NIPPON REIT Investment Cash Flow Statement

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

Millions JPY. Fiscal year is Jul - Jun.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Jun '25 Jun 30, 2025	Jun '24 Jun 30, 2024	Jun '23 Jun 30, 2023	Jun '22 Jun 30, 2022	Jun '21 Jun 30, 2021
Net Income	12,731	10,967	8,758	7,547	9,362	10,303
Depreciation & Amortization	2,099	2,013	2,016	2,013	2,016	2,021
Other Amortization	8.59	3.71	-	7.42	7.22	5.48
Gain (Loss) on Sale of Assets	24.56	30.29	19	8.66	7.01	8.67
Asset Writedown	-	-	-	-	65.03	-
Change in Accounts Receivable	-27.86	-103.7	6	-21.06	1.18	47.69
Change in Accounts Payable	-64.3	-371.87	5	177.45	26.07	-58.18
Change in Other Net Operating Assets	33,671	7,027	-	3,204	7,877	13,174
Other Operating Activities	101.1	10,349	7,298	27.85	-80.29	66.91
Operating Cash Flow	48,542	29,914	18,102	12,965	19,282	25,569
Operating Cash Flow Growth	89.92%	65.25%	39.62%	-32.76%	-24.59%	164.29%
Acquisition of Real Estate Assets	-40,885	-20,153	-14,302	-970.06	-8,763	-20,530
Net Sale / Acq. of Real Estate Assets	-40,885	-20,153	-14,302	-970.06	-8,763	-20,530
Investment in Marketable & Equity Securities	-2.93	-121.56	-	-	37.03	48.37
Other Investing Activities	-132.09	-317.67	176	39.39	-152.86	-397.67
Investing Cash Flow	-41,020	-20,592	-14,126	-1,624	-8,884	-20,882
Short-Term Debt Issued	-	-	-	-	-	2,700
Long-Term Debt Issued	-	-	-	16,100	13,320	25,250
Total Debt Issued	21,360	11,460	1,500	16,100	13,320	27,950
Short-Term Debt Repaid	-	-	-	-	-	-2,700
Long-Term Debt Repaid	-	-	-	-16,100	-13,340	-19,500
Total Debt Repaid	-18,550	-11,350	-	-16,100	-13,340	-22,200
Net Debt Issued (Repaid)	2,810	110	1,500	-	-19.54	5,750
Common Dividends Paid	-8,538	-8,701	-7,739	-7,732	-10,090	-9,582
Other Financing Activities	2,486	-2,514	-	-	-	-
Miscellaneous Cash Flow Adjustments	-0	-0	-1	0.01	-0	-0
Net Cash Flow	1,781	-1,783	-2,264	3,609	288.14	854.35
Cash Interest Paid	1,032	995.4	881	770.47	733.12	686.08
Cash Income Tax Paid	5.8	4.25	-	1.86	55.23	1.04
Levered Free Cash Flow	-	-11,122	-6,527	7,124	7,507	9,051
Unlevered Free Cash Flow	-	-10,332	-5,615	7,618	7,973	9,494
Change in Working Capital	33,579	6,551	11	3,361	7,905	13,163

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