Reit 1 Cash Flow Statement

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

Millions ILS. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Net Income	509.05	292.59	351.12	564.68	507.71	151.66
Gain (Loss) on Sale of Investments	-2.77	6.8	-5.56	8.6	-26.43	-7.81
Asset Writedown	-229.82	-99.8	-233.2	-408.77	-266.16	80.08
Stock-Based Compensation	15.94	17.63	21.37	8.71	6.14	4.64
Income (Loss) on Equity Investments	-75.87	-49.7	1.15	-63.29	-51.64	-4.69
Change in Accounts Receivable	2.48	53.97	-35.4	-15.09	-24.36	0.63
Change in Other Net Operating Assets	-30.45	-11.09	23.83	-6.8	33.11	-0.67
Other Operating Activities	67.71	79.19	83.77	116.42	27.64	-58.38
Operating Cash Flow	256.28	289.58	207.09	204.46	206.02	165.45
Operating Cash Flow Growth	-12.10%	39.83%	1.29%	-0.76%	24.52%	-12.77%
Acquisition of Real Estate Assets	-241.85	-220.16	-495.01	-532.39	-486.91	-123.5
Sale of Real Estate Assets	102.74	-	49.1	-	-	0.25
Net Sale / Acq. of Real Estate Assets	-139.11	-220.16	-445.92	-532.39	-486.91	-123.25
Cash Acquisition	6.35	-33.24	-	-	-	-
Investment in Marketable & Equity Securities	-15.48	-6.93	-4.55	-41.98	-129.45	91.26
Other Investing Activities	-45.58	-6.13	18.11	-11.43	-5.8	-20.79
Investing Cash Flow	-193.83	-266.45	-432.36	-585.79	-622.17	-52.78
Short-Term Debt Issued	-	68.48	-	371.02	325.77	-
Long-Term Debt Issued	-	427.4	612.08	2.2	416.99	620.72
Total Debt Issued	597.6	495.88	612.08	373.21	742.76	620.72
Short-Term Debt Repaid	-	-	-213.02	-	-	-19.22
Long-Term Debt Repaid	-	-273.1	-234.53	-194.42	-85.58	-446.82
Total Debt Repaid	-619.02	-273.1	-447.55	-194.42	-85.58	-466.03
Net Debt Issued (Repaid)	-21.42	222.77	164.54	178.8	657.18	154.68
Issuance of Common Stock	119.53	-	-	172.54	120.48	-
Common Dividends Paid	-166.82	-162.48	-158.09	-148.66	-131.55	-126.76
Net Cash Flow	-6.24	83.43	-218.82	-178.65	229.95	140.59
Cash Interest Paid	164.72	138.47	131.22	106.35	91.38	88.69
Levered Free Cash Flow	387.46	148.07	162.38	187.84	208.08	117.44
Unlevered Free Cash Flow	454.75	207.04	212.22	221.73	238.18	147.11
Change in Working Capital	-27.96	42.88	-11.56	-21.89	8.75	-0.04

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