AREIT, Inc. recorded a net income growth of 36 per cent to P5.8 billion for the first half of 2026, excluding net fair value changes in investment properties. Total revenues climbed 30 per cent year-on-year to P7.7 billion, while Earnings Before Interest, Taxes, Depreciation, and Amortisation (EBITDA) rose 34 per cent to P5.8 billion.

The firm attributed its performance to the performance of existing assets alongside fresh contributions from acquisitions made in 2025 and 2026. Assets Under Management (AUM) reached P159.4 billion across office, retail, hotel and industrial properties. AREIT declared second-quarter cash dividends of P0.63 per common share, payable on September 9, 2026, to shareholders registered as of August 25, 2026.

Growth momentum received regulatory backing on June 26, 2026, when the Securities and Exchange Commission approved a property-for-share swap with sponsor Ayala Land, Inc. (ALI) and Summerhill Commercial Ventures Corp. The P19.5 billion deal saw 441,141,656 AREIT shares exchanged for Ayala Center Cebu and Ayala Malls Feliz under master lease agreements, contributing to earnings from April 1, 2026.

Further expansion plans are underway following board approval for another property-for-share swap with ALI and subsidiaries Capitol Central Commercial Ventures Corp., Makati Cornerstone Leasing Corp., Bay City Commercial Ventures Corp., and North Triangle Hotel Ventures, Inc. Under this transaction, ALI and its affiliates will subscribe to 462,481,990 primary common shares priced at P37.48 per share.

The proposed P17,333,824,985.20 exchange comprises Glorietta 4 Mall, Ayala Malls Capitol Central, Ayala Malls Circuit, Ayala Malls Cloverleaf, New World Makati Hotel and Seda Vertis North. Additionally, the board authorised the cash purchase of Fairmont Raffles Hotel Makati from ALI Makati Hotel and Residences, Inc. for P2,616,897,832.00, excluding value-added tax.

The additions will add nearly 350,000 sqm of gross leasable area (GLA), raising AREIT’s total GLA to 5.0 million sqm. Post-transaction, offices will represent 53 per cent of the P179 billion AUM, while retail, hotels and land will account for 33 per cent, 9 per cent and 5 per cent, respectively. The property swap requires shareholder approval at a Special Stockholders Meeting on September 23, 2026, alongside regulatory clearances.

“AREIT’s first-half results reflect the resilience of our diversified portfolio and the contribution of the high-quality assets acquired over the years,” said AREIT President and Chief Executive Officer Alberto M. de Larrazabal. “The proposed infusions also represent an important step in the evolution of AREIT’s growth model, with the direct and hybrid lease structures expected to provide additional participation in the underlying operating performance of these assets beyond traditional contractual rental escalations.”

To manage its expanding asset base, the board established the position of Chief Operating Officer. Mr. Eduardo Javier P. Carballo takes up the role in September 2026, bringing more than 25 years of global banking and capital markets experience.