AREIT earnings surge 45% on new acquisitions

MANILA, Philippines — New building acquisitions helped lift the first-quarter earnings of Zobel family-led Ayala Land Inc.’s real estate investment trust (REIT) arm despite a challenged office space industry. In a stock exchange filing on Wednesday, AREIT Inc. said its net income during the period surged by 45 percent to P1.47 billion. Revenues likewise climbed
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