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AREIT, Inc. sets annual meeting on April 21.
AREIT, Inc. Sets Annual Meeting on April 21
AREIT, Inc., the first real estate investment trust (REIT) in the Philippines, has announced that its annual meeting will be held on April 21, 2021. The meeting will be conducted virtually, in compliance with the guidelines set by the Securities and Exchange Commission (SEC) and the Department of Trade and Industry (DTI) due to the ongoing COVID-19 pandemic.
The annual meeting is an important event for AREIT, as it provides an opportunity for the company to update its shareholders on its financial performance, business strategies, and future plans. It also allows shareholders to exercise their right to vote on matters such as the election of directors, appointment of auditors, and approval of the company’s financial statements.
AREIT’s management team is expected to present a comprehensive report on the company’s performance in 2020, which was its first full year of operations. Despite the challenges posed by the pandemic, AREIT was able to achieve a net income of Php 1.3 billion, exceeding its target by 6%. The company’s total assets also grew to Php 37.5 billion, driven by the acquisition of two prime office buildings in Bonifacio Global City.
In addition, AREIT’s management team is expected to discuss its plans for 2021 and beyond. The company has already announced that it will acquire a third property, a 10-storey office building in Pasay City, for Php 13.8 billion. The acquisition is expected to be completed in the second quarter of 2021 and will further diversify AREIT’s portfolio.
AREIT’s annual meeting is also an opportunity for shareholders to raise their concerns and ask questions to the company’s management team. This year’s meeting is particularly important, as it will be the first time that AREIT will hold its annual meeting as a publicly listed company. AREIT made its debut on the Philippine Stock Exchange in August 2020, raising Php 12.3 billion in its initial public offering.
In conclusion, AREIT’s annual meeting on April 21 is a significant event for the company and its shareholders. It will provide an opportunity for the company to showcase its achievements in 2020 and its plans for the future. It will also allow shareholders to exercise their right to vote and raise their concerns. As AREIT continues to grow and expand its portfolio, its annual meeting will remain an important event for years to come.