AREIT, Inc. posted a 55% growth in net income to P3.4 billion in 2022 as stable operations brought higher revenues for the Ayala-led real estate investment trust (REIT), it said in a disclosure to the stock market on Monday. READ:
AREIT, Inc. posted a 55% growth in net income to P3.4 billion in 2022 as stable operations brought higher revenues for the Ayala-led real estate investment trust , it said in a disclosure to the stock market on Monday.
Including the change in value, the company’s full-year net income was at P2.9 billion “on account of the higher interest rate environment.” AREIT ended the year with a gross leasable area of 673,000 square meters from 549,000 sq.m., and assets under management worth P64 billion from P53 billion in 2021.
“The company maintains its thrust to grow and diversify its asset portfolio by sector, location, and income contribution and achieve a total shareholder return range of 10-12%,” AREIT said.
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