31.2 C
Manila
Friday, March 29, 2024

AREIT income up by 42% last year

- Advertisement -

AREIT Inc., the real estate investment trust (REIT) of Ayala Land Inc., said it earned P1.23 billion last year, some 42 percent higher than the previous year’s income of P866 million.

In 2019, its buildings were only Solaris and Ayala North Exchange but it added Teleformance Cebu and McKinley Exchange in its 2020 figures.

Revenues reached P1.95 billion for the period, some 3 percent higher than its REIT plan.

AREIT’s board also approved the declaration of dividends of P0.39 per share for the fourth quarter of 2020 to be distributed on March 25, to stockholders on record as of March 15. The company’s full-year dividends from its 2020 income totaled P1.32 per share, slightly higher than its REIT plan projection during the initial public offering.

“AREIT performed consistently, delivering dividends and growing its assets,” Carol Mills, president and chief executive officer of AREIT, said.

Among its strategic investments in 2020 was the Teleperformance Cebu Building which was acquired last September using primary proceeds from the IPO and this immediately contributed to the company’s operating income.

To further boost its growth prospects, the company also purchased in January of this year The 30th, a 75,000 sqm. commercial development located in Pasig City. In the same month, AREIT also acquired 98,000 square meters of land located at Laguna Technopark currently leased by Integrated Micro-Electronics Inc. for its manufacturing business.

AREIT’s total assets under management has grown to 344,000 square meters of gross leasable space from the 153,000 during its IPO, which including land that is directly leased and generating income. The company’s total deposited property is valued at P37 billion.

“Operations remained strong throughout the year. Business resilience, health and safety of all our building locators and service personnel were our focus areas as all our properties remained open throughout the pandemic,” Mills said.

AREIT aims to provide a 10 to 12 percent total shareholder return per year through organic growth and new acquisitions.

Read full article on BusinessMirror

- Advertisement -
- Advertisement -

Related Articles

- Advertisement -
- Advertisement -

Latest Articles

- Advertisement -