Cash flow AREIT, Inc.

Equities

AREIT

PHY1001D1010

Commercial REITs

Market Closed - Philippines S.E. Other stock markets 12:29:16 06/03/2026 pm IST			5-day change	1st Jan Change
40.80 ^PHP	+1.49%		-2.97%	-6.21%

27/02	Ayala Land sells 88 million common shares of AREIT	RE
25/02	AREIT, Inc. Reports Earnings Results for the Full Year Ended December 31, 2025	CI

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Published financial data: AREIT, INC.

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2021	2022	2023	2024	2025
Rental Revenues	250.69Cr	380.75Cr	543.89Cr	756.21Cr	882.68Cr
Interest and Investment Income, Total (Revenue Block)	19Cr	22Cr	45Cr	116.2Cr	213.88Cr
Other Revenues, Total	62Cr	104.3Cr	125.06Cr	153.5Cr	199.41Cr
Total Revenues	331.65Cr	507.28Cr	714.03Cr	1.03TCr	1.3TCr
Property Expenses	82Cr	135.98Cr	197.85Cr	265.97Cr	330.38Cr
Selling General & Admin Expenses, Total	10Cr	7.95Cr	13Cr	9.13Cr	13Cr
Other Operating Expenses	10.5T	10.5T	-	-	-
Total Operating Expenses	92Cr	143.93Cr	210.48Cr	275.1Cr	343.08Cr
Operating Income (REIT / Utility Template)	239.72Cr	363.36Cr	503.55Cr	750.82Cr	952.89Cr
Interest Expense, Total	-17Cr	-23Cr	-24Cr	-32Cr	-27Cr
Interest and Investment Income	5.7Cr	3.43Cr	13Cr	17Cr	18Cr
Net Interest Expenses	-11Cr	-19Cr	-10Cr	-14Cr	-9.7Cr
Other Non Operating Income (Expenses)	-1.54Cr	-26.15L	2.68T	2L	70.44T
EBT, Excl. Unusual Items	226.88Cr	343.66Cr	493.24Cr	736.36Cr	943.2Cr
Asset Writedown	16Cr	-55Cr	9.93Cr	-4.34Cr	11Cr
EBT, Incl. Unusual Items	243.33Cr	288.77Cr	503.16Cr	732.02Cr	954.07Cr
Income Tax Expense	48.47T	1L	10.67L	31.14L	14.93L
Earnings From Continuing Operations	243.33Cr	288.76Cr	503.05Cr	731.71Cr	953.92Cr
Net Income to Company	243.33Cr	288.76Cr	503.05Cr	731.71Cr	953.92Cr
Net Income - (IS)	243.33Cr	288.76Cr	503.05Cr	731.71Cr	953.92Cr
Preferred Dividend and Other Adjustments	-	-	-	-	-
Net Income to Common Incl Extra Items	243.33Cr	288.76Cr	503.05Cr	731.71Cr	953.92Cr
Net Income to Common Excl. Extra Items	243.33Cr	288.76Cr	503.05Cr	731.71Cr	953.92Cr
Per Share Items
Net EPS - Basic	1.64	1.91	2.6	2.62	2.75
Basic EPS - Continuing Operations	1.64	1.91	2.6	2.62	2.75
Basic Weighted Average Shares Outstanding	147.94Cr	151.03Cr	193.25Cr	278.92Cr	346.28Cr
Net EPS - Diluted	1.64	1.91	2.6	2.62	2.75
Diluted EPS - Continuing Operations	1.64	1.91	2.6	2.62	2.75
Diluted Weighted Average Shares Outstanding	147.94Cr	151.03Cr	193.25Cr	278.92Cr	346.28Cr
Normalized Basic EPS	0.96	1.42	1.6	1.65	1.7
Normalized Diluted EPS	0.96	1.42	1.6	1.65	1.7
Dividend Per Share	1.77	1.98	2.15	2.28	2.41
Payout Ratio	71.24	100.85	80.86	79.5	83.04
Supplemental Items
EBITDA	239.72Cr	363.36Cr	503.57Cr	750.85Cr	952.93Cr
EBITA	239.72Cr	363.36Cr	503.55Cr	750.82Cr	952.89Cr
EBIT	239.72Cr	363.36Cr	503.55Cr	750.82Cr	952.89Cr
EBITDAR	256.62Cr	389.57Cr	545.73Cr	809.59Cr	1.03TCr
Total Revenues (As Reported)	331.65Cr	507.28Cr	714.03Cr	1.03TCr	1.3TCr
Effective Tax Rate - (Ratio)	0	0	0.02	0.04	0.02
Total Current Taxes	-	-	-	-	14.93L
Total Deferred Taxes	-	-	-	-	-
Normalized Net Income	141.8Cr	214.79Cr	308.27Cr	460.22Cr	589.5Cr
Interest on Long-Term Debt	6.3Cr	8.18Cr	8.41Cr	8.67Cr	8.88Cr
Supplemental Operating Expense Items
General and Administrative Expenses	10Cr	7.95Cr	13Cr	9.13Cr	13Cr
Net Rental Expense, Total	17Cr	26Cr	42Cr	59Cr	74Cr
Imputed Operating Lease Interest Expense	7.75Cr	9.96Cr	18Cr	39Cr	48Cr
Imputed Operating Lease Depreciation	9.15Cr	16Cr	24Cr	20Cr	26Cr
Maintenance & Repair Expenses, Total	8.33Cr	17Cr	27Cr	36Cr	45Cr

Fiscal Period: December	2021	2022	2023	2024	2025
Assets
Gross Property Plant And Equipment	5.01TCr	6.09TCr	32.86L	9.76TCr	10TCr
Accumulated Depreciation	-19.19L	-20.09L	-22.32L	-25.23L	-28.55L
Net Property Plant And Equipment	5.01TCr	6.09TCr	10.53L	9.76TCr	10TCr
Total Real Estate Assets	5.01TCr	6.09TCr	10.53L	9.76TCr	10TCr
Cash And Equivalents	9.2Cr	6.28Cr	4.18Cr	7.12Cr	3.81Cr
Accounts Receivable, Total	41Cr	82Cr	159.79Cr	137.16Cr	188.1Cr
Other Receivables	32Cr	33Cr	62Cr	279.11Cr	470.57Cr
Notes Receivable (Collected)	60Cr	77Cr	293.68Cr	-	-
Other Current Assets, Total	10Cr	15Cr	16Cr	32Cr	66Cr
Deferred Tax Assets Long-Term (Collected)	-	-	-	-	-
Other Long-Term Assets, Total	489.89Cr	467.62Cr	8.79TCr	2.11TCr	3.59TCr
Total Assets	5.65TCr	6.77TCr	9.33TCr	12TCr	15TCr
Liabilities
Current Portion of Long-Term Debt	-	297.77Cr	-	-	-
Current Portion of Leases	4.3Cr	5.03Cr	5.42Cr	-	-
Short-Term Borrowings	95Cr	40Cr	309.57Cr	213.81Cr	216.07Cr
Long-Term Debt	295.75Cr	-	-	-	-
Long-Term Leases	111.1Cr	113.63Cr	116.26Cr	124.83Cr	128.34Cr
Accounts Payable, Total	9.9Cr	8.91Cr	38Cr	82Cr	92Cr
Accrued Expenses, Total	42Cr	88Cr	142.75Cr	7.79Cr	25Cr
Current Income Taxes Payable	-	9.08Cr	20Cr	9.8Cr	6.97Cr
Unearned Revenue, Current	29Cr	24Cr	32Cr	15Cr	7.61Cr
Other Current Liabilities - (Brok / FS / Ins. / REIT Template)	46Cr	30Cr	45Cr	222.73Cr	334.53Cr
Unearned Revenue Non Current	71Cr	65Cr	110.66Cr	118.22Cr	142.35Cr
Deferred Tax Liability Non-Current	-	-	-	-	-
Other Non Current Liabilities	58Cr	81Cr	166.66Cr	191.52Cr	189.19Cr
Total Liabilities	761.59Cr	761.31Cr	986.25Cr	985.22Cr	1.14TCr
Preferred Stock Redeemable	-	-	-	-	-
Total Preferred Equity	-	-	-	-	-
Common Stock, Total	1.58TCr	1.83TCr	2.44TCr	3.28TCr	3.78TCr
Additional Paid In Capital	1.13TCr	2TCr	3.63TCr	5.64TCr	7.22TCr
Retained Earnings	2.25TCr	2.24TCr	2.34TCr	2.49TCr	2.65TCr
Treasury Stock	-67Cr	-67Cr	-67Cr	-67Cr	-67Cr
Total Common Equity	4.89TCr	6.01TCr	8.34TCr	11TCr	14TCr
Total Equity	4.89TCr	6.01TCr	8.34TCr	11TCr	14TCr
Total Liabilities And Equity	5.65TCr	6.77TCr	9.33TCr	12TCr	15TCr
Supplemental Items
ECS Total Shares Outstanding on Filing Date	150.89Cr	176.1Cr	236.86Cr	320.99Cr	371.58Cr
ECS Total Common Shares Outstanding	150.89Cr	176.1Cr	236.86Cr	320.99Cr	371.58Cr
Book Value / Share	32.4	34.11	35.21	35.32	36.57
Tangible Book Value	4.89TCr	6.01TCr	8.34TCr	11TCr	14TCr
Tangible Book Value Per Share	32.4	34.11	35.21	35.32	36.57
Total Debt	506Cr	456.29Cr	431.25Cr	338.64Cr	344.41Cr
Net Debt	496.8Cr	450.01Cr	427.07Cr	331.53Cr	340.59Cr
Debt Equivalent Oper. Leases	135.17Cr	209.63Cr	337.27Cr	469.94Cr	591.86Cr
Account Code - Inventory Valuation	3	3	-	3	3
Buildings, Total	-	-	-	-	-
Machinery, Total	22.29L	26.08L	32.86L	35.06L	37.52L
Accumulated Allowance for Doubtful Accounts (Supple)	3.75Cr	6.04Cr	12Cr	15Cr	17Cr

Fiscal Period: December	2021	2022	2023	2024	2025
Net Income	243.33Cr	288.76Cr	503.05Cr	731.71Cr	953.92Cr
Depreciation, Depletion & Amortization	42.04T	90.63T	2L	3L	3L
Total Depreciation, Depletion & Amortization	42.04T	90.63T	2L	3L	3L
(Gain) Loss On Sale of Asset - (CF)	-	-	-	-	61.96L
Total Asset Writedown	-16Cr	55Cr	-9.93Cr	4.34Cr	-11Cr
Change in Accounts Receivable	-68Cr	-34Cr	-83Cr	-8.82Cr	34Cr
Change in Accounts Payable	1.58Cr	53Cr	96Cr	85Cr	114.07Cr
Change in Other Net Operating Assets (Collected)	49Cr	9.44Cr	146.41Cr	8.29Cr	58Cr
Other Operating Activities	3.9Cr	21Cr	1.54Cr	-91Cr	-186.44Cr
Cash from Operations	212.95Cr	393.34Cr	653.78Cr	729.91Cr	963.33Cr
Acquisition of Real Estate Assets, Total	-501.95Cr	-8.18Cr	-20Cr	-134.77Cr	-24Cr
Sale of Real Estate Assets, Total	-	-	-	3.9Cr	7L
Net Sale / Acquisition of Real Estate Assets	-501.95Cr	-8.18Cr	-20Cr	-130.88Cr	-23Cr
Other Investing Activities, Total	88Cr	-18Cr	-173.49Cr	122.05Cr	-126.92Cr
Cash from Investing	-413.76Cr	-26Cr	-193.68Cr	-8.82Cr	-150.41Cr
Short Term Debt Issued, Total	3.44TCr	30Cr	300Cr	-	-
Long-Term Debt Issued, Total	295.75Cr	-	-	-	-
Total Debt Issued	3.73TCr	30Cr	300Cr	-	-
Short Term Debt Repaid, Total	-3.35TCr	-89Cr	-330Cr	-100Cr	-
Long-Term Debt Repaid, Total	-3.72Cr	-4.92Cr	-5.39Cr	-5.52Cr	-5.37Cr
Total Debt Repaid	-3.35TCr	-94Cr	-335.39Cr	-105.52Cr	-5.37Cr
Issuance of Common Stock	-	-	-	-	-
Repurchase of Common Stock	-	-	-	-	-
Repurchase of Preferred Stock	-	-	-	-	-
Common Dividends Paid	-173.34Cr	-291.22Cr	-406.76Cr	-581.73Cr	-792.1Cr
Preferred Dividends Paid	-	-	-	-	-
Common & Preferred Stock Dividends Paid	-173.34Cr	-291.22Cr	-406.76Cr	-581.73Cr	-792.1Cr
Other Financing Activities, Total	-3.59Cr	-15Cr	-20Cr	-31Cr	-19Cr
Cash from Financing	204.11Cr	-369.96Cr	-462.2Cr	-718.15Cr	-816.22Cr
Net Change in Cash	3.3Cr	-2.93Cr	-2.1Cr	2.94Cr	-3.3Cr
Supplemental Items
Cash Interest Paid	8.1Cr	10Cr	9.48Cr	17Cr	11Cr
Cash Income Tax Paid (Refund)	48.47T	1L	10.67L	31.14L	14.93L
Net Debt Issued / Repaid	381.03Cr	-64Cr	-35Cr	-105.52Cr	-5.37Cr
Levered Free Cash Flow	307.07Cr	181.14Cr	94Cr	504.29Cr	431.17Cr
Unlevered Free Cash Flow	317.7Cr	195.43Cr	109.11Cr	524.25Cr	448.31Cr
Change In Net Working Capital	-167.87Cr	32Cr	205.63Cr	-55Cr	147.28Cr

Fiscal Period: December	2021	2022	2023	2024	2025
Profitability
Return on Assets	3.27	3.66	3.91	4.34	4.4
Return on Total Capital	3.42	3.83	4.13	4.59	4.65
Return On Equity %	5.96	5.3	7.01	7.44	7.65
Return on Common Equity	5.96	5.3	7.01	7.44	7.65
Margin Analysis
Gross Profit Margin %	75.4	73.19	72.29	74.08	74.51
SG&A Margin	3.12	1.57	1.77	0.89	0.98
EBITDA Margin %	72.28	71.63	70.52	73.19	73.53
EBITA Margin %	72.28	71.63	70.52	73.18	73.53
EBIT Margin %	72.28	71.63	70.52	73.18	73.53
Income From Continuing Operations Margin %	73.37	56.92	70.45	71.32	73.61
Net Income Margin %	73.37	56.92	70.45	71.32	73.61
Net Avail. For Common Margin %	73.37	56.92	70.45	71.32	73.61
Normalized Net Income Margin	42.76	42.34	43.17	44.86	45.49
Levered Free Cash Flow Margin	92.59	35.71	13.21	49.15	33.27
Unlevered Free Cash Flow Margin	95.79	38.53	15.28	51.1	34.59
Asset Turnover
Asset Turnover	0.07	0.08	0.09	0.09	0.1
Fixed Assets Turnover	0.08	0.09	8.64T	0.12	0.13
Receivables Turnover (Average Receivables)	9.35	6.2	4.43	7.33	5.43
Short Term Liquidity
Current Ratio	0.67	0.43	0.9	0.83	1.07
Quick Ratio	0.36	0.24	0.38	0.77	0.97
Operating Cash Flow to Current Liabilities	0.94	0.78	1.1	1.33	1.41
Days Sales Outstanding (Average Receivables)	39.03	58.85	82.31	49.92	67.25
Average Days Payable Outstanding	28.18	25.25	42.84	82.08	96.19
Long Term Solvency
Total Debt/Equity	10.35	7.6	5.17	2.99	2.53
Total Debt / Total Capital	9.38	7.06	4.92	2.9	2.47
LT Debt/Equity	8.32	1.89	1.39	1.1	0.94
Long-Term Debt / Total Capital	7.54	1.76	1.33	1.07	0.92
Total Liabilities / Total Assets	13.48	11.25	10.57	8	7.75
EBIT / Interest Expense	14.1	15.89	21.25	23.51	34.73
EBITDA / Interest Expense	14.1	15.89	21.25	23.51	34.73
(EBITDA - Capex) / Interest Expense	14.1	15.89	21.25	23.51	34.73
Total Debt / EBITDA	2.11	1.26	0.86	0.45	0.36
Net Debt / EBITDA	2.07	1.24	0.85	0.44	0.36
Total Debt / (EBITDA - Capex)	2.11	1.26	0.86	0.45	0.36
Net Debt / (EBITDA - Capex)	2.07	1.24	0.85	0.44	0.36
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	62.9	52.96	40.76	43.68	26.32
Gross Profit, 1 Yr. Growth %	57.09	48.49	39.02	47.22	27.06
EBITDA, 1 Yr. Growth %	55.42	51.58	38.59	49.1	26.91
EBITA, 1 Yr. Growth %	55.42	51.57	38.58	49.1	26.91
EBIT, 1 Yr. Growth %	55.42	51.57	38.58	49.1	26.91
Earnings From Cont. Operations, 1 Yr. Growth %	-61.16	18.67	74.21	45.45	30.37
Net Income, 1 Yr. Growth %	-61.16	18.67	74.21	45.45	30.37
Diluted EPS Before Extra, 1 Yr. Growth %	-73.85	16.24	36.15	0.78	5.01
Normalized Net Income, 1 Yr. Growth %	45.5	51.47	43.52	49.29	28.09
Net Property, Plant and Equip., 1 Yr. Growth %	71.57	21.55	75.98	24.69	6.76
Accounts Receivable, 1 Yr. Growth %	211.85	102.45	86.84	98.37	37.14
Total Assets, 1 Yr. Growth %	60.98	19.79	37.8	32.11	19.56
Common Equity, 1 Yr. Growth %	49.01	22.88	38.85	35.92	19.87
Tangible Book Value, 1 Yr. Growth %	49.01	22.88	38.85	35.92	19.87
Cash From Operations, 1 Yr. Growth %	39.43	77.94	66.21	11.64	31.98
Capital Expenditures, 1 Yr. Growth %	-	-	-	-	-
Levered Free Cash Flow, 1 Yr. Growth %	391.19	-41.01	-47.89	177.96	-14.5
Unlevered Free Cash Flow, 1 Yr. Growth %	376.99	-38.48	-44.17	167.15	-14.48
Dividend Per Share, 1 Yr. Growth %	34.09	11.86	8.59	6.05	5.7
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	40.84	57.85	46.73	42.21	34.72
Gross Profit, 2 Yr. CAGR %	37.76	52.73	43.67	43.06	36.77
EBITDA, 2 Yr. CAGR %	35.61	53.49	44.94	43.75	37.56
EBITA, 2 Yr. CAGR %	35.61	53.49	44.93	43.75	37.56
EBIT, 2 Yr. CAGR %	35.61	53.49	44.93	43.75	37.56
Earnings From Cont. Operations, 2 Yr. CAGR %	-18.95	-32.11	43.78	59.19	37.7
Net Income, 2 Yr. CAGR %	-18.95	-32.11	43.78	59.19	37.7
Diluted EPS Before Extra, 2 Yr. CAGR %	-34.11	-44.86	25.8	17.14	2.87
Normalized Net Income, 2 Yr. CAGR %	13.98	48.46	47.44	46.38	38.29
Net Property, Plant and Equip., 2 Yr. CAGR %	40.47	44.41	-99.54	40.27T	15.38
Accounts Receivable, 2 Yr. CAGR %	-	151.26	98.4	26.64	64.94
Total Assets, 2 Yr. CAGR %	35.42	38.87	28.48	34.93	25.68
Common Equity, 2 Yr. CAGR %	36.51	35.32	30.62	37.38	27.65
Tangible Book Value, 2 Yr. CAGR %	36.51	35.32	30.62	37.38	27.65
Cash From Operations, 2 Yr. CAGR %	56.57	60.48	71.97	36.22	21.39
Levered Free Cash Flow, 2 Yr. CAGR %	79.24	70.22	-44.58	66.93	54.16
Unlevered Free Cash Flow, 2 Yr. CAGR %	81.57	71.3	-41.39	63.78	51.15
Dividend Per Share, 2 Yr. CAGR %	-	22.47	10.21	7.31	5.87
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	56.49	44.77	51.93	45.71	36.7
Gross Profit, 3 Yr. CAGR %	54.03	41.25	48.01	44.85	37.52
EBITDA, 3 Yr. CAGR %	46.9	40.74	48.35	46.31	37.9
EBITA, 3 Yr. CAGR %	52.18	40.74	48.35	46.31	37.9
EBIT, 3 Yr. CAGR %	52.18	40.74	48.35	46.31	37.9
Earnings From Cont. Operations, 3 Yr. CAGR %	65.47	-7.97	-7.05	44.34	48.93
Net Income, 3 Yr. CAGR %	65.47	-7.97	-7.05	44.34	48.93
Diluted EPS Before Extra, 3 Yr. CAGR %	-19.59	-20.38	-25.47	16.84	12.95
Normalized Net Income, 3 Yr. CAGR %	49.36	25.31	46.79	48.06	40.01
Net Property, Plant and Equip., 3 Yr. CAGR %	82.88	33.86	-96.7	24.9	5.48T
Accounts Receivable, 3 Yr. CAGR %	-41.34	-	130.68	50.05	30.05
Total Assets, 3 Yr. CAGR %	69.61	30	38.51	29.68	29.6
Common Equity, 3 Yr. CAGR %	66.98	31.81	36.48	32.36	31.28
Tangible Book Value, 3 Yr. CAGR %	66.98	31.81	36.48	32.36	31.28
Cash From Operations, 3 Yr. CAGR %	130.89	65.43	62.37	48.91	34.79
Levered Free Cash Flow, 3 Yr. CAGR %	58.7	23.75	14.69	17.98	33.56
Unlevered Free Cash Flow, 3 Yr. CAGR %	61.25	26.58	17.89	18.17	31.88
Dividend Per Share, 3 Yr. CAGR %	21.78	-	17.66	8.81	6.77
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	32.04	48.68	52.51	43.74	44.8
Gross Profit, 5 Yr. CAGR %	36.1	46.37	49.8	41.97	43.41
EBITDA, 5 Yr. CAGR %	33.79	43.63	46.11	41.93	43.94
EBITA, 5 Yr. CAGR %	36.02	46.04	49.24	41.93	43.94
EBIT, 5 Yr. CAGR %	36.02	46.04	49.24	41.93	43.94
Earnings From Cont. Operations, 5 Yr. CAGR %	42.25	45.24	56.43	14.58	8.77
Net Income, 5 Yr. CAGR %	42.25	45.24	56.43	14.58	8.77
Diluted EPS Before Extra, 5 Yr. CAGR %	-	-16.25	-3.83	-7.09	-15.22
Normalized Net Income, 5 Yr. CAGR %	34.18	44.07	48.59	33.35	43.33
Net Property, Plant and Equip., 5 Yr. CAGR %	110.95	120.95	-83.35	30.91	28.98
Accounts Receivable, 5 Yr. CAGR %	59.13	12.92	-4.49	-	70.6
Total Assets, 5 Yr. CAGR %	96.14	102.32	51.78	31.95	33.23
Common Equity, 5 Yr. CAGR %	326.18	337.27	51.36	34.01	32.88
Tangible Book Value, 5 Yr. CAGR %	326.18	337.27	51.36	34.01	32.88
Cash From Operations, 5 Yr. CAGR %	41.24	56.34	106.76	53.06	44.53
Levered Free Cash Flow, 5 Yr. CAGR %	-	31.64	4.19	39.46	47.14
Unlevered Free Cash Flow, 5 Yr. CAGR %	-	33.5	7.57	40.32	46.43
Dividend Per Share, 5 Yr. CAGR %	-40.74	-40.23	17.02	-	12.79