AREIT revenues hit P1.4 billion in 9 months
This article was written by Iris Gonzales as featured on PhilStar
MANILA, Philippines — AREIT Inc. (AREIT) registered P1.4 billion in revenues in the first nine months of the year.
This marked an improvement from the REIT plan, driven by stable occupancy and operating efficiency.
Rental income grew nine percent to P1.1 billion following the acquisition of McKinley Exchange in February and a higher occupancy rate at Ayala North Exchange.
AREIT president Carol Mills said the company’s fundamentals remain strong and resilient, keeping its financial performance on track.
“We are also expanding our portfolio of leasing assets to seed the company’s future growth,” Mills said.
Following its successful listing last Aug.13, AREIT acquired the Cebu Teleperformance building in September as it continues to bolster its growing portfolio with value-accretive assets.
Last Oct. 22, AREIT’s board of directors approved the acquisition of The 30th, a 76,000 square meter commercial development located along Meralco Avenue in Pasig City.
The acquisition is expected to be finalized by the first quarter of 2021. It will increase AREIT’s gross leasable area to 246,000 sqm.
Moving forward, AREIT is raising additional funds for future acquisitions.
It has received board approval to raise up to P6.4 billion in debt and/or retail bonds and the establishment of short-term credit facilities with banks amounting to P12 billion which can be deployed for future acquisitions.