AREIT reports 49% year-on-year net income growth to P7.4B

AREIT Inc., sponsored by Ayala Land Inc., reported a 49 percent year-on-year increase in net income to P7.4 billion for 2024, excluding fair value changes.

The company's total revenues rose to P10.3 billion and EBITDA increased to P7.5 billion, both up by more than 40 percent from the previous year.

AREIT attributed its strong performance to contributions from new acquisitions in 2024, including Ayala Triangle Gardens Tower 2 office building, Greenbelt 3 & 5 mall, Holiday Inn Hotel & Suites Makati, Seda Ayala Center Cebu, and industrial land in Zambales, as well as full-year benefits from those made in 2023.

The firm declared a quarterly dividend of P0.58 per common share for the fourth quarter of last year, bringing the annual payout to P2.28 per share, a six percent increase over last year's rate.

AREIT’s board approved a property-for-share swap with Ayala Land and its subsidiaries for commercial properties in Cebu, Davao, and Cagayan de Oro, valued at P21 billion, which is expected to further diversify the portfolio and deepen AREIT's presence in regional cities.

The transaction will be submitted to shareholders for approval at the annual meeting on April 24, 2025, and is anticipated to increase AREIT’s assets under management to P138 billion.