RL Commercial REIT Cash Flow Statement

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

Millions PHP. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	29,083	16,990	11,463	-5,569	1,679
Depreciation & Amortization	46.26	42.12	29.35	29.35	12.14
Asset Writedown	-21,076	-10,877	-7,024	9,958	-5.56
Change in Accounts Receivable	-234.38	-1,216	300.16	-432.43	-547.43
Change in Accounts Payable	413.49	1,246	125.55	658.72	260.59
Change in Other Net Operating Assets	-139.95	688.69	129.02	-103.94	1,092
Other Operating Activities	98.76	96.94	48.78	9.72	3.95
Operating Cash Flow	8,191	6,972	5,072	4,550	2,495
Operating Cash Flow Growth	17.49%	37.46%	11.46%	82.37%	-
Acquisition of Real Estate Assets	-170.53	-137.44	-19.94	-840.91	-110.56
Net Sale / Acq. of Real Estate Assets	-170.53	-137.44	-19.94	-840.91	-110.56
Other Investing Activities	-156.69	-83.41	-83.34	-172.63	-313.73
Investing Cash Flow	-327.22	-220.85	-103.27	-1,014	-424.3
Long-Term Debt Repaid	-32.87	-24.43	-	-	-
Net Debt Issued (Repaid)	-32.87	-24.43	-	-	-
Issuance of Common Stock	-	-	-	-	18.75
Common Dividends Paid	-6,953	-5,171	-4,194	-3,887	-616.84
Other Financing Activities	-28.76	-49.88	-	-7.78	-99.24
Net Cash Flow	849.13	1,505	774.1	-358.54	1,373
Cash Income Tax Paid	25.96	21.43	-	2.81	-
Levered Free Cash Flow	4,938	4,411	3,420	3,055	-
Unlevered Free Cash Flow	4,965	4,433	3,426	3,061	-
Change in Working Capital	39.17	719.45	554.73	122.35	805.39

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Real Estate template. Financial Sources.