AREIT, INC. elected Alberto M. de Larrazabal, chief financial officer of Ayala Corp., as its new president and chief executive officer (CEO), effective Aug. 13.
He replaced Jose Eduardo A. Quimpo II, who will remain a board member, AREIT said in a regulatory filing.
AREIT also appointed him as director to serve the unexpired term of Augusto D. Bengzon, who stepped down from the board.
“We are delighted to welcome Albert as President and CEO of AREIT. His strategic insights, financial expertise, and deep understanding of the markets and our ecosystem make him the ideal leader to continue driving the execution of AREIT’s growth and diversification plans,” AREIT Chairman Anna Ma. Margarita B. Dy said.
The leadership change was announced as AREIT reported a 45% increase in first-half net income to P4.3 billion, led by a 99% overall occupancy across its properties during the period.
Revenue rose 40% to P5.9 billion, while earnings before interest, taxes, depreciation, and amortization increased 44% to P4.4 billion.
AREIT said its first-half performance was driven by last year’s asset infusions, which include Ayala Triangle Gardens Tower 2 office building, Greenbelt 3 and 5 malls, Holiday Inn & Suites Makati, Seda Ayala Center Cebu, and industrial land in Zambales.
AREIT shares rose 0.47%, or 20 centavos, to P42.50 each on Wednesday. – Revin Mikhael D. Ochave
