Reit 1 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	497.25	292.59	351.12	564.68	507.71
Gain (Loss) on Sale of Investments	-2.11	6.8	-5.56	8.6	-26.43
Asset Writedown	-251.17	-99.8	-233.2	-408.77	-266.16
Stock-Based Compensation	15.57	17.63	21.37	8.71	6.14
Income (Loss) on Equity Investments	-12.25	-49.7	1.15	-63.29	-51.64
Change in Accounts Receivable	-30.55	53.97	-35.4	-15.09	-24.36
Change in Other Net Operating Assets	-6.93	-11.09	23.83	-6.8	33.11
Other Operating Activities	57.64	79.19	83.77	116.42	27.64
Operating Cash Flow	267.45	289.58	207.09	204.46	206.02
Operating Cash Flow Growth	-7.64%	39.83%	1.29%	-0.76%	24.52%
Acquisition of Real Estate Assets	-281.73	-220.16	-495.01	-532.39	-486.91
Sale of Real Estate Assets	102.74	-	49.1	-	-
Net Sale / Acq. of Real Estate Assets	-179	-220.16	-445.92	-532.39	-486.91
Cash Acquisition	2.14	-33.24	-	-	-
Investment in Marketable & Equity Securities	-132.98	-6.93	-4.55	-41.98	-129.45
Other Investing Activities	3.89	-6.13	18.11	-11.43	-5.8
Investing Cash Flow	-305.95	-266.45	-432.36	-585.79	-622.17
Short-Term Debt Issued	363.69	68.48	-	371.02	325.77
Long-Term Debt Issued	482.8	427.4	612.08	2.2	416.99
Total Debt Issued	846.49	495.88	612.08	373.21	742.76
Short-Term Debt Repaid	-	-	-213.02	-	-
Long-Term Debt Repaid	-525.33	-273.1	-234.53	-194.42	-85.58
Total Debt Repaid	-525.33	-273.1	-447.55	-194.42	-85.58
Net Debt Issued (Repaid)	321.16	222.77	164.54	178.8	657.18
Issuance of Common Stock	119.53	-	-	172.54	120.48
Common Dividends Paid	-169.15	-162.48	-158.09	-148.66	-131.55
Net Cash Flow	233.05	83.43	-218.82	-178.65	229.95
Cash Interest Paid	166.08	138.47	131.22	106.35	91.38
Levered Free Cash Flow	288.89	148.07	162.38	187.84	208.08
Unlevered Free Cash Flow	364.84	207.04	212.22	221.73	238.18
Change in Working Capital	-37.48	42.88	-11.56	-21.89	8.75

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