Published May 14, 2021, 4:54 PM AREIT Inc. (AREIT), Ayala Land’s pioneering Real Estate Investment Trust (REIT) in the Philippines, posted a 60 percent jump in net income to P403 million for the first quarter of 2021 compared to the same period last year. In a disclosure to the Philippine Stock Exchange, the firm said growth was driven by stable operations and the contribution of newly-acquired assets. With a high occupancy rate of 99 percent and strong 95 percent collection rate, total revenues reached P608 million, 52 percent more year-on-year. “AREIT’s first quarter performance was marked by significant growth and business resilience. This is driven by the quality and stability of our properties as well as the addition of new assets to our portfolio,” said AREIT President and CEO, Carol T. Mills.