AREIT Inc., the listed real estate investment trust of the Ayala Group, delivered a robust financial performance for 2024, posting total revenue of P10.3 billion, a 44 percent increase from 2023.
Earnings before interest, taxes, depreciation, and amortization (EBITDA) saw a similar rise of 49 percent, reaching P7.5 billion. Net income also surged by 49 percent, amounting to P7.4 billion, excluding net fair value changes in investment properties.
A key driver of this growth was the contribution from AREIT’s 2024 acquisitions, which include the Ayala Triangle Gardens Tower 2 office building, Greenbelt 3 & 5 malls, Holiday Inn Hotel & Suites Makati, Seda Ayala Center Cebu, and industrial land in Zambales. These new additions, along with full-year contributions from assets acquired in 2023, bolstered the company’s performance.
In addition to strong earnings, AREIT declared cash dividends of P0.58 per share for Q4 2024, payable on March 21, 2025, to shareholders on record as of March 5, 2025. This brings the total annual dividend for 2024 to P2.28 per share, reflecting a 6 percent increase from 2023.
Looking ahead, AREIT’s board of directors approved the acquisition of commercial properties from its sponsor, Ayala Land, Inc., including office buildings, malls, and hotels in Cebu, Davao, and Cagayan de Oro. This property-for-share swap, valued at P21 billion, will increase AREIT’s Assets Under Management to P138 billion, expanding its total gross leasable area to 4.2 million square meters.
AREIT president and chief executive officer Jose Eduardo A. Quimpo II said the acquisition aligns with AREIT’s annual growth target for assets under management and is expected to enhance shareholder returns while expanding its footprint in key regional cities.
