AREIT third-quarter net income hits P814.240M

Ayala Land-sponsored AREIT Inc. posted double-digit growth in its bottom line for the third quarter, as the company recorded higher rental income and dues during the period.

In a disclosure to the local bourse, AREIT reported a net income of P814.240 million in the third quarter, up from P481.299 million the same quarter last year.

Total revenue climbed to P1.191 billion from P703.359 million, covering P896.567 million in rental income, P238.397 million in net dues, and P56.037 million from interest income from finance lease receivables.

This brought the year-to-date net income to P2.439 billion from P1.796 billion the same period in 2021, with the total revenues up to P3.555 billion from P2.116 billion.

The company reported an average occupancy rate of 97% and a rental collection rate of 98% as of September.

AREIT in June filed a Deed of Exchange involving the infusion of six Cebu-based office buildings, and is now awaiting approval for the second property-for-share swap with its sponsor Ayala Land Inc. within the year.

This is set to bring AREIT’s gross leasable area to 673,000 square meters or assets under management (AUM) to P64 billion, reflecting a 113% increase since going public.

AREIT ended 2021 with a property portfolio of 11 Grade A office buildings in Makati City, Muntinlupa City, Negros Occidental, and Cebu. It also has one commercial development in Pasig City, and industrial lots in Laguna Technopark.

Shares in AREIT closed Thursday at P31.80 apiece, up by 10 centavos or 0.32% from Wednesday’s finish of P31.70.—AOL, GMA Integrated News