You can do it by turning on the labeling, and labeling dynamically with an advanced expression if it is a geodatabase feature class type. Since a geodatabase feature class has an area field that is dynamic you can label via the advanced expression. In the example provided you would would check the advanced expression box and paste the following (be sure to change the fields that are appropriate to the data) ie, [Field], [Shape_Area] also you will notice I am converting from meters square to various other units by their conversion factors
Function FindLabel ( [FIELD] , [Shape_Area] )
FindLabel = [FIELD] & vbNewLine & FormatNumber(Round( [Shape_Area] * 0.00024710439,2 )) & " Sq Ac" & vbNEWLINE & FormatNumber(Round( [Shape_Area] * 3.8610216e-007,2 )) & " Sq Mi"& vbNEWLINE & FormatNumber(Round( [Shape_Area] * 0.0001,2 )) & " Sq Ha"
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