AREIT, Inc., the real estate investment trust of the Ayala Group, posted a full-year net income P2.9 billion for 2022, up 32 percent from the previous year on higher revenue due to high building occupancy and strong collection performance.
Revenues were up 53 percent on year to P5.1 billion.
AREIT said net profit would have been 55 percent higher at P3.4 billion if not for a net fair value change in investment properties of minus P549 million on account of the higher interest rate environment.
Last week, the board of AREI approved the declaration of dividends of P0.52 per share for the fourth quarter of 2022 to be distributed on March 24 to stockholders on record March 10. The P0.52 per share is 6 percent higher than the previous quarter’s dividends of P0.49 per share because of the addition of the Cebu assets in the fourth quarter.
For the whole of 2022, the MSCI-listed REIT dividends totaled P1.98 per share, a 12 percent increase from 2021.
The recent acquisition of Ayala Land Inc.’s Cebu assets, AREIT lifted the value of assets under management to P64 billion, outperforming its target to reach a value of P60 billion in AUM between 2023 and 2025. It remains focused on its goal to grow and diversify its asset portfolio.
