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    2013 A

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    A AA

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    AA A

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    AA A

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    AA A A

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    AA A

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    Makati CBDMakati CBD

    AA B

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    BA

    BA B

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    BA

    BA

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    BA

    BA B

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    BA

    BA B

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    BA

    BA

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    BA

    BA B

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    BA

    BA

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    (34 ) 9 A

    BA

    BA A

    34

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    BA

    BA

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    AABA A

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    A

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    A

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    A

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    A 2

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    A B

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    A

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    AAA A, A

    A

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    A

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    A

    A A, B

    B

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    A

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    B

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    BAAA A &

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    AAA

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    B A , A, A

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    3

    B

    2

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    AA A

    A

    A & B A

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    AAA

    A

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    A A

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    AA

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    P10B

    : A. 51015

    +27%

    +31%

    P4.0B

    P5.5B

    P7.1B

    .

    2009 2010 2011 2012 2013 2014

    +35%

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    10%

    12%13%

    P15%

    : A. 51015

    2009 2010 2011 2012 2013 2014

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    P71.3B TotalP71.3B Total CapexCapex

    AA

    Cash from

    o erations

    Borrowings

    P35.8B

    Additional

    equity

    P13.6B

    P21.9B

    Land acquisition

    P41.4B

    Recurringbusiness

    P13.5B

    Development

    business

    P16.4B

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    B

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    B

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