The property trust reported higher earnings and dividends per share despite issuing stock for acquisitions. However, a swelling book of finance-lease and related-party receivables makes the balance sheet increasingly dependent on the Ayala group. MANILA— AREIT Inc. spent the first half of 2026 getting bigger without leaving shareholders with a smaller slice of earnings. The Philippine real-estate investment trust reported net income of ₱5.62 billion for the six months ended June 30, up 36% from ₱4.12 billion a year earlier. Revenue increased 30% to ₱7.72 billion , reflecting the full contribution of properties acquired in 2025 and income from assets added during the second quarter. The more consequential figures for investors were measured on a per-share basis. Earnings per share increased 5.5% to ₱1.35 from ₱1.28 , while dividends declared for the first two quarters rose 6.8% to a combined ₱1.25 a share from ₱1.17 . Those increases suggest that AREIT’s use of shares to acquir...