GLP J-REIT Cash Flow Statement

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

Millions JPY. Fiscal year is Mar - Feb.

Fiscal Year	FY 2026	FY 2025	FY 2024	FY 2023	FY 2022
Period Ending	Feb '26 Feb 28, 2026	Feb '25 Feb 28, 2025	Feb '24 Feb 29, 2024	Feb '23 Feb 28, 2023	Feb '22 Feb 28, 2022
Net Income	30,959	29,049	26,739	29,582	20,283
Depreciation & Amortization	8,664	8,889	9,071	8,608	8,574
Other Amortization	40.16	49.72	74.71	134.5	127.61
Gain (Loss) on Sale of Assets	549.66	-	2.91	-	2.23
Change in Accounts Receivable	516.63	-686.57	-1,172	-140.08	253.29
Change in Accounts Payable	-1,391	1,829	1,985	87.31	-50.93
Change in Other Net Operating Assets	16,202	1,991	3,715	-360.35	8,343
Other Operating Activities	9,550	5,213	6,417	178.66	4,201
Operating Cash Flow	65,089	46,335	46,833	38,089	41,733
Operating Cash Flow Growth	40.48%	-1.06%	22.95%	-8.73%	45.65%
Acquisition of Real Estate Assets	-14,863	-8,781	-61,514	-66,089	-52,424
Net Sale / Acq. of Real Estate Assets	-14,863	-8,781	-61,514	-66,089	-52,424
Investment in Marketable & Equity Securities	-6,012	-5	-	-	-
Other Investing Activities	6,376	-9,211	309.54	1,509	646.53
Investing Cash Flow	-14,499	-17,997	-61,205	-64,580	-51,778
Short-Term Debt Issued	-	-	-	24,700	6,300
Long-Term Debt Issued	-	-	-	59,590	55,600
Total Debt Issued	9,720	2,000	62,650	84,290	61,900
Short-Term Debt Repaid	-	-	-	-24,700	-11,300
Long-Term Debt Repaid	-	-	-	-35,700	-33,660
Total Debt Repaid	-9,720	-2,000	-36,500	-60,400	-44,960
Net Debt Issued (Repaid)	-	-	26,150	23,890	16,940
Issuance of Common Stock	-	-	29,880	31,003	26,594
Common Dividends Paid	-33,949	-28,982	-30,645	-27,927	-26,668
Other Financing Activities	-2.89	-13,026	-3,821	-14.88	-84.5
Miscellaneous Cash Flow Adjustments	-1	1	-2	-	0
Net Cash Flow	16,637	-13,670	7,190	460.55	6,737
Cash Interest Paid	2,827	2,459	2,165	1,847	1,774
Cash Income Tax Paid	0.86	0.97	0.83	1.81	2.21
Levered Free Cash Flow	-	-	-	18,952	27,194
Unlevered Free Cash Flow	-	-	-	20,094	28,310
Change in Working Capital	15,327	3,134	4,528	-413.11	8,546

Updated Feb 28, 2026. Source: S&P Global Market Intelligence. Real Estate template. Financial Sources.