AREIT, Inc. (stock code: AREIT), one of the Philippines’ major real estate investment trusts, reported impressive growth in the first half of 2026, according to a press release filed with the Securities and Exchange Commission on August 10, 2026.
Understanding the Numbers: What Did AREIT Earn?
Think of AREIT like a piggy bank that holds office buildings, shopping malls, hotels, and land. When people rent these properties, AREIT earns money and shares it with people who own parts of the company (called shareholders).
Here’s what AREIT earned in the first six months of 2026:
- Total revenues: P7.7 billion (up 30% compared to the same period last year)
- EBITDA: P5.8 billion (up 34% year-on-year)
- Net income: P5.8 billion (up 36% year-on-year, not counting changes in property values)
Note: EBITDA stands for “Earnings Before Interest, Taxes, Depreciation, and Amortization” – it’s a way to measure how much money a company makes from its main business activities.
Why Did AREIT Grow So Much?
The company’s growth came from two main sources:
- Properties they bought in 2025 and 2026 started earning money for them
- Their existing properties continued performing well
In June 2026, AREIT received approval from the SEC to trade company shares for two major properties: Ayala Center Cebu and Ayala Malls Feliz. This deal was worth P19.5 billion, and these properties started contributing to AREIT’s earnings on April 1, 2026. The company gave 441,141,656 AREIT shares to Ayala Land, Inc. (ALI) and its subsidiary in exchange for these malls.
Cash Dividends: Sharing the Profits
AREIT announced they will give P0.63 for every share to their shareholders. If you own AREIT shares as of August 25, 2026, you’ll receive this payment on September 9, 2026.
The Big Plan: P20 Billion Worth of New Properties
AREIT’s Board of Directors approved a plan to acquire even more properties worth nearly P20 billion. Here’s what they want to add to their collection:
Property-for-Share Swap (P17.3 billion)
AREIT plans to issue 462,481,990 new shares at P37.48 per share to acquire six properties from ALI and its subsidiaries:
- Glorietta 4 Mall (Makati City)
- Ayala Malls Capitol Central (Bacolod, Negros Occidental)
- Ayala Malls Circuit (Makati City)
- Ayala Malls Cloverleaf (Quezon City)
- New World Makati Hotel (Makati City)
- Seda Vertis North (Quezon City)
Cash Purchase (P2.6 billion)
The company also approved buying Fairmont Raffles Hotel Makati for P2,616,897,832.00 in cash from an ALI subsidiary.
Important: These transactions still need approval from AREIT shareholders at a special meeting on September 23, 2026, and from regulatory authorities afterward.
How Will These Properties Work?
The new properties will operate under different arrangements:
- Malls: AREIT will directly collect rent from the stores inside, similar to how they manage their office buildings
- Hotels: AREIT will receive a combination of fixed rent plus extra payments based on how much money the hotels make
AREIT’s Growing Portfolio
Currently, AREIT manages assets worth P159.4 billion. After the proposed acquisitions, this will grow to P179 billion.
The new properties will add nearly 350,000 square meters of space, bringing AREIT’s total to 5.0 million square meters, which includes:
- 2.2 million square meters of building space
- 2.9 million square meters of industrial land
After these transactions, AREIT’s P179 billion worth of assets will be divided as follows:
- Offices: 53%
- Retail (malls): 33%
- Hotels: 9%
- Land: 5%
What the CEO Says
According to AREIT President and CEO Alberto M. de Larrazabal, the strong first-half results show that their mix of different property types is working well. He explained that the new way of structuring deals – especially for malls and hotels – will allow AREIT to earn more when these properties perform better, not just rely on fixed rent increases.
New Leadership Position
The Board created a new position called Chief Operating Officer (COO) to help manage the company’s growing number of properties. Eduardo Javier P. Carballo will take this role starting September 2026. He has over 25 years of experience in finance and worked previously as Managing Director at Crédit Agricole Corporate and Investment Bank in Singapore.
About AREIT, Inc.
AREIT is a real estate investment trust that owns and manages offices, shopping malls, hotels, and industrial land across the Philippines. The company is sponsored by Ayala Land, Inc., one of the country’s largest real estate developers. As of the report date, AREIT has 4,156,887,818 common shares outstanding.
Source Note:This article is based on the company’s official press release and disclosures filed with the Philippine Stock Exchange’s Electronic Disclosure Generation Technology (PSE EDGE) system. For the complete and official version of the announcement, readers may visit the PSE EDGE website and search for the company’s filing directly.
