ESR-REIT Cash Flow Statement

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

Millions SGD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	31.66	-127.78	-67.45	-278.26	101.52
Other Amortization	6.79	5.22	6.71	6.1	4.34
Gain (Loss) on Sale of Investments	-4.01	18.99	30.62	-19.49	-10.85
Asset Writedown	115.76	212	158.13	16.92	38.79
Stock-Based Compensation	15.33	14.4	15.55	14.09	8.91
Income (Loss) on Equity Investments	-3	-2.84	-3.88	-5.34	-7.7
Change in Accounts Receivable	37.1	-34.55	11.72	-9.46	-10.74
Change in Accounts Payable	-51.72	62.58	-7.26	-23.73	-0.34
Other Operating Activities	146.26	122.89	117.59	492.81	28.83
Operating Cash Flow	294.16	270.91	261.74	193.63	152.77
Operating Cash Flow Growth	8.58%	3.50%	35.17%	26.75%	-5.37%
Acquisition of Real Estate Assets	-46.11	-358.96	-94.47	-266.09	-152.77
Sale of Real Estate Assets	16.68	92.76	440.61	110.96	52.76
Net Sale / Acq. of Real Estate Assets	-29.43	-266.21	346.13	-155.13	-100.01
Cash Acquisition	-8.88	-185.15	-	-129.02	-
Investment in Marketable & Equity Securities	7.02	-	-	-	-57.1
Other Investing Activities	4.07	13.12	14.71	17.13	7.77
Investing Cash Flow	-27.21	-438.24	360.85	-267.02	-149.34
Short-Term Debt Issued	-	-	4.78	1.9	1.2
Long-Term Debt Issued	432.92	1,387	317.8	1,379	548.63
Total Debt Issued	432.92	1,387	322.58	1,381	549.83
Long-Term Debt Repaid	-453.61	-1,063	-827.68	-1,246	-534.13
Net Debt Issued (Repaid)	-20.69	323.22	-505.09	135.47	15.7
Issuance of Common Stock	125	188.2	299.75	150	149.63
Repurchase of Common Stock	-13.62	-12.91	-2.72	-	-
Common Dividends Paid	-192.76	-194.65	-217.97	-97.26	-103.69
Other Financing Activities	-187.78	-103.45	-200.29	-95.07	-59.02
Foreign Exchange Rate Adjustments	-1.39	-1.28	-0.8	-0.95	-0
Net Cash Flow	-24.29	31.81	-4.54	18.8	6.05
Cash Interest Paid	20.6	19.86	19.98	10.38	8.1
Cash Income Tax Paid	5.6	4.77	3.36	0.97	0.7
Levered Free Cash Flow	-269.69	106.94	158.25	89.67	61.6
Unlevered Free Cash Flow	-205.99	169.86	228.94	137.09	80.97
Change in Working Capital	-14.61	28.03	4.47	-33.19	-11.08

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