Al Rajhi REIT Fund Cash Flow Statement

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

Millions SAR. 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	147.39	187.25	75.55	113.41	-175.08
Depreciation & Amortization	50.02	47.54	38.27	29.93	28.6
Gain (Loss) on Sale of Assets	-	-17.66	-	-	-
Gain (Loss) on Sale of Investments	-6.62	-4.9	-3.26	-1.77	-0.47
Asset Writedown	-49.63	-65.39	5.69	-29.7	227.07
Change in Accounts Receivable	-12.29	-8.15	-37.21	-6.67	-10.76
Change in Other Net Operating Assets	-34.47	-16.32	10.42	0.34	-0.24
Other Operating Activities	35.02	23.86	-	-	-
Operating Cash Flow	126.98	152.83	85.88	94.91	79.7
Operating Cash Flow Growth	-16.92%	77.96%	-9.51%	19.09%	-11.62%
Acquisition of Real Estate Assets	-1.97	-64.44	-1,003	-98.75	-2.36
Sale of Real Estate Assets	-	125.85	-	-	-
Net Sale / Acq. of Real Estate Assets	-1.97	61.41	-1,003	-98.75	-2.36
Investment in Marketable & Equity Securities	16.21	-66.3	30.48	-18.68	-1.54
Investing Cash Flow	14.24	-4.89	-972.24	-117.43	-3.9
Long-Term Debt Issued	-	-	-	105.15	-
Total Debt Issued	-	-	-	105.15	-
Net Debt Issued (Repaid)	-	-	-	105.15	-
Issuance of Common Stock	-	-	1,011	-	-
Common Dividends Paid	-141.21	-147.94	-124.23	-82.63	-75.79
Net Cash Flow	0	-	-	-	-
Cash Interest Paid	15.55	30.98	-	-	-
Levered Free Cash Flow	99.04	131.96	67.36	81.37	72.62
Unlevered Free Cash Flow	130.65	166.24	99.96	101.8	85.76
Change in Working Capital	-51.43	-18.31	-31.89	-4.69	-10.52

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