AREIT Inc., the real estate investment trust arm of the Ayala Group, is planning another bond offering to raise capital for operations.
“The company’s fixed-rate bond will expire on December 28, 2023. We plan to refinance through either another bond offering from its shelf registration,” AREIT said over the weekend.
In case the bond offering does not push through, the Ayala-led firm said it may refinance its business operations through the “availment of a bank loan.”
In 2021, AREIT issued Philippine peso-denominated fixed bonds worth P3.0 billion due in 2023. This was the first tranche of a P15-billion debt securities program registered with the Securities and Exchange Commission.
In the first nine months of the year, the company saw its consolidated net income surge to P3.27 billion from P2.44 billion, boosted by robust growth in revenues.
Consolidated revenues jumped to P5.0 billion from P3.56 billion, anchored on improvements in rental income and interest income from finance leases.
For the third quarter alone, net income was said to have expanded to P1.23 billion from P814.2 million, while total revenues increased to P2.03 billion from P1.19 billion.
Total current assets reached P4.76 billion while noncurrent assets amounted to P87.7 billion. Total liabilities and total equity, meanwhile, stood at P9.52 billion and P82.95 billion, respectively.
AREIT shares slipped by five centavos to P29.20 apiece last Friday.
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