ESR Kendall Square REIT Cash Flow Statement

Financials in millions KRW. Fiscal year is June - May.

Millions KRW. Fiscal year is Jun - May.

Fiscal Year	FY 2025	FY 2024	FY 2024	FY 2023	FY 2023
Period Ending	May '25 May 31, 2025	Nov '24 Nov 30, 2024	May '24 May 31, 2024	Nov '23 Nov 30, 2023	May '23 May 31, 2023
Net Income	19,557	7,201	45,068	23,705	56,028
Depreciation & Amortization	32,401	31,616	31,211	29,697	27,668
Loss (Gain) on Equity Investments	-19,201	-3,936	-36,301	-11,126	-33,707
Provision & Write-off of Bad Debts	4,564	-	-	-	-
Other Operating Activities	13,682	251.59	5,016	36,107	7,529
Change in Unearned Revenue	-840.12	1,486	170.1	-1,230	1,230
Change in Other Net Operating Assets	1,084	-21,204	1,701	-4,144	-4,190
Operating Cash Flow	51,248	15,414	46,865	73,009	54,557
Operating Cash Flow Growth	232.47%	-67.11%	-35.81%	33.82%	5.10%
Capital Expenditures	-430	-162,308	-222,029	-196.67	-263,929
Investment in Securities	-3,058	23,757	-9,710	54,528	-4,297
Other Investing Activities	-	-	-415.4	-	786
Investing Cash Flow	-3,488	-138,551	-232,154	54,331	-237,439
Total Debt Issued	-	837,000	780,000	20,000	225,200
Total Debt Repaid	-9,200	-675,600	-510,000	-40,000	-
Net Debt Issued (Repaid)	-9,200	161,400	270,000	-20,000	225,200
Dividends Paid	-58,386	-58,386	-58,386	-57,534	-57,960
Other Financing Activities	671.73	3,600	6,177	365.6	4,480
Financing Cash Flow	-66,915	106,614	217,790	-77,168	171,720
Miscellaneous Cash Flow Adjustments	0	0	-	-0	-
Net Cash Flow	-19,155	-16,523	32,501	50,172	-11,162
Free Cash Flow	50,818	-146,894	-175,164	72,813	-209,371
Free Cash Flow Margin	43.29%	-129.13%	-156.74%	68.75%	-211.56%
Free Cash Flow Per Share	238.48	-689.35	-822.02	341.70	-982.55
Cash Interest Paid	51,594	61,058	54,947	31,750	30,679
Cash Income Tax Paid	-757.48	890.51	-4,656	4,396	-253.16
Levered Free Cash Flow	29,926	-129,188	-188,703	43,523	-210,664
Unlevered Free Cash Flow	66,822	-96,478	-156,693	67,032	-190,753
Change in Working Capital	244.11	-19,718	1,871	-5,374	-2,961

Updated Aug 31, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.