AREIT reports 46% earnings growth in first nine months of 2024

AREIT, the real estate investment trust of Ayala Land Inc., reported a 46% increase in earnings for the first nine months of 2024, reaching P5 billion. Revenues also rose by 42% to P7.1 billion, driven by new acquisitions and high occupancy rates. As of September, AREIT's properties achieved a 99% occupancy rate, with total assets under management growing to P117.6 billion since its 2020 market debut. The company is focused on expanding its portfolio and optimizing asset returns. In September, AREIT secured approval for a significant property-for-share swap valued at P28.6 billion, acquiring five commercial buildings and a large industrial land parcel. This marks its largest asset acquisition since going public.