AREIT, Inc. reported earnings results for the first quarter ended March 31, 2024. For the first quarter, the company reported sales was PHP 1,552.48 million compared to PHP 1,136.14 million a year ago. Revenue was PHP 2,111.55 million compared to PHP 1,476.09 million a year ago.
Net income was PHP 1,443.31 million compared to PHP 1,010.33 million a year ago. Basic earnings per share from continuing operations was PHP 0.61 compared to PHP 0.57 a year ago. Diluted earnings per share from continuing operations was PHP 0.61 compared to PHP 0.57 a year ago.
AREIT, Inc. is a Philippines-based real estate investment trust (REIT). The Company is engaged in the business of commercial leasing of retail and office spaces. The Company owns and invests in commercial portfolio of office, retail, and hotel properties in the Philippines. The Company caters to retail and office tenants. Its investment properties are composed of approximately seven stand-alone buildings, three mixed-used properties, approximately nine condominium office units, and four land parcels. The Company's investment properties are located across various cities in the Philippines, which include Makati City, Cebu City, Bacolod City, Quezon City, Ayala Avenue, Gil Puyat Avenue and Muntinlupa City. AREIT Fund Managers, Inc. is the fund manager.
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