Musharaka REIT Fund Cash Flow Statement

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

Millions SAR. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun '26 Jun 30, 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	-101.51	-109.89	-22.29	-8.35	10.9	29.87
Depreciation & Amortization	30.7	31.25	31.3	31.01	28.69	23.53
Other Amortization	1.5	1.5	1.91	4.28	2.63	1.86
Gain (Loss) on Sale of Investments	-0.05	-0.02	-	-0.15	-0.03	-0.06
Asset Writedown	84.64	91.95	5.86	-15	8.44	4.7
Change in Accounts Receivable	-4.44	-11.34	-1.87	-14.18	8.81	-24.52
Change in Other Net Operating Assets	2.27	6.55	6.55	9.77	-12.37	0.28
Other Operating Activities	-2.29	-2.03	4.42	-5.11	1.62	-5.12
Operating Cash Flow	11.16	6.58	27.46	6.15	56.01	41.02
Operating Cash Flow Growth	-73.37%	-76.02%	346.65%	-89.02%	36.54%	-24.75%
Acquisition of Real Estate Assets	-1	-1	-	-2.4	-260.29	-95.93
Net Sale / Acq. of Real Estate Assets	-1	-1	-	-2.4	-260.29	-95.93
Investment in Marketable & Equity Securities	4.07	-0.5	50.73	-8.65	-35	-
Other Investing Activities	-	-	-	9.9	11.6	28.75
Investing Cash Flow	3.07	-1.5	50.73	8.12	-273.21	-67.18
Long-Term Debt Issued	-	-	-	320.74	254.88	101.63
Total Debt Issued	-	-	-	320.74	254.88	101.63
Long-Term Debt Repaid	-	-13.2	-11.05	-334.36	-11.52	-10.17
Total Debt Repaid	-14.42	-13.2	-11.05	-334.36	-11.52	-10.17
Net Debt Issued (Repaid)	-14.42	-13.2	-11.05	-13.62	243.36	91.46
Common Dividends Paid	-17.6	-21.12	-17.6	-23.76	-52.8	-52.33
Net Cash Flow	-17.8	-29.23	49.55	-23.11	-26.65	12.97
Levered Free Cash Flow	24.24	13.37	57.4	19.8	30.28	53.9
Unlevered Free Cash Flow	54.04	44.56	90.95	50.08	47.82	62.78
Cash Interest Paid	51.37	51.37	49.51	44.72	13.87	9.67
Change in Working Capital	-1.82	-6.17	6.27	-2.42	-1.29	-13.65