AREIT triples assets to P87 billion

MANILA, Philippines — AREIT Inc., the listed real estate investment trust (REIT) of the Ayala Group,  has grown its assets under management to P87 billion in three years from P27 billion since it listed on the Philippine Stock Exchange in 2020. 

Against this backdrop, the company has declared cash dividends anew amounting to P0.55 per outstanding common share for the third quarter, the company said in a disclosure yesterday.

The dividends are payable on Dec. 15, to shareholders on record as of Dec. 1, 2023. 

Furthermore, AREIT said this dividend declaration represents a 96-percent increase from the company’s first quarterly payout of P0.28 per share in 2020. 

So far, AREIT has delivered 15 quarterly dividends that have grown significantly by 34 percent from P1.32 per share in 2020 to P1.77 per share in 2021 and 12 percent to P1.98 per share in 2022. 

AREIT declared P1.60 per share for the nine-month period, a 10-percent increase versus the same period last year. 

At present, AREIT’s portfolio includes malls, offices, hotels and industrial land across 19 properties nationwide. 

Its recent acquisition of assets, which includes One Ayala Avenue at the corner of Ayala Avenue and EDSA, Glorietta 1 and 2 malls and offices, and MarQuee Mall in Angeles, Pampanga, contributed to the growth of the company’s income last July 2023. 

This resulted in AREIT increasing its core net income (before fair value adjustment) by 42 percent to P3.4 billion for the first nine months of the year. 

The company’s dividends per share in the second quarter of P0.53 increased to P0.55 per share the third quarter, the highest dividend per share declared by AREIT. 

In terms of occupancy, the company continues to record a high occupancy level at 97 percent and a long weighted average lease expiration of nine years.