Nomura Real Estate Master Fund, Inc. (TYO:3462)

TYO:3462 Cash Flow Statement

Financials in millions JPY. Fiscal year is September - August.

Fiscal Year	FY 2025	FY	FY 2024	FY 2023	FY 2022
Period Ending	Aug 31, 2025	Mar 31, 2025	Aug 31, 2024	Aug 31, 2023	Aug 31, 2022
Net Income	32,091	-	30,648	30,698	25,882
Depreciation & Amortization	16,834	-	16,783	16,699	16,594
Other Amortization	25.76	-	19.2	16.35	15.97
Gain (Loss) on Sale of Assets	64.85	-	51.12	28.95	-139.52
Change in Accounts Receivable	-280.82	-	-165.1	-23.88	-46.61
Change in Accounts Payable	49.12	-	-276.14	437.08	88.11
Change in Other Net Operating Assets	29,903	-	28,875	17,612	8,442
Other Operating Activities	206.45	-	-133.21	-297.21	-158.45
Operating Cash Flow	79,029	-	75,744	65,188	50,640
Operating Cash Flow Growth	-	-	16.19%	28.73%	16.90%
Acquisition of Real Estate Assets	-35,756	-	-40,075	-28,112	-33,959
Net Sale / Acq. of Real Estate Assets	-35,756	-	-40,075	-28,112	-33,959
Other Investing Activities	-367.38	-	-571.93	-5.12	508.25
Investing Cash Flow	-39,246	-	-41,860	-31,763	-37,727
Short-Term Debt Issued	22,705	-	1,000	4,000	-
Long-Term Debt Issued	72,290	-	53,250	66,350	54,755
Total Debt Issued	94,995	-	54,250	70,350	54,755
Short-Term Debt Repaid	-23,705	-	-2,000	-2,000	-
Long-Term Debt Repaid	-70,408	-	-52,361	-64,436	-55,091
Total Debt Repaid	-94,113	-	-54,361	-66,436	-55,091
Net Debt Issued (Repaid)	881.7	-	-110.95	3,914	-335.6
Repurchase of Common Stock	-3,000	-	-7,000	-	-
Common Dividends Paid	-32,142	-	-29,662	-27,442	-24,807
Other Financing Activities	-1.52	-	-2,473	-3,755	-5,989
Miscellaneous Cash Flow Adjustments	-	-	-0	-0	-
Net Cash Flow	5,521	-	-5,362	6,143	-18,220
Cash Interest Paid	4,012	-	3,556	3,477	3,562
Cash Income Tax Paid	7.81	-	1.82	4.08	3.88
Levered Free Cash Flow	33,505	-	21,430	32,595	28,204
Unlevered Free Cash Flow	36,528	-	24,197	35,311	30,943
Change in Working Capital	29,806	-	28,376	18,042	8,446

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