Menivim - The New Reit Cash Flow Statement

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

Millions ILS. 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	212.26	123	148	143.98	158.76
Asset Writedown	-82.29	-19.05	-57.04	-93.32	-98.63
Stock-Based Compensation	0.9	0.4	-	1.44	-
Change in Accounts Receivable	2.97	2.93	-1.6	-2.17	-3.32
Change in Accounts Payable	-	-	-	-	0.52
Change in Other Net Operating Assets	-5.05	-5.78	8.41	-0.02	4.75
Other Operating Activities	75.71	86.12	64.66	74.38	31.83
Operating Cash Flow	204.5	187.63	162.43	124.29	93.91
Operating Cash Flow Growth	8.99%	15.51%	30.69%	32.35%	7.05%
Acquisition of Real Estate Assets	-196.07	-344.36	-223.17	-504.95	-147.63
Sale of Real Estate Assets	-	13.51	-	-	-
Net Sale / Acq. of Real Estate Assets	-196.07	-330.85	-223.17	-504.95	-147.63
Other Investing Activities	7.67	12.01	8.41	1.68	0.29
Investing Cash Flow	-188.39	-318.84	-214.76	-503.27	-147.34
Long-Term Debt Issued	109.98	179.35	453.64	261.96	343.1
Long-Term Debt Repaid	-79.3	-96.61	-256.72	-40.69	-69.96
Net Debt Issued (Repaid)	30.68	82.74	196.92	221.26	273.14
Issuance of Common Stock	152.14	127.7	5.84	141.87	-
Repurchase of Common Stock	-	-13.53	-12.69	-	-
Common Dividends Paid	-98.79	-89.46	-79.53	-86	-57
Other Financing Activities	-40.09	-37.91	-33.57	-24.49	-20.11
Net Cash Flow	60.05	-61.67	24.65	-126.34	142.6
Cash Interest Paid	40.09	37.91	33.57	24.49	20.11
Levered Free Cash Flow	100.53	101.85	74.43	53.3	41.85
Unlevered Free Cash Flow	126.54	125.71	91.28	63.71	51.16
Change in Working Capital	-2.08	-2.85	6.81	-2.19	1.95

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Real Estate template. Financial Sources.