Sekisui House Reit Cash Flow Statement

Financials in millions JPY. Fiscal year is May - April.

Millions JPY. Fiscal year is May - Apr.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Oct '25 Oct 31, 2025	Apr '25 Apr 30, 2025	Apr '24 Apr 30, 2024	Apr '23 Apr 30, 2023	Apr '22 Apr 30, 2022	Apr '21 Apr 30, 2021
Net Income	19,648	21,954	12,367	13,843	15,266	14,097
Depreciation & Amortization	4,717	4,758	5,350	5,204	5,012	4,914
Other Amortization	10.36	30.34	43.2	50.96	57.8	111.07
Asset Writedown	-	-	4,008	-	-	-
Change in Accounts Receivable	390.2	-21.97	-31	-2.1	-15.26	21.14
Change in Accounts Payable	-251.84	-164.04	-115.18	64.41	-841.17	-114.49
Change in Other Net Operating Assets	16,017	74,027	65,237	22,277	14,700	757.96
Other Operating Activities	54,838	356.59	-186.03	32.46	-297.96	-126.96
Operating Cash Flow	95,706	100,940	86,673	41,470	33,882	19,660
Operating Cash Flow Growth	-32.32%	16.46%	109.00%	22.40%	72.33%	-10.70%
Acquisition of Real Estate Assets	-9,126	-22,272	-43,495	-11,369	-44,759	-5,140
Net Sale / Acq. of Real Estate Assets	-9,126	-22,272	-43,495	-11,369	-44,759	-5,140
Cash Acquisition	-39,105	-94,983	-	-	-	-
Investment in Marketable & Equity Securities	438.9	347.16	-14.23	-703.6	38.01	23.99
Other Investing Activities	-45,574	-3,641	-1,564	-1,018	529.13	44.18
Investing Cash Flow	-93,395	-120,578	-45,089	-16,823	-44,191	-5,072
Short-Term Debt Issued	-	18,360	6,160	-	-	3,000
Long-Term Debt Issued	-	45,468	36,890	34,800	-	49,098
Total Debt Issued	38,123	63,828	43,050	34,800	24,440	52,098
Short-Term Debt Repaid	-	-5,160	-1,000	-13,700	-	-13,100
Long-Term Debt Repaid	-	-44,505	-43,050	-26,500	-	-36,050
Total Debt Repaid	-23,960	-49,665	-44,050	-40,200	-13,760	-49,150
Net Debt Issued (Repaid)	14,163	14,163	-1,000	-5,400	10,680	2,948
Issuance of Common Stock	-	-	-	-	12,022	-
Repurchase of Common Stock	-2,000	-2,000	-	-4,000	-	-
Common Dividends Paid	-18,259	-17,136	-16,459	-15,033	-14,914	-14,368
Other Financing Activities	-4,000	-	-	-	-1	-
Miscellaneous Cash Flow Adjustments	-1	-0	-0	-0	2	-0
Net Cash Flow	-7,786	-24,611	24,124	213.73	-2,520	3,168
Cash Interest Paid	2,055	1,766	1,498	1,402	1,494	1,564
Cash Income Tax Paid	4.54	9.05	3.27	1.18	0.61	1.21
Levered Free Cash Flow	-	25,856	19,396	-	-	12,609
Unlevered Free Cash Flow	-	26,998	20,367	-	-	13,498
Change in Working Capital	16,156	73,841	65,090	22,339	13,843	664.61

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