Activia Properties Cash Flow Statement

Financials in millions JPY. Fiscal year is December - November.

Millions JPY. Fiscal year is Dec - Nov.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Nov '25 Nov 30, 2025	Nov '24 Nov 30, 2024	Nov '23 Nov 30, 2023	Nov '22 Nov 30, 2022	Nov '21 Nov 30, 2021
Net Income	14,310	14,164	17,482	15,732	15,032
Depreciation & Amortization	3,243	3,088	2,941	2,744	2,727
Other Amortization	7.93	18.96	20.89	20.7	111.53
Gain (Loss) on Sale of Assets	15.36	23.41	47.83	1.1	13.09
Change in Accounts Receivable	46.56	97.78	85.8	-63.61	-265.64
Change in Accounts Payable	-87.44	-36.38	217.7	153.63	-32.27
Change in Other Net Operating Assets	-104.96	3,775	41,399	5,556	11,701
Other Operating Activities	675.42	502.47	287.48	343.11	460.19
Operating Cash Flow	18,105	21,633	62,481	24,487	29,747
Operating Cash Flow Growth	-16.31%	-65.38%	155.16%	-17.68%	-22.78%
Acquisition of Real Estate Assets	-2,941	-3,216	-47,874	-1,014	-52,227
Net Sale / Acq. of Real Estate Assets	-2,941	-3,216	-47,874	-1,014	-52,227
Investment in Marketable & Equity Securities	-1,287	-306.7	-	-	-
Other Investing Activities	670.86	268.27	1,128	-1,531	1,772
Investing Cash Flow	-3,559	-3,256	-46,746	-2,551	-50,455
Short-Term Debt Issued	-	-	29,298	999	3,898
Long-Term Debt Issued	-	33,199	38,465	25,780	48,158
Total Debt Issued	18,985	33,199	67,764	26,779	52,056
Short-Term Debt Repaid	-	-	-30,299	-	-10,418
Long-Term Debt Repaid	-	-34,500	-32,250	-27,100	-26,250
Total Debt Repaid	-19,394	-34,500	-62,549	-27,100	-36,668
Net Debt Issued (Repaid)	-408.95	-1,301	5,215	-321.01	15,388
Issuance of Common Stock	-	-	-	-	22,499
Repurchase of Common Stock	-	-6,000	-2,000	-4,000	-
Common Dividends Paid	-14,281	-15,178	-15,528	-15,427	-14,619
Other Financing Activities	-31.82	-64.11	-59.29	-60.74	-54.48
Miscellaneous Cash Flow Adjustments	-1	-0	-0	-0	-
Net Cash Flow	-176.41	-4,167	3,363	2,128	2,507
Cash Interest Paid	1,846	1,532	1,460	1,396	1,318
Cash Income Tax Paid	5.22	1.46	168.72	31.85	1.6
Levered Free Cash Flow	-	7,770	14,302	14,082	25,847
Unlevered Free Cash Flow	-	8,766	15,224	14,951	26,673
Change in Working Capital	-145.84	3,836	41,702	5,646	11,403

Updated Nov 30, 2025. Source: S&P Global Market Intelligence. Real Estate template. Financial Sources.