Slide 1: FY 2024 Analyst Briefing
FY 2024 Analyst Briefing February 2025
Slide 2: Key Messages
Key Messages 1 Consistent growth • Revenues of P10.3B (+44%); EBITDA of P7.5B (+49%) from stable operations • Net income of P7.4B (+49%), excluding net fair value change and acquisitions • Overall occupancy of 99%; WALE of 21 years (3.8 years for Offices) 2 • Low net gearing at 0.02:1 with net debt
Slide 3: Agenda
Agenda FY 2024 Results • Highlights • Operating and Financial Performance • Dividends 2025 Asset Infusion CEO Messages
Slide 4: FY 2024 Highlights
FY 2024 Highlights TOTAL REVENUES1 EBITDA1 NET INCOME2 P10.3B +44% P7.5B +49% P7.4B +49% OCCUPANCY NET DEBT AUM (Assets under 99% P1.9B Management) Borrowing Cost of 6.1% 5.89% of Deposited Property Value P117.3B GLA 3.9m sqm +324% NET GEARING DPS Building 1.0m sqm +26% Land 2.9m sqm 0.02:1 P2.28 1
Slide 5: FY 2024 Financials (Fair Value Model)
FY 2024 Financials (Fair Value Model) Revenues of P10.3B (+44%); Net Income of P7.4B* (+49%) Income Statement FY 2024 FY 2023 Change % (In Php millions) • Higher Revenues and EBITDA Total Revenues 10,259 7,140 3,119 44% driven by the new assets with DOE and GAE (2,751) (2,105) (646) 31% contribution
Slide 6: Quarterly P&L Highlights
Quarterly P&L Highlights Stable quarter-on-quarter performance • Q3 and Q4 2024 significantly higher 2,369 2,344 than Q1 and Q2 3,137 2,888 2,109 2,069 due to newly- 623 540 736 acquired assets 682 538 451 1,746 1,804 2,401 2,206 1,571 1,618 2,112 2,122 1,510 1,521 1,468 1,479 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q
Slide 7: Higher occupancy than industry; healthy WALE
Higher occupancy than industry; healthy WALE Asset Type GLA (in sqm) Occupancy WALE Years Occupancy Rate: 99% +2% vs FY 2023 Building 1,034,549 (27%) 97% Offices 3.8 Offices 639,786 (16%) 95% • 86% of FY 2024 expiring leases have Overall 20.8 Hotel 83,511 (2%) 100% been renewed, 7% are new signed Re
Slide 8: Healthy balance sheet with a net gearing of 0.03:1
Healthy balance sheet with a net gearing of 0.03:1 Balance Sheet December December • Total Borrowings and Deferred (in Php Millions) 2024 2023 Payments are 5.9% of the Cash & Receivables 4,165 4,264 Deposited Property Value, well Total Assets 123,223 93,272 within the 35% aggregate leverage limit To
Slide 9: Declaration of 4Q 2024 Cash Dividends
Declaration of 4Q 2024 Cash Dividends • P0.58 per share for 3,209,865,985 outstanding common shares • FY 2024 DPS of P2.28, a growth of 6.0% from P2.15 in 2023. • Cash dividends will be paid on March 21, 2025, to stockholders of common shares as of the record date March 5, 2025.
Slide 10: Uninterrupted Growth in DPS
Uninterrupted Growth in DPS DPS has doubled since IPO, average QoQ growth 3.9%, 20% Annual TSR* 2022 2023 2024 2022 2023 2024 Full year 1,354 2,043 +53% +43% +43% 6,376 Full year +12% 1.98 +9% +6% 3,119 4,455 1.32 1.77 YoY YoY 2.15 YoY 2.28 Dividend YoY YoY YoY DPS AREIT quarterly dividend amount (P
Slide 11: Agenda
Agenda FY 2024 Results • Highlights • Operating and Financial Performance • Dividends 2025 Asset Infusion CEO Messages
Slide 12: 2025: Catalyzing AREIT's Growth
2025: Grow AREIT Assets Under Catalyzing Management (AUM) AREIT’s Growth Diversify AREIT’s asset portfolio in terms of sector and location Dividend Accretion in all asset acquisitions 12
Slide 13: AREIT has grown significantly since its IPO
AREIT has grown significantly since its IPO AUM has grown ~4x to P117B in 2024 since the IPO 2020 IPO Today +290% 117 87 AUM: P27B 4x growth AUM: P117B 64 54 Revenues: 4x growth Revenues: P2.04B P10.26B 30 100% offices 99% occupancy Mix of offices, malls, maintained with hotels, and industrial high-
Slide 14: AREIT today has a portfolio of 3.9m sqm GLA and an AUM of P117B
AREIT today has a portfolio of 3.9m sqm GLA and an AUM of P117B 2020 Infusions 2021 Infusions IPO Portfolio BPI-Philam Life Bacolod Capitol Ayala Northpoint Makati & Alabang Negros Occidental Negros Occidental Solaris One Ayala North Exchange McKinley Exchange Makati Makati Makati Vertis North One E
Slide 15: AREIT today has a portfolio of 3.9m sqm GLA and an AUM of P117B
AREIT today has a portfolio of 3.9m sqm GLA and an AUM of P117B 2022 – 2023 Infusions 2024 Infusions eBloc 1, 2, 3 and 4 ACC Tower Tech Tower 1 Cebu Cebu Cebu ATG Tower 2 Greenbelt 3 and 5 Holiday Inn Makati Makati Makati Glorietta 1 and 2 Mall & BPO MarQuee Mall One Ayala East and Makati Pampanga W
Slide 16: 2025 Infusions valued P21B: Cebu Properties (P10.8B)
2025 Infusions valued P21B: Cebu Properties (P10.8B) Central Bloc Office 1 Central Bloc Office 2 Central Bloc Mall Seda Central Bloc GLA (in sqm) 28,483 38,633 70,956 13,997 Occupancy 95% 97% 100% 100% WALE (as of Jan 2025) 3.3 years 3.6 years 25 years 25 years Valuation (in Php millions) 2,262 2,66
Slide 17: 2025 Infusions valued P21B: Davao & CDO Properties (P10.2B)
2025 Infusions valued P21B: Davao & CDO Properties (P10.2B) Abreeza Mall Abreeza BPO Centrio Mall Centrio BPO Location Davao Davao Cagayan de Oro Cagayan de Oro GLA (in sqm) 97,571 9,214 92,707 9,053 Occupancy (upon infusion) 100% 98% 100% 100% WALE (as of Jan 2025) 25 years 3.3 years 25 years 5.5 y
Slide 18: Diversified portfolio of high-quality commercial buildings
Diversified portfolio of high-quality commercial buildings AUM Breakdown by Sector Industrial Land Hotel Improved portfolio sector Retail 7% 7% diversification 11% Retail 19% • Increase retail exposure Hotel Office given continued 100% P27B 6% P117B P138B Industrial Land consumer spending Office 6%
Slide 19: Contents
Contents FY 2024 Results • Highlights • Operating and Financial Performance • Dividends 2025 Asset Infusion CEO Messages
Slide 20: AREIT continues its track record of sustainable growth and strong foundations
AREIT continues its track record of sustainable growth and strong foundations REVENUES P10.3B +44% NET INCOME P7.4B +49% TSR 20%
Slide 21: The upcoming asset acquisition will bring AREIT's AUM to P138B
The upcoming asset acquisition will bring AREIT’s AUM to P138B 2025 Infusion P21B GLA post-infusion 4.3m sqm +9% Building 1.4m sqm +35% Land 2.9m sqm
Slide 22: AREIT remains committed to maintaining its market leadership
AREIT remains committed to maintaining its market leadership 1 2 3 US$3 billion in AUM Ayala Land as Sponsor PSEi Inclusion To be at par with major Access to deep pipeline First REIT in the country to be included regional REITs of properties in the main index
Slide 23: Our commitment is to continue growing our AUM by PhP 15-20 billion annually
Our commitment is to continue growing our AUM by PhP 15-20 billion annually, diversify our portfolio across asset types and geographies, and create long-term value for stakeholders.
Slide 24: FY 2024 Analyst Briefing
FY 2024 Analyst Briefing February 2025