1st REIT nets P1B

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    Real estate investment trust (REIT) AREIT Inc. said profit last year reached P1.23 billion, up 42 percent from last year’s P866 million.

    Revenues reached P1.95 billion, up 3 percent from the prior year’ P1.89 billion while earnings before interest, taxes, depreciation and amortization (EBITDA) reached P1.58 billion, up 4 percent.

    AREIT said both topline and EBITDA growth were “higher than its REIT plan, respectively.”

    “As the first Philippine REIT, AREIT performed consistently, delivering dividends and growing its assets,” according to Carol Mills, AREIT president.

    AREIT board of directors Wednesday approved the declaration of P0.39 in cash dividend per share for the fourth quarter of 2020 to be distributed on March 25, 2021 to stockholders on record as of March 15, 2021. The company’s full-year dividends from its 2020 income now amounts to P1.32 per share, slightly higher than its REIT plan projection during its initial public offering (IPO) which it conducted last year.

    AREIT plans to double its leasable portfolio within the next few years. The company has 344,000 square meters of leasable space from its six commercial properties valued at P37 billion.