Sella Capital Real Estate 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	300	213	180	266	356.5
Depreciation & Amortization	1.72	-0.26	-7.22	-9.85	-5.19
Asset Writedown	-128	-90	-41.3	-171	-230.8
Stock-Based Compensation	9.18	6.44	6.04	5.34	4.18
Change in Accounts Receivable	-0.11	2.36	0.83	1.52	1.26
Change in Other Net Operating Assets	-13.37	9.16	6.48	15.3	11.63
Other Operating Activities	71.79	105.62	93.86	119.74	42.27
Operating Cash Flow	241.21	246.32	238.7	227.05	179.84
Operating Cash Flow Growth	-2.08%	3.19%	5.13%	26.25%	23.51%
Acquisition of Real Estate Assets	-39.79	-513.74	-35.11	-942.84	-344.4
Net Sale / Acq. of Real Estate Assets	-39.79	-513.74	-35.11	-942.84	-344.4
Investing Cash Flow	-39.79	-513.74	-35.11	-942.84	-344.4
Long-Term Debt Issued	295.51	589.17	312.37	600.13	417.31
Total Debt Issued	295.51	589.17	312.37	600.13	417.31
Short-Term Debt Repaid	-47.05	-	-	-	-
Long-Term Debt Repaid	-337.35	-311.05	-281.28	-161.67	-24.97
Total Debt Repaid	-384.4	-311.05	-281.28	-161.67	-24.97
Net Debt Issued (Repaid)	-88.9	278.13	31.09	438.47	392.34
Issuance of Common Stock	164.69	8.98	11.65	5.77	164.09
Common Dividends Paid	-131.02	-123.75	-118.43	-111.71	-101.65
Other Financing Activities	-	10.5	-	-	-
Net Cash Flow	146.19	-93.56	127.9	-383.27	290.21
Cash Interest Paid	77.79	64.05	59.99	43.42	41.53
Levered Free Cash Flow	155.45	164.1	151.86	71.24	118.68
Unlevered Free Cash Flow	194.53	201.41	181.89	169.74	140.71
Change in Working Capital	-13.48	11.52	7.31	16.82	12.89

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