AREIT books P4.9-B net income in 2023, up 43%

Ayala Land -backed real estate investment trust (REIT) AREIT Inc. saw its bottom line grow by double-digits last year, owing to stable operations and consistent asset infusions.

In a disclosure to the Philippine Stock Exchange on Tuesday, AREIT reported a net income of P4.93 billion, up 43% year-year.

This was on the back of P7.14 billion revenues and earnings before interest, taxes, depreciation, and amortization (EBITDA) of P5.04 billion, which grew 41% and 39% from a year earlier, respectively.

AREIT added that its properties recorded a 97% average occupancy at the end of the year, higher than the industry.

The company said its 2023 financial 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.

This resulted in a 4% increase in dividends per share to P0.55 in the third quarter of 2023 from P0.53 in the second quarter.

For the fourth quarter of 2023, ARIET’s Board Of Directors declared cash dividends of P0.55 per share.

The company said the dividends are payable on March 20, 2024, to shareholders on record as of March 4, 2024.

AREIT said the fourth quarter dividend brought its annual dividend-per-share to P2.15 for 2023, up 8.6% from P1.98 per share in 2022.

The REIT Act of 2009 mandates that investors in real estate investment trusts are entitled to receive at least 90% of the company’s distributable income every year. — Ted Cordero/RSJ, GMA Integrated News