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	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	299	213	180	266	356.5	161
Depreciation & Amortization	1.15	-0.26	-7.22	-9.85	-5.19	-3.68
Asset Writedown	-147.8	-90	-41.3	-171	-230.8	-6.7
Stock-Based Compensation	8.45	6.44	6.04	5.34	4.18	3.84
Change in Accounts Receivable	-1.29	2.36	0.83	1.52	1.26	-3.49
Change in Other Net Operating Assets	-4.25	9.16	6.48	15.3	11.63	3.81
Other Operating Activities	87.43	105.62	93.86	119.74	42.27	-9.18
Operating Cash Flow	242.69	246.32	238.7	227.05	179.84	145.61
Operating Cash Flow Growth	-0.80%	3.19%	5.13%	26.25%	23.51%	-0.74%
Acquisition of Real Estate Assets	-48.93	-513.74	-35.11	-942.84	-344.4	-111.38
Net Sale / Acq. of Real Estate Assets	-48.93	-513.74	-35.11	-942.84	-344.4	-111.38
Other Investing Activities	-	-	-	-	-	24.18
Investing Cash Flow	-48.93	-513.74	-35.11	-942.84	-344.4	-87.2
Long-Term Debt Issued	-	589.17	312.37	600.13	417.31	278.12
Total Debt Issued	295.51	589.17	312.37	600.13	417.31	278.12
Long-Term Debt Repaid	-	-311.05	-281.28	-161.67	-24.97	-214.27
Total Debt Repaid	-384.4	-311.05	-281.28	-161.67	-24.97	-214.27
Net Debt Issued (Repaid)	-88.9	278.13	31.09	438.47	392.34	63.86
Issuance of Common Stock	148.7	8.98	11.65	5.77	164.09	12.73
Common Dividends Paid	-128.11	-123.75	-118.43	-111.71	-101.65	-89.64
Other Financing Activities	10.5	10.5	-	-	-	-
Net Cash Flow	135.97	-93.56	127.9	-383.27	290.21	45.35
Cash Interest Paid	72.17	64.05	59.99	43.42	41.53	43.2
Levered Free Cash Flow	91.49	98.09	93.19	71.24	118.68	120.88
Unlevered Free Cash Flow	198.48	201.41	181.89	169.74	140.71	143.52
Change in Working Capital	-5.54	11.52	7.31	16.82	12.89	0.32

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