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AREIT declares P0.59 per share cash dividend

Ayala Land-backed AREIT Inc, the country’s first Real Estate Investment Trust (REIT), has declared total cash dividends of P0.59 per outstanding common share.

In a statement, AREIT said the dividends will be derived from the rental income generated by its “high-performing” commercial assets in the first half of the year.

“This is broken down to P0.28 and P0.31 per outstanding common share, for the first and the second quarter of 2020, respectively,” it said.

“The payout will be on September 15, 2020 to stockholders on record as of September 2, 2020,” it added

The company also established a dividend policy which plans for the distribution of quarterly dividends.

“The planned distribution dates will be on or before March 31, June 30, September 30 and December 31 of the calendar year,” it said

Based on the REIT Act of 2009, investors are entitled to receive at least 90% of the company’s distributable income every year.

AREIT’s portfolio consists of three properties in Makati City, namely Ayala North Exchange, Solaris One and McKinley Exchange.

“These properties cover a total gross leasable area of about 153 thousand square meters (sqm) and have a total occupancy rate of 99.9%,” it said.

“AREIT is on track to acquire Teleperformance Cebu, a Grade A BPO office property in Cebu IT Park from ALO Prime Realty, a wholly-owned subsidiary of Ayala Land. This brings AREIT’s portfolio to more than 170 thousand sqm by the end of the year,” it added.

AREIT was listed on the main board of the Philippine Stock Exchange on August 13, 2020. -NB, GMA News