ALI real estate investment trust’s income hits ₧2.43B

Areit Inc. on Thursday said its net income in January to September rose by 35 percent to P2.43 billion from last year’s P1.79 billion, due to the contribution of the assets it acquired in 2021 and the continuing stability of its tenancy and operations.

The real estate investment trust of property developer Ayala Land Inc. (ALI) said the figure excludes the fair value change in investment properties and the one-time gain on finance lease.

Revenues for the period grew to P3.55 billion, a 68-percent increase from the previous year’s P2.11 billion.

“Areit reported an average occupancy rate of 97 percent and a rental collection rate of 98 percent as of September,” it said.

For the third quarter alone, the company said it had a net income growth of 69 percent to P814.21 million from the previous year’s P481.29 million. Revenues, meanwhile, also grew at the same pace to P1.19 billion from last year’s P703.35 million.

During the company’s regular board meeting held October 11, the company declared a P0.49 per share in cash dividends from operations in the third quarter of the year, bringing  the total dividends to P1.46 per share for the nine months, 12 percent higher year-on-year.

The company filed with the Securities and Exchange Commission last June, the deed of exchange on the infusion involving six Cebu-based office buildings. It is awaiting regulatory approvals for this second property-for-share swap with its sponsor Ayala Land within the year. This transaction will expand Areit’s gross leasable area to 673,000 square meters.

Total
2
Shares

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Previous Article

Isuzu Davao inaugurates bigger and better IOS dealership

Next Article

JG Summit trims net loss on strong demand growth

Related Posts

Read more

Prime Infra spends ₧134.5M on CSR

The Prime Infra Group of Companies spent P134.5 million on social projects last year and expanded its corporate social responsibility (CSR) approach to fulfill its goal of building better lives and resilient economies.

Read more

Spectrum bags new solar projects

Spectrum, a wholly-owned subsidiary of the Manila Electric Co. (Meralco), has been tapped by Japanese food house Takoyatea and perfume label Aficionado for solar rooftop projects that will result in more savings and reduction of carbon footprint.