Tokaido REIT Cash Flow Statement

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

Millions JPY. Fiscal year is Aug - Jul.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2022
Period Ending	Jan '26 Jan 31, 2026	Jul '25 Jul 31, 2025	Jul '24 Jul 31, 2024	Jul '23 Jul 31, 2023	Jul '22 Jul 31, 2022	Jan '22 Jan 31, 2022
Net Income	2,125	2,000	1,728	1,379	1,199	434
Depreciation & Amortization	511	469	387	288	174	229
Change in Accounts Receivable	-	-3	18	-40	51	-37
Change in Accounts Payable	103	90	-76	211	-26	175
Other Operating Activities	1,151	639	378	-315	523	-281
Operating Cash Flow	3,890	3,195	2,435	1,523	1,921	520
Operating Cash Flow Growth	64.76%	31.21%	59.88%	-20.72%	269.42%	-
Acquisition of Real Estate Assets	-8,976	-9,396	-8,782	-14,983	-833	-31,789
Net Sale / Acq. of Real Estate Assets	-8,976	-9,396	-8,782	-14,983	-833	-31,789
Other Investing Activities	-393	233	50	402	-92	341
Investing Cash Flow	-9,369	-9,163	-8,732	-14,581	-925	-31,448
Long-Term Debt Issued	-	-	-	-	-	15,950
Total Debt Issued	3,741	5,391	4,400	7,800	600	15,950
Total Debt Repaid	-	-	-500	-	-350	-
Net Debt Issued (Repaid)	3,741	5,391	3,900	7,800	250	15,950
Issuance of Common Stock	3,706	3,706	4,197	7,197	-	17,028
Common Dividends Paid	-1,998	-1,841	-1,621	-1,126	-431	-
Other Financing Activities	-33	-34	-13	-25	-72	-72
Miscellaneous Cash Flow Adjustments	-	-1	-1	-	-	1
Net Cash Flow	-63	1,253	165	788	743	1,979
Cash Interest Paid	406	326	175	115	89	45
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	103	87	-58	171	25	138

Updated Jan 31, 2026. Source: S&P Global Market Intelligence. Real Estate template. Financial Sources.