Japan Real Estate Investment Corporation (JREIF)

JREIF Cash Flow Statement

Financials in millions JPY. Fiscal year is April - March.

Fiscal Year	FY 2025	FY 2024	FY 2024	FY 2023	FY 2023
Period Ending	Mar 31, 2025	Sep 30, 2024	Mar 31, 2024	Sep 30, 2023	Mar 31, 2023
Net Income	39,314	39,046	36,409	33,259	32,344
Depreciation & Amortization	12,220	12,298	12,555	12,460	12,416
Other Amortization	-	-	12.43	24.79	-
Change in Accounts Receivable	618	-92	-220.71	-100.95	-44
Change in Accounts Payable	-2,608	2,496	117.48	969.09	-3,974
Change in Other Net Operating Assets	-	-	9,411	13,113	-
Other Operating Activities	18,718	19,824	11,139	165.14	11,648
Operating Cash Flow	68,262	73,572	69,423	59,890	52,390
Operating Cash Flow Growth	-7.22%	5.98%	15.92%	14.32%	-23.61%
Acquisition of Real Estate Assets	-65,736	-9,042	-66,274	-64,561	-88,264
Net Sale / Acq. of Real Estate Assets	-65,736	-9,042	-66,274	-64,561	-88,264
Other Investing Activities	3,194	-2,572	-1,190	-170.38	2,956
Investing Cash Flow	-62,542	-11,614	-67,465	-64,732	-85,308
Short-Term Debt Issued	-	-	-	167,000	-
Long-Term Debt Issued	-	-	-	54,000	-
Total Debt Issued	33,600	-	135,000	221,000	74,200
Short-Term Debt Repaid	-	-	-	-145,700	-
Long-Term Debt Repaid	-	-	-	-48,500	-
Total Debt Repaid	-	-44,600	-115,300	-194,200	-
Net Debt Issued (Repaid)	33,600	-44,600	19,700	26,800	74,200
Issuance of Common Stock	-	-	19,495	19,495	-
Common Dividends Paid	-	-	-16,161	-32,088	-
Common & Preferred Dividends Paid	-35,134	-34,760	-17,075	-	-31,854
Total Dividends Paid	-35,134	-34,760	-33,236	-32,088	-31,854
Other Financing Activities	-	-	-38.82	-37.82	-2
Miscellaneous Cash Flow Adjustments	-	-	-0	-0	-
Net Cash Flow	4,186	-17,402	7,879	9,327	9,426
Cash Interest Paid	2,316	2,162	1,774	1,681	1,620
Cash Income Tax Paid	24	26	22.64	21.87	18
Levered Free Cash Flow	-27,468	-	-	34,009	-56,351
Unlevered Free Cash Flow	-25,938	29,178	-	35,073	-55,293
Change in Working Capital	-1,990	2,404	9,307	13,981	-4,018

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