ESR Kendall Square REIT Cash Flow Statement

Financials in millions KRW. Fiscal year is December - November.

Millions KRW. Fiscal year is Dec - Nov.

Fiscal Year	FY 2025	FY 2025	FY 2024	FY 2024	FY 2023
Period Ending	Nov '25 Nov 30, 2025	May '25 May 31, 2025	Nov '24 Nov 30, 2024	May '24 May 31, 2024	Nov '23 Nov 30, 2023
Net Income	-6,873	19,557	7,201	45,068	23,705
Depreciation & Amortization	33,555	32,401	31,616	31,211	29,697
Loss (Gain) on Equity Investments	5,519	-19,201	-3,936	-36,301	-11,126
Provision & Write-off of Bad Debts	-	4,564	-	-	-
Other Operating Activities	1,468	13,682	251.59	5,016	36,107
Change in Unearned Revenue	1,171	-840.12	1,486	170.1	-1,230
Change in Other Net Operating Assets	-17,168	1,084	-21,204	1,701	-4,144
Operating Cash Flow	17,672	51,248	15,414	46,865	73,009
Operating Cash Flow Growth	-65.52%	232.47%	-67.11%	-35.81%	33.82%
Capital Expenditures	-504,859	-430	-162,308	-222,029	-196.67
Cash Acquisitions	-36.5	-	-	-	-
Investment in Securities	75,335	-3,058	23,757	-9,710	54,528
Other Investing Activities	-844.6	-	-	-415.4	-
Investing Cash Flow	-430,405	-3,488	-138,551	-232,154	54,331
Total Debt Issued	1,185,000	-	837,000	780,000	20,000
Total Debt Repaid	-748,401	-9,200	-675,600	-510,000	-40,000
Net Debt Issued (Repaid)	436,599	-9,200	161,400	270,000	-20,000
Issuance of Common Stock	268,292	-	-	-	-
Dividends Paid	-58,386	-58,386	-58,386	-58,386	-57,534
Other Financing Activities	11,081	671.73	3,600	6,177	365.6
Financing Cash Flow	657,586	-66,915	106,614	217,790	-77,168
Miscellaneous Cash Flow Adjustments	-	0	0	-	-0
Net Cash Flow	244,852	-19,155	-16,523	32,501	50,172
Free Cash Flow	-487,187	50,818	-146,894	-175,164	72,813
Free Cash Flow Margin	-409.00%	43.29%	-129.13%	-156.74%	68.75%
Free Cash Flow Per Share	-2044.13	238.48	-689.35	-822.02	341.70
Cash Interest Paid	52,334	51,594	61,058	54,947	31,750
Cash Income Tax Paid	2,820	-757.48	890.51	-4,656	4,396
Levered Free Cash Flow	-475,451	29,926	-129,188	-188,703	43,523
Unlevered Free Cash Flow	-440,456	66,822	-96,478	-156,693	67,032
Change in Working Capital	-15,997	244.11	-19,718	1,871	-5,374

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