AREIT posts P7.4B net income in 2024, up 49%

Ayala Land-backed real estate investment trust AREIT Inc. saw its profits grow by high double-digits last year on the back of strong performance from its tied properties.

In a disclosure to the Philippine Stock Exchange on Friday, AREIT reported a net income of P7.4 billion in 2024, up 49% year-on-year.

The company posted P10.3 billion in total revenues, which grew by 44% from a year ago.

“AREIT’s performance for the year was boosted by contributions of its 2024 acquisitions namely, 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, and the full-year contributions of 2023 acquired assets,” the real estate investment trust said.

With the strong 2024 performance, AREIT declared cash dividends of P0.58 per outstanding common share for the fourth quarter of last year, which are payable on March 21, 2025 to shareholders on record as of March 5, 2025.

AREIT’s full -year 2024 dividend per share stood at P2.28, up 6% from P2.15 per share in 2023.

The company said its Board of Directors approved the acquisition of commercial properties located in Cebu, Davao, and Cagayan de Oro from its sponsor Ayala Land and its subsidiaries.

The approved property-for-share swap include the following assets:

• Central Bloc One (Office)
• Central Bloc Two (Office)
• Ayala Malls Central Bloc
• Seda Hotel Central Bloc
• Ayala Malls Abreeza,
• Abreeza Corporate Center (Office)
• Ayala Malls Centrio
• Centrio Corporate Center (Office)

The planned infusions of Ayala Land and subsidiary properties are expected to bring AREIT’s Assets Under Management (AUM) to P138 billion.

“The acquisition is in line with our growth target of P15-20 billion in AUM per year. This will further diversify the portfolio and deepen AREIT’s presence in the fast-growing regional cities in Visayas and Mindanao. The acquisition will be accretive to shareholders of AREIT in line with our commitment of delivering returns and long-term value.” said AREIT president and CEO Jose Eduardo Quimpo II. — Ted Cordero/RSJ, GMA Integrated News