and 2 Mall and BPO buildings at Ayala Center, and MarQuee Mall in Angeles, Pampanga,” the company said.
AREIT said it is paying a P0.55 per share covering the fourth quarter results to shareholders of record, March 4, payable on March 20.
“This latest quarterly dividend brings AREIT’s annual dividend-per-share to P2.15 for 2023, an 8.6 percent increase from P1.98 per share in 2022 nearly double the company’s first quarterly payout of P0.28 per share when it listed in 2020,” the company said.
Last week, a majority of AREIT shareholders approved a property-for-share swap with the real estate investment fund’s mother company Ayala Land Inc. (ALI), and its subsidiaries, Greenhaven Property Ventures Inc. and Cebu Insular Hotel Co., Inc. for the Ayala Triangle Tower Two, Greenbelt Mall 3 and 5, Holiday Inn and Suites Makati, and SEDA Ayala Center Cebu, worth P21.8 billion, and the 276-hectare industrial land located in Zambales owned by Buendia Christiana Holdings Corp. , a wholly-owned subsidiary of ACEN Corp. for P6.8 billion.
In January, AREIT bought SEDA Lio in El Nido, Palawan, from Econorth Resort Ventures Inc. for P1.19 billion.
“The planned infusions will bring AREIT’s Assets under Management (AUM) to P117 billion, quadruple the size from the IPO. This is in line with AREIT’s objectives to significantly expand and diversify its portfolio to capitalize on various growth opportunities across the real estate sector. AREIT will execute the Deed of Exchange with ALI, its subsidiaries, and BCHC and apply for its approval with the SEC by March 2024. The new shares will be issued, and the income from the assets shall accrue to AREIT upon approval,” the company said.
