Dubai Residential REIT Cash Flow Statement

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

Millions AED. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022
Net Income	3,022	2,662	2,373	2,600
Depreciation & Amortization	2.26	2.53	3.57	4.07
Other Amortization	-	1.53	0.56	0.7
Gain (Loss) on Sale of Assets	-	0.04	-	-
Asset Writedown	-1,743	-1,546	-2,423	-1,820
Change in Accounts Receivable	-45.68	-9.83	26.05	7.44
Change in Accounts Payable	-20.52	61.25	6.8	78.24
Change in Other Net Operating Assets	-569.97	2,553	-536.41	-1,097
Other Operating Activities	71.75	41.26	1,078	72.01
Operating Cash Flow	724.8	3,773	550.99	-117.76
Operating Cash Flow Growth	-80.79%	584.86%	-	-
Acquisition of Real Estate Assets	-135.15	-186.58	-188.34	-224.98
Sale of Real Estate Assets	-	1.27	-	-
Net Sale / Acq. of Real Estate Assets	-135.15	-185.31	-188.34	-224.98
Investment in Marketable & Equity Securities	831.64	-506.64	-304.25	148.06
Other Investing Activities	15.47	40.73	25.52	9.24
Investing Cash Flow	711.96	-653.22	-468.51	-68.34
Long-Term Debt Issued	-	2,600	-	-
Long-Term Debt Repaid	-1,000	-1,360	-80	-160
Net Debt Issued (Repaid)	-1,000	1,240	-80	-160
Common Dividends Paid	-550	-1,221	-	-
Other Financing Activities	-86.62	-2,225	-428.1	311.62
Net Cash Flow	-199.86	914.43	-425.63	-34.48
Cash Interest Paid	86.62	72.78	74.11	81.23
Levered Free Cash Flow	199.74	3,397	1,137	-
Unlevered Free Cash Flow	259.72	3,471	1,208	-
Change in Working Capital	-636.17	2,604	-503.56	-1,011

Source: S&P Global Market Intelligence. Real Estate template. Financial Sources.