AREIT's Q1 net income up 45%

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Business.(Business File photo)

AREIT Inc. posted total revenues of P2.11 billion and Ebitda (earnings before interest, taxes, depreciation and amortization) of P1.51 billion, 43 percent and 45 percent higher year-on-year, respectively. Net income registered at P1.47 billion, 45 percent higher year-on-year, excluding the net fair value change in investment properties.

Areit’s overall occupancy remained high at 96 percent, better than the industry. Areit declared cash dividends of P0.56 per outstanding common share for the first quarter of 2024 – the highest since its initial public offering in 2020.

Dividends have doubled since Areit’s inception on account of the strong performance of existing properties and the constant addition of new and larger assets.

Dividends will be payable on June 13, 2024, to shareholders on record as of May 28, 2024. Areit’s first quarter income was boosted by acquisitions, which included the new One Ayala Avenue East and West Office Towers, Glorietta 1 and 2 Mall and Office buildings at Ayala Center Makati, MarQuee Mall in Pampanga and the Seda Hotel in Lio, El Nido.

Areit’s assets under management stand at P88.6 billion comprising a diversified mix of offices, malls, hotels and industrial land. / PR

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