AREIT Inc. posted double-digit growth in net profit and revenue in the first three months of the year.
In a filing to the stock market on Friday, the country’s leading real estate investment trust (REIT) reported a 59% higher profit of 796 million pesos in the last quarter thanks to higher income from stable operations and to the contribution of the assets acquired last year. .
The company’s revenue ended at 1.2 billion pesos from January to March, up 66% year-on-year.
AREIT noted that its average occupancy rate stood at 97%, while its rent collection rate was 98% during the period.
The REIT company recently obtained shareholder approval for its second ownership-for-share swap with Ayala Land Inc.
The transaction has a total value of 11.26 billion pesos and involves six office buildings based in Cebu, in exchange for 252.14 million primary ordinary shares of AREIT at a price of 44.65 pesos each.
The transaction expands AREIT’s gross letting area to 673,000 square meters or 64 billion pesos in assets under management (AUM), a jump of 113% since its IPO.
Shares of AREIT fell 55 centavos or 1.42% to end at 38.25P each on Friday.