GLP J-REIT Cash Flow Statement

Financials in millions JPY. Fiscal year is March - February.

Millions JPY. Fiscal year is Mar - Feb.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Aug '25 Aug 31, 2025	Feb '25 Feb 28, 2025	Feb '24 Feb 29, 2024	Feb '23 Feb 28, 2023	Feb '22 Feb 28, 2022	Feb '21 Feb 28, 2021
Net Income	17,105	29,049	26,739	29,582	20,283	20,612
Depreciation & Amortization	4,212	8,889	9,071	8,608	8,574	7,781
Other Amortization	32.21	49.72	74.71	134.5	127.61	122.02
Gain (Loss) on Sale of Assets	3.66	-	2.91	-	2.23	14.39
Change in Accounts Receivable	213.61	-686.57	-1,172	-140.08	253.29	51.76
Change in Accounts Payable	-546.85	1,829	1,985	87.31	-50.93	181.77
Change in Other Net Operating Assets	20,520	1,991	3,715	-360.35	8,343	-137.58
Other Operating Activities	-198.49	5,213	6,417	178.66	4,201	27
Operating Cash Flow	41,341	46,335	46,833	38,089	41,733	28,652
Operating Cash Flow Growth	-10.48%	-1.06%	22.95%	-8.73%	45.65%	-3.65%
Acquisition of Real Estate Assets	4,427	-8,781	-61,514	-66,089	-52,424	-139,338
Net Sale / Acq. of Real Estate Assets	4,427	-8,781	-61,514	-66,089	-52,424	-139,338
Investment in Marketable & Equity Securities	-15,067	-5	-	-	-	-
Other Investing Activities	-770.98	-9,211	309.54	1,509	646.53	2,340
Investing Cash Flow	-11,411	-17,997	-61,205	-64,580	-51,778	-136,999
Short-Term Debt Issued	-	-	-	24,700	6,300	20,800
Long-Term Debt Issued	-	-	-	59,590	55,600	85,830
Total Debt Issued	44,620	2,000	62,650	84,290	61,900	106,630
Short-Term Debt Repaid	-	-	-	-24,700	-11,300	-15,800
Long-Term Debt Repaid	-	-	-	-35,700	-33,660	-31,950
Total Debt Repaid	-44,620	-2,000	-36,500	-60,400	-44,960	-47,750
Net Debt Issued (Repaid)	-	-	26,150	23,890	16,940	58,880
Issuance of Common Stock	-	-	29,880	31,003	26,594	74,321
Common Dividends Paid	-18,423	-28,982	-30,645	-27,927	-26,668	-21,278
Other Financing Activities	-3.3	-13,026	-3,821	-14.88	-84.5	-52.33
Miscellaneous Cash Flow Adjustments	0	1	-2	-	0	-0
Net Cash Flow	-1,493	-13,670	7,190	460.55	6,737	3,525
Cash Interest Paid	1,470	2,459	2,165	1,847	1,774	1,565
Cash Income Tax Paid	0.85	0.97	0.83	1.81	2.21	3.13
Levered Free Cash Flow	11,148	-	-	18,952	27,194	18,604
Unlevered Free Cash Flow	12,055	-	-	20,094	28,310	19,598
Change in Working Capital	20,187	3,134	4,528	-413.11	8,546	95.96

Updated Aug 31, 2025. Source: S&P Global Market Intelligence. Real Estate template. Financial Sources.