Hoshino Resorts REIT Cash Flow Statement

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

Millions JPY. Fiscal year is Nov - Oct.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Oct '25 Oct 31, 2025	Oct '24 Oct 31, 2024	Oct '23 Oct 31, 2023	Oct '22 Oct 31, 2022	Oct '21 Oct 31, 2021
Net Income	6,351	5,075	4,526	3,731	2,878
Depreciation & Amortization	4,087	3,715	3,392	3,124	2,776
Other Amortization	5.71	51.6	2.61	76.24	0.75
Gain (Loss) on Sale of Assets	91.94	70.23	39.51	15.29	-31.59
Change in Accounts Receivable	-191.02	-56.71	-105.64	-68.79	25.93
Change in Accounts Payable	-6.83	-25.42	8.07	35.12	136.87
Change in Other Net Operating Assets	7,744	-584.35	139.78	72.77	-476.38
Other Operating Activities	5.13	3.17	4.5	-4.95	-338.15
Operating Cash Flow	18,087	8,248	8,006	6,980	4,971
Operating Cash Flow Growth	119.29%	3.02%	14.70%	40.42%	-37.62%
Acquisition of Real Estate Assets	-12,346	-35,255	-9,454	-20,779	-13,247
Net Sale / Acq. of Real Estate Assets	-12,346	-35,255	-9,454	-20,779	-13,247
Investment in Marketable & Equity Securities	-6.92	-1.25	-7.84	-51.54	-
Other Investing Activities	-2,142	1,821	46.11	-609	7,733
Investing Cash Flow	-14,539	-32,724	-12,885	-26,585	-5,531
Short-Term Debt Issued	300	480	1,950	-	-
Long-Term Debt Issued	15,550	25,080	21,230	16,470	-
Total Debt Issued	15,850	25,560	23,180	16,470	5,460
Short-Term Debt Repaid	-480	-950	-1,000	-450	-
Long-Term Debt Repaid	-12,253	-12,970	-12,467	-9,917	-
Total Debt Repaid	-12,733	-13,920	-13,467	-10,367	-4,826
Net Debt Issued (Repaid)	3,117	11,640	9,713	6,103	634.43
Issuance of Common Stock	-	18,108	-	19,141	1,964
Common Dividends Paid	-5,402	-4,497	-4,104	-3,186	-4,274
Other Financing Activities	-13.81	-48.14	-9.25	-73.7	-30
Miscellaneous Cash Flow Adjustments	-	-	-0	-	-
Net Cash Flow	1,249	726.73	721.42	2,380	-2,265
Cash Interest Paid	1,080	836.88	617.06	506.94	492.97
Cash Income Tax Paid	3.09	1.4	1.31	7.16	0.88
Levered Free Cash Flow	10,878	5,708	2,789	1,821	-
Unlevered Free Cash Flow	11,558	6,229	3,180	2,139	-
Change in Working Capital	7,547	-666.48	42.21	39.1	-313.59

Source: S&P Global Market Intelligence. Real Estate template. Financial Sources.