The country’s first real estate investment trust, Ayala-backed AREIT Inc. posted strong performance last year with profit growing by 56 percent to P2.27 billion.
The robust growth in AREIT’s net income was driven by a stable occupancy of 98 percent and strong rental collection efforts at 98 percent.
Revenues soared 63 percent to P3.32 billion while earnings before interest, taxes, depreciation and amortization jumped 55 percent to P2.4 billion.
AREIT’s board of directors approved the declaration of dividends of P0.47 per share for the fourth quarter of 2021 to be distributed on March 25 to stockholders on record as of March 11.
This brings the company’s full-year dividends from its 2021 income to P1.77 per share, 34 percent higher than 2020 and 12% higher than its REIT plan projection during the IPO due to asset acquisitions last year.
The company acquired Ayala Malls 30th, a 75,000 square meter commercial development located in Pasig City, and the 98,000 sqm of land at Laguna Technopark leased by Integrated Micro-Electronics.
SOURCE: Bilyonaryo
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