At its special meeting held December 3, 2021, AREIT, Inc.s board of directors elected, as endorsed by the company's Corporate Governance and Nomination Committee, Ms. Jessie D. Cabaluna as one of Independent Directors effective December 3, 2021, vice Mr. Simeon S. Cua who resigned due to personal reasons. Ms. Cabaluna will serve the unexpired term of Mr. Cua. Ms. Jessie D. Cabaluna was the former Assurance Partner and Head of Market Circle 1 Bacolod Branch of SyCip Gorres Velayo & Co. (SGV). She is an Independent Director for Cebu Holdings, Inc., AllHome Corp., and AllDay Marts, Inc. The company's board of directors also approved the following changes in the composition of the company's Board Committees, also upon the endorsement of the company's Corporate Governance and Nomination Committee: The election of Mr. Omar T. Cruz as new member of the Executive Committee; and the election of Ms. Cabaluna as new member and Chairperson of the Personnel and Compensation Committee, Related Party Transactions Review Committee and Corporate Governance and Nomination Committee vice Mr. Cua.
AREIT, Inc. is a Philippines-based real estate investment trust (REIT). The Company is engaged in the business of commercial leasing of retail and office spaces. The Company owns and invests in commercial portfolio of office, retail, and hotel properties in the Philippines. The Company caters to retail and office tenants. Its investment properties are composed of approximately seven stand-alone buildings, three mixed-used properties, approximately nine condominium office units, and four land parcels. The Company's investment properties are located across various cities in the Philippines, which include Makati City, Cebu City, Bacolod City, Quezon City, Ayala Avenue, Gil Puyat Avenue and Muntinlupa City. AREIT Fund Managers, Inc. is the fund manager.