Landmark REIT Cash Flow Statement

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

Millions SGD. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar '26 Mar 31, 2026	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	26.48	31.99	-36.38	-125.99	1.58	-32.51
Depreciation & Amortization	1.98	2.19	7.5	8.13	9.25	10.32
Other Amortization	2.06	2.21	11.7	7.52	6.28	5.47
Asset Writedown	23.22	23.22	-29.82	133.51	-32.3	31.38
Stock-Based Compensation	-	-	-	-	-	1.27
Change in Accounts Receivable	2.03	2.31	-1.65	14.31	13.82	-9.38
Change in Accounts Payable	-10.61	-5.39	4.4	8.37	2.4	1.11
Change in Other Net Operating Assets	3.83	4.61	4.57	2.9	33.87	-24.57
Other Operating Activities	29.31	24.2	125.57	55.6	103.74	53.32
Operating Cash Flow	89.74	97.53	97.52	102.66	137.18	40.1
Operating Cash Flow Growth	-14.92%	0.01%	-5.01%	-25.16%	242.11%	2.97%
Acquisition of Real Estate Assets	-16.85	-20.37	-23.07	-15.38	-11.39	-344.24
Net Sale / Acq. of Real Estate Assets	-16.85	-20.37	-23.07	-15.38	-11.39	-344.24
Other Investing Activities	0.32	0.36	1.26	2.14	1.65	1.51
Investing Cash Flow	-16.53	-20	-21.81	-13.24	-9.74	-365.41
Short-Term Debt Issued	-	-	-	-	-	40
Long-Term Debt Issued	-	-	552.03	179.31	69.54	383.85
Total Debt Issued	-	-	552.03	179.31	69.54	423.85
Short-Term Debt Repaid	-	-0.09	-2.58	-0.34	-0.23	-40.1
Long-Term Debt Repaid	-	-23.04	-632.01	-153.47	-96.11	-219
Total Debt Repaid	-52.23	-23.13	-634.59	-153.8	-96.34	-259.1
Net Debt Issued (Repaid)	-52.23	-23.13	-82.55	25.51	-26.8	164.75
Issuance of Common Stock	63.04	-	-	-	-	280.97
Common Dividends Paid	-	-	-	-3.08	-44.67	-44.68
Other Financing Activities	-51.02	-55.71	-1.71	-173.22	-60.19	-62.93
Foreign Exchange Rate Adjustments	-2.33	-2.36	-11.18	-5.88	-8.68	0.94
Net Cash Flow	30.67	-3.67	-19.74	-67.25	-12.91	13.74
Cash Interest Paid	50.42	55.66	72.42	67.77	56.88	54.84
Cash Income Tax Paid	28.97	27.8	25.28	28.8	29.29	25.2
Levered Free Cash Flow	27.47	50.15	107.13	-27.6	87.83	-17.32
Unlevered Free Cash Flow	57.65	82.95	143.62	9.83	120.68	14.72
Change in Working Capital	6.29	13.45	17.9	25.59	50.09	-32.83

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