Keppel 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	517.74	130.94	208.05	450.45	278.86
Depreciation & Amortization	0.01	0.02	0.05	0.03	0.02
Other Amortization	-	1.81	2.05	2.27	1.96
Gain (Loss) on Sale of Investments	13.42	8.5	7.38	-3.51	2.86
Asset Writedown	-339.7	43.48	-24.7	-261.46	-87.24
Stock-Based Compensation	43.54	56.41	54.32	52.68	50.68
Income (Loss) on Equity Investments	-124.63	-110	-103.79	-100.69	-118.6
Change in Accounts Receivable	-14.9	-6.71	-4.49	0.11	-30.24
Change in Other Net Operating Assets	53.47	4.78	-6.17	0.07	10.63
Other Operating Activities	74.4	59.77	37.21	22.29	4.74
Operating Cash Flow	223.34	188.99	169.9	162.23	113.67
Operating Cash Flow Growth	18.18%	11.24%	4.72%	42.72%	8.82%
Acquisition of Real Estate Assets	-367.62	-363.35	-83.77	-167.6	-188.57
Sale of Real Estate Assets	-	-	-	-	271.3
Net Sale / Acq. of Real Estate Assets	-367.62	-363.35	-83.77	-167.6	82.73
Cash Acquisition	-	-	-	-	-599.05
Investment in Marketable & Equity Securities	-756.43	9.19	589.57	17.78	26.81
Other Investing Activities	7.72	103.24	97.49	103.44	106.38
Investing Cash Flow	-1,116	-250.92	603.28	-46.38	-383.13
Long-Term Debt Issued	2,374	1,013	485.69	802.28	1,650
Long-Term Debt Repaid	-1,238	-680.45	-974.02	-615.69	-1,334
Net Debt Issued (Repaid)	1,136	332.84	-488.34	186.59	316.32
Issuance of Common Stock	513	-	-	-	270
Repurchase of Common Stock	-300	-	-17.18	-	-
Common Dividends Paid	-286.04	-226.08	-228.81	-226.42	-215.01
Other Financing Activities	-112.5	-104.6	-80.25	-71.59	-67.96
Foreign Exchange Rate Adjustments	-2.06	-1.59	-2.96	-5.71	-1.62
Net Cash Flow	55.31	-61.37	-44.36	-1.27	32.27
Cash Interest Paid	-	86.73	61.09	53.87	46.82
Cash Income Tax Paid	-	9.48	9.09	5.35	26.25
Levered Free Cash Flow	108.86	155.26	745.53	-431.02	164.46
Unlevered Free Cash Flow	165.33	208.8	785.35	-400.64	193.85
Change in Working Capital	38.57	-1.93	-10.66	0.18	-19.61

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