Tokaido REIT Cash Flow Statement

Financials in millions JPY. Fiscal year is August - July.

Millions JPY. Fiscal year is Aug - Jul.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022
Period Ending	Jul '25 Jul 31, 2025	Jul '24 Jul 31, 2024	Jul '23 Jul 31, 2023	Jul '22 Jul 31, 2022
Net Income	2,000	1,728	1,379	1,199
Depreciation & Amortization	469	387	288	174
Change in Accounts Receivable	-3	18	-40	51
Change in Accounts Payable	90	-76	211	-26
Other Operating Activities	639	378	-315	523
Operating Cash Flow	3,195	2,435	1,523	1,921
Operating Cash Flow Growth	31.21%	59.88%	-20.72%	-
Acquisition of Real Estate Assets	-9,396	-8,782	-14,983	-833
Net Sale / Acq. of Real Estate Assets	-9,396	-8,782	-14,983	-833
Other Investing Activities	233	50	402	-92
Investing Cash Flow	-9,163	-8,732	-14,581	-925
Total Debt Issued	5,391	4,400	7,800	600
Total Debt Repaid	-	-500	-	-350
Net Debt Issued (Repaid)	5,391	3,900	7,800	250
Issuance of Common Stock	3,706	4,197	7,197	-
Common & Preferred Dividends Paid	-1,841	-1,621	-1,126	-431
Total Dividends Paid	-1,841	-1,621	-1,126	-431
Other Financing Activities	-34	-13	-25	-72
Miscellaneous Cash Flow Adjustments	-1	-1	-	-
Net Cash Flow	1,253	165	788	743
Cash Interest Paid	326	175	115	89
Cash Income Tax Paid	-	-	-	1
Levered Free Cash Flow	-7,882	-7,207	-14,576	-
Unlevered Free Cash Flow	-7,605	-7,014	-14,441	-
Change in Working Capital	87	-58	171	25

Updated Mar 18, 2025. Source: S&P Global Market Intelligence. Real Estate template. Financial Sources.