November 10, 2022 – AREIT, Inc. (AREIT) posted significant growth in the first nine months of 2022 due to the
contribution of the assets it acquired in 2021 and the continuing stability of its tenancy and operations. Net income
(excluding fair value change in investment properties and the one-time gain on finance lease) totaled P2.4 billion,
65% higher year-on-year, driven by revenues, which increased by 68% to P3.6 billion. At the same time, Earnings
Before Interest, Taxes, Depreciation, and Amortization (EBITDA) grew 63% to P2.6 billion compared to last year.
AREIT reported an average occupancy rate of 97% and a rental collection rate of 98% as of September.
At the company’s regular board meeting held last October 11, the Board of Directors approved the declaration of
P0.49 per share in cash dividends from operations in the third quarter of 2022. This declaration brings the total
dividends to P1.46/share for the first nine months of 2022, 12% higher year-on-year.
AREIT filed with the SEC last June 2022, the Deed of Exchange on the infusion involving six Cebu-based office
buildings. It is awaiting regulatory approvals for this second property-for-share swap with its sponsor, Ayala Land,
Inc. (ALI), within the year. This transaction will expand AREIT’s gross leasable area to 673 thousand square meters
or Assets Under Management (AUM) to P64 billion – a 113% increase since its IPO with a target to double in size
within two years.