AREIT Cash Flow Statement

Financials in millions PHP. Fiscal year is January - December.

Millions PHP. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Net Income	9,227	7,317	5,031	2,888	2,433	6,265
Depreciation & Amortization	0.34	0.29	0.22	0.09	0.04	0.01
Asset Writedown	73.7	43.37	-99.25	548.95	-164.5	-1,425
Change in Accounts Receivable	507.2	-88.17	-834.38	-340.42	-683.38	-90.14
Change in Accounts Payable	1,144	851.79	961.19	534.46	15.79	280.55
Change in Other Net Operating Assets	351.29	82.85	1,464	94.41	489.3	-97.18
Other Operating Activities	-1,647	-908.08	15.37	208.37	120.06	-3,406
Operating Cash Flow	9,657	7,299	6,538	3,933	2,211	1,527
Operating Cash Flow Growth	19.07%	11.64%	66.21%	77.94%	44.73%	75.81%
Acquisition of Real Estate Assets	-59.02	-1,348	-201.85	-81.84	-5,019	-1,484
Sale of Real Estate Assets	38.99	38.99	-	-	-	-
Net Sale / Acq. of Real Estate Assets	-20.03	-1,309	-201.85	-81.84	-5,019	-1,484
Other Investing Activities	-677.9	1,221	-1,735	-181.2	881.9	-343.3
Investing Cash Flow	-697.93	-88.24	-1,937	-263.05	-4,138	-1,827
Short-Term Debt Issued	-	-	3,000	300	34,380	-
Long-Term Debt Issued	-	-	-	-	2,957	-
Total Debt Issued	-	-	3,000	300	37,337	-
Short-Term Debt Repaid	-	-1,000	-3,300	-890	-33,490	-
Long-Term Debt Repaid	-	-55.23	-53.9	-49.23	-37.18	-32.8
Total Debt Repaid	-1,055	-1,055	-3,354	-939.23	-33,527	-32.8
Net Debt Issued (Repaid)	-1,055	-1,055	-353.9	-639.23	3,810	-32.8
Issuance of Common Stock	-	-	-	-	-	1,251
Common Dividends Paid	-7,479	-5,817	-4,068	-2,912	-1,733	-953.86
Total Dividends Paid	-7,479	-5,817	-4,068	-2,912	-1,733	-953.86
Other Financing Activities	-243.78	-308.94	-200.56	-148.21	-116.91	-28.01
Net Cash Flow	181.37	29.41	-20.99	-29.26	33.03	-63.2
Cash Interest Paid	163.43	167.04	94.84	100.26	81.04	-
Cash Income Tax Paid	1.98	3.11	1.07	0.12	0.05	190.61
Levered Free Cash Flow	7,061	5,043	1,814	1,810	3,071	625.15
Unlevered Free Cash Flow	7,249	5,242	1,962	1,954	3,177	666.04
Change in Working Capital	2,002	846.47	1,591	288.45	-178.28	93.23

Updated Sep 30, 2025. Source: S&P Global Market Intelligence. Real Estate template. Financial Sources.