Tosei Reit Investment Cash Flow Statement

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

Millions JPY. Fiscal year is Nov - Oct.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Apr '26 Apr 30, 2026	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	2,937	2,895	2,803	2,684	2,603	2,617
Depreciation & Amortization	974	954	926	864	832	759
Change in Accounts Receivable	15	15	-9	3	-2	-7
Change in Accounts Payable	-1	-27	19	-45	71	-36
Other Operating Activities	193	172	197	173	224	1,085
Operating Cash Flow	4,118	4,009	3,936	3,679	3,728	4,418
Operating Cash Flow Growth	2.77%	1.85%	6.99%	-1.31%	-15.62%	25.05%
Acquisition of Real Estate Assets	-1,941	-1,604	-4,493	-1,403	-6,511	-3,493
Net Sale / Acq. of Real Estate Assets	-1,941	-1,604	-4,493	-1,403	-6,511	-3,493
Other Investing Activities	-14	29	48	43	205	-5
Investing Cash Flow	-1,955	-1,575	-4,445	-1,360	-6,306	-3,498
Total Debt Issued	527	527	1,540	734	2,294	3,876
Total Debt Repaid	-83	-95	-67	-452	-61	-1,057
Net Debt Issued (Repaid)	444	432	1,473	282	2,233	2,819
Issuance of Common Stock	-	-	1,633	392	2,861	-
Common Dividends Paid	-2,893	-2,850	-2,737	-2,646	-2,526	-2,534
Other Financing Activities	-	1	-	2	1	-2
Miscellaneous Cash Flow Adjustments	1	-	-	-1	-	1
Net Cash Flow	-285	17	-140	348	-9	1,204
Cash Interest Paid	523	485	436	410	395	367
Cash Income Tax Paid	2	2	1	-	-	37
Levered Free Cash Flow	-	1,130	-2,029	1,013	-4,330	-1,401
Unlevered Free Cash Flow	-	1,546	-1,645	1,381	-3,966	-1,057
Change in Working Capital	14	-12	10	-42	69	-43