AREIT

What AREIT does

AREIT, Inc. is a publicly listed Real Estate Investment Trust on the Philippine Stock Exchange (ticker: AREIT) and the first and largest REIT in the Philippines. Incorporated on September 4, 2006 (originally as One Dela Rosa Property Development, Inc.) and reincorporated as AREIT on April 12, 2019 in preparation for REIT conversion, the company completed its IPO in August 2020 and is approximately 61.54% owned by sponsor Ayala Land, Inc., with 38.46% publicly traded and 5.19% foreign ownership as of March 31, 2026.

AREIT owns and operates an income-generating commercial real estate portfolio of P139.5 billion in AUM spanning 4.3 million sqm of gross leasable area across offices (68% of AUM), retail malls (19%), hotels (7%), and industrial land (6%). Flagship holdings include Ayala North Exchange, One Ayala East & West Towers, Vertis North Corporate Center, Ayala Malls Glorietta, Greenbelt, and Central Bloc, with named anchor tenants such as Teleperformance, BPI-Philam Life, and Holiday Inn. The portfolio delivered 99% occupancy and P9.5B EBITDA in FY 2025.

The business model is subscription-style recurring rental income from long-term leases, with mandated distribution of at least 90% of distributable income as dividends per the Philippine REIT Act of 2009. Revenue grew 26% YoY in FY 2025 to P13.0B and 21% YoY in 1Q 2026 to P3.5B. Asset growth is driven primarily by property-for-share swaps with sponsor Ayala Land — six such transactions to date, with a P19.5B injection approved by the SEC in June 2026 — supplemented by periodic block sales (e.g., P2.67B raised in June 2025). Fund and property management are handled by wholly-owned Ayala Land subsidiaries AFMI and APMI under five-year renewable agreements, while the company itself operates with only 1-10 employees who are seconded from the sponsor.

Name

AREIT

Legal name

AREIT, Inc.

Website

https://areit.com.ph

Company type

Public

Founded year

2006

Operating status

Operating

Headcount range

1–10 employees

Short description

AREIT, Inc. is the first and largest publicly listed Real Estate Investment Trust in the Philippines, owning a P139.5B portfolio of office, retail, hotel, and industrial properties leased to enterprise tenants, and distributing at least 90% of distributable income as dividends to shareholders.

Ownership category

akta.pro rank

Product category

Real Estate Investment Trust (Commercial Real Estate)

NAICS

Lessors of Nonresidential Buildings (except Miniwarehouses) (53112), Lessors of Real Estate (5311)

SIC

Operators Of Nonresidential Buildings (6512), Non-Operating Establishments (9995)

akta.pro primary industry

Real Assets — Operating Platforms & Direct Investments (FSAAAKAL)

Keywords

• Commercial real estate
• Real estate investment trust
• Office leasing
• Retail mall leasing
• Dividend income

Headquarters

HQ city

Makati

HQ country

Philippines

HQ region

Asia

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Rental Income from Commercial Properties: AREIT generates the majority of its revenue from rental income derived from its portfolio of income-generating commercial properties. This includes office spaces, retail malls, hotel properties, and industrial land leased to tenants. AREIT distributes at least 90% of its distributable income as dividends to shareholders in compliance with the Philippine REIT Law.

Pricing tiers

Go-to-market motion1 record

Distribution channels2 records

Marketing channels5 records

Core offering

AREIT, Inc. owns and manages an income-generating portfolio of commercial real estate assets — including office properties (Ayala North Exchange, McKinley Exchange, One Ayala, Vertis North Corporate Center, Teleperformance Cebu, Solaris One), retail malls (Ayala Malls Glorietta, Greenbelt, MarQuee Mall, Vertis North, Central Bloc, Abreeza, Centrio), hotels (Seda Residences, Seda Lio, Holiday Inn and Suites Makati), and industrial land (Laguna Technopark, Zambales). The company leases space to commercial tenants, earns rental income, and distributes at least 90% of distributable income as quarterly cash dividends to shareholders on the Philippine Stock Exchange.

Product overview

AREIT, Inc. operates as a unified REIT platform consisting of the core REIT structure and two specialized subsidiaries. The platform is composed of AREIT Fund Managers, Inc. (AFMI) for fund/asset management and AREIT Property Managers, Inc. (APMI) for property operations. AREIT owns and manages a diversified portfolio of income-generating commercial real estate including office properties (Ayala North Exchange, One Ayala, Vertis North Corporate Center), retail properties (Ayala Malls Glorietta, Greenbelt, Central Bloc), hotel properties (Seda hotels, Holiday Inn), and industrial land (Laguna Technopark, Zambales). The platform generates rental income which is distributed to shareholders as dividends.

Differentiator

Problem solved

Functional benefit

Products and services

• Office Properties Portfolio AREIT's office portfolio (68% of AUM as of March 2026) consists of Grade-A commercial office buildings leased to BPOs, financial institutions, and professional services firms in prime Philippine business districts including Makati CBD (Ayala North Exchange, McKinley Exchange Corporate Center, Solaris One, One Ayala East & West Towers), Quezon City (Vertis North Corporate Center, The 30th Corporate Center), and Cebu (Teleperformance Cebu, Central Bloc Corporate Centers). Named tenants include BPI-Philam Life and Teleperformance (17,682 sqm at Cebu IT Park).
• Retail Properties Portfolio (Ayala Malls) AREIT's retail portfolio (19% of AUM as of March 2026, rising to ~54% post the June 2026 P19.5B swap) includes Ayala Malls Glorietta, Greenbelt, MarQuee Mall, Ayala Malls Vertis North, Ayala Malls Central Bloc, Ayala Malls Abreeza, Ayala Malls Centrio, plus post-injection Ayala Malls Feliz (Pasig City) and Ayala Center Cebu. Tenants include national and international retail brands, local merchants, and dining operators.
• Hotel Properties Portfolio AREIT's hotel portfolio (7% of AUM) comprises hotel properties leased to operators including Seda Residences Ayala North Exchange, Seda Lio in El Nido, Holiday Inn and Suites Makati (26,218 sqm), Seda Ayala Center Cebu, and Seda Central Bloc, serving business and leisure travelers.
• Industrial Land Properties AREIT's industrial land portfolio (6% of AUM) covers Laguna Technopark Industrial Lots (98,179 sqm) and Zambales Industrial Land (2,759,135 sqm), leased to manufacturing, warehousing, and logistics operators in strategic Philippine locations.
• AREIT Fund Managers, Inc. (AFMI) — REIT Fund Management AREIT Fund Managers, Inc. (AFMI) is the SEC-licensed REIT Fund Manager for AREIT, with general power to manage AREIT's assets and liabilities for the benefit of shareholders, focused on generating rental income and increasing the company's assets over time. AFMI is a wholly-owned subsidiary of Ayala Land, Inc.
• AREIT Property Managers, Inc. (APMI) — REIT Property Management AREIT Property Managers, Inc. (APMI) is the SEC-qualified Property Manager for AREIT, responsible for day-to-day management of properties including lease execution, renewals, marketing, maintenance, security, and emergency management. APMI is a wholly-owned subsidiary of Ayala Land, Inc., with offices at 31F Tower One and Exchange Plaza, Ayala Ave. Makati City.

Quantifiable outcome

• 121% dividends per share (DPS) growth over 24 quarters since August 2020 IPO, averaging 3.5% quarter-on-quarter growth
• +5 more outcomes

Named customers3 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Four partnerships are on record, tiered core and minor.

• AREIT Fund Managers, Inc. (AFMI)coreOthersAFMI holds a five-year renewable Fund Management Agreement with AREIT effective February 5, 2020. It has general power to manage AREIT's assets and liabilities for the benefit of shareholders, focusing on generating rental income and increasing assets over time. Board includes independent directors with expertise in real estate, fund management, and capital markets.
• AREIT Property Managers, Inc. (APMI)coreOthersAPMI holds a five-year renewable Property Management Agreement effective February 5, 2020. It is responsible for day-to-day management of AREIT's properties including lease execution, renewals, marketing, maintenance, security, and emergency management. Board majority composed of independent directors with expertise in real estate and property portfolio management.
• Stock Transfer Service, Inc.minorOthersStock Transfer Service, Inc. (STSI) is AREIT's designated transfer agent, providing shareholder services including dividend payment processing, address changes, account status inquiries, and stock certificate management. Located at 34F Rufino Plaza, Ayala Avenue, Makati City.
• Isla Lipana & Co. (PwC Philippines)minorOthersPwC Philippines (Isla Lipana & Co.) serves as AREIT's principal external auditor. For the property-for-share swap transactions with ALI, AREIT obtained fairness opinions from PwC Isla Lipana & Co. to evaluate transaction fairness.

Scale indicators13 records

Recent moves7 records

Expansion highlights5 records

Regional players

• Robinsons Land Corporation: Robinsons Land is a major Philippine real estate developer and a competitor of Ayala Land, with a portfolio spanning malls, offices, and hotels. Comparable as a Philippine commercial real estate owner-operator, though it is a developer rather than a pure REIT like AREIT.

Direct peers

• Filinvest REIT Corp (FILRT): FILRT is a Philippine REIT sponsored by Filinvest Development Corporation, holding a portfolio of office and retail properties across Filinvest City and other locations. Comparable as a Philippine-listed REIT with a similar sponsor-pipeline growth model and commercial property focus.
• VistaREIT, Inc. VistaREIT is the retail-focused REIT of the Villar-led Vista Land & Lifescapes, listed on the PSE with a portfolio of community mall assets. Directly comparable as a Philippine REIT with a sponsor-driven asset pipeline, though with a more retail-centric composition than AREIT.
• MREIT Inc. MREIT is a Philippine REIT managed by Megaworld Corporation, focused on prime office properties in Iloilo Business Park, McKinley Hill, and other Megaworld townships. Directly comparable to AREIT as a Philippine-listed REIT with a similar office-heavy portfolio and sponsor-backed growth model.
• DDMP REIT Inc. DDMP REIT is the second REIT listed on the Philippine Stock Exchange, sponsored by DoubleDragon Corporation, focused on office towers at DD Meridian Park. Direct peer given its Philippine REIT structure, sponsor-driven portfolio growth, and office asset concentration.

Broad incumbents

• Suntec REIT: Suntec REIT is a Singapore-listed REIT focused on commercial properties including Suntec City, office buildings, and Australian assets. Comparable as a regional diversified commercial REIT with mixed office/retail exposure, providing a benchmark for AREIT's portfolio profile.
• CapitaLand Integrated Commercial Trust (CICT): CICT is a Singapore-listed REIT investing in Grade A offices and retail properties in Singapore. Comparable as a diversified commercial REIT with sponsor (CapitaLand) pipeline support, serving as a regional benchmark for AREIT's blend of office and retail exposure.
• SM Prime Holdings, Inc. SM Prime is the largest mall operator in the Philippines and a major office and residential developer. Comparable as a Philippine commercial real estate incumbent with significant retail mall exposure intersecting with AREIT's expanding retail portfolio post-P19.5B injection.
• Link REIT: Link REIT is Asia's largest REIT by market capitalization, focused on retail and office properties in Hong Kong. Comparable as a premier Asian REIT benchmark with a diversified commercial portfolio, providing a regional valuation and operational benchmark for AREIT.

Emerging players

• Citicore Energy REIT Corp. (CREIT): CREIT is a Philippine REIT sponsored by Citicore Renewable Energy Corporation, with a portfolio of solar farm assets and selected industrial land. Comparable as a Philippine-listed REIT but with a thematic/niche industrial profile rather than AREIT's diversified commercial focus.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles18 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about AREIT