AREIT, Inc. , the first Philippine real estate investment trust, reported a 59 percent jump in net income to P796 million in the first quarter of 2022, excluding fair value change in investment properties.
AREIT recorded an average occupancy of 97 percent and a rental collection rate of 98 percent, reflecting stable and high-quality tenancy across its properties. The transaction involves six Cebu- based office buildings with an aggregate value of P11.26 billion in exchange for 252.14 million AREIT common shares at a swap price of P44.65 per share, as validated by a third-party fairness opinion.
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