By Faye Almazan

THE real estate investment trust (REIT) of Ayala Land, AREIT Inc., posted higher full-year profit and revenues last year.

In a filing to the exchange on Monday, the company reported a 56-percent better net income of P2.27 billion in 2021.

AREIT noted the figure excludes the net fair value change in investment properties of P165 million.

Stable operations prompted the company’s full-year revenues to rise by 63 percent to P3.32 billion last year as its occupancy and rental collection rates both ended at 98 percent during the period.

Meanwhile, its full-year dividends were declared at P1.77 apiece in 2021, up 34 percent from last year and 12 percent more than its REIT plan projection.

Last year, AREIT’s total gross leasable area (GLA) stood at 549,000 square meters (sqm), while its assets under management (AUM) was at P53 billion.

In its new three-year strategy, AREIT targets to reach P60 billion in AUM this year and increase its asset portfolio at an average of 100,000 sqm in GLA in 2023 and 2024.

“The company maintains its thrust to grow and diversify its asset portfolio by sector, location and income contribution and achieve a total shareholder return range of 10 to 12 percent,” the company said.

Shares of AREIT inched up by 30 centavos or 0.61 percent to close at P49.30 each on Monday.

SOURCE:

https://www.manilatimes.net/2022/03/01/business/corporate-news/areit-posts-56-net-income-in-2021/1834631