RL Commercial REIT 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	2019
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	2019
Net Income	18,180	16,990	11,463	-5,569	1,679	-0.02	Upgrade
Depreciation & Amortization	50.11	42.12	29.35	29.35	12.14	-	Upgrade
Asset Writedown	-10,874	-10,877	-7,024	9,958	-5.56	-	Upgrade
Change in Accounts Receivable	261.34	-1,216	300.16	-432.43	-547.43	-	Upgrade
Change in Accounts Payable	359.17	1,222	125.55	658.72	260.59	-0.04	Upgrade
Change in Other Net Operating Assets	25.85	754.46	168.97	-103.94	1,092	-	Upgrade
Other Operating Activities	36.94	31.17	8.84	9.72	3.95	-	Upgrade
Operating Cash Flow	8,039	6,947	5,072	4,550	2,495	-0.05	Upgrade
Operating Cash Flow Growth	78.27%	36.98%	11.46%	82.37%	-	-	Upgrade
Acquisition of Real Estate Assets	-147.88	-137.44	-19.94	-840.91	-110.56	-	Upgrade
Net Sale / Acq. of Real Estate Assets	-147.88	-137.44	-19.94	-840.91	-110.56	-	Upgrade
Other Investing Activities	-165.29	-83.41	-83.34	-172.63	-313.73	-	Upgrade
Investing Cash Flow	-313.17	-220.85	-103.27	-1,014	-424.3	-	Upgrade
Issuance of Common Stock	-	-	-	-	18.75	0.05	Upgrade
Common Dividends Paid	-6,875	-5,171	-4,194	-3,887	-616.84	-	Upgrade
Other Financing Activities	-28.76	-49.88	-	-7.78	-99.24	-	Upgrade
Net Cash Flow	822.25	1,505	774.1	-358.54	1,373	-	Upgrade
Cash Income Tax Paid	24.68	21.43	9.61	2.81	-	-	Upgrade
Levered Free Cash Flow	5,267	4,411	3,420	3,055	-	-	Upgrade
Unlevered Free Cash Flow	5,296	4,433	3,426	3,061	-	-	Upgrade
Change in Working Capital	646.35	760.79	594.67	122.35	805.39	-0.04	Upgrade

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