CRE Logistics REIT Cash Flow Statement

Financials in millions JPY. Fiscal year is January - December.

Millions JPY. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	2,230	2,210	4,174	5,372	3,321
Depreciation & Amortization	762.96	764.99	1,468	1,301	1,213
Other Amortization	6.79	8.69	13.19	30.95	-
Change in Accounts Receivable	33.41	-33.41	28.06	41.83	5
Change in Accounts Payable	-91.36	-64.97	365.19	57.25	99
Change in Other Net Operating Assets	658.97	730.07	-994.8	2,294	-
Other Operating Activities	-22.79	6.59	1,216	-4.31	525
Operating Cash Flow	3,578	3,622	6,270	9,092	5,163
Operating Cash Flow Growth	-1.23%	-42.23%	-31.04%	76.11%	90.59%
Acquisition of Real Estate Assets	-146.66	-105.85	-22,767	-3,673	-43,603
Net Sale / Acq. of Real Estate Assets	-146.66	-105.85	-22,767	-3,673	-43,603
Other Investing Activities	6.06	-2.79	81.28	21.52	885
Investing Cash Flow	-140.6	-108.64	-22,686	-3,654	-42,718
Long-Term Debt Issued	6,300	3,455	-	4,880	-
Total Debt Issued	6,300	3,455	18,295	4,880	18,183
Short-Term Debt Repaid	-	-350	-	-	-
Long-Term Debt Repaid	-6,500	-3,105	-	-6,080	-
Total Debt Repaid	-6,500	-3,455	-7,950	-6,080	-
Net Debt Issued (Repaid)	-200	-	10,345	-1,200	18,183
Issuance of Common Stock	-	-	9,999	-	23,973
Repurchase of Common Stock	-800.11	-500.04	-	-	-
Common Dividends Paid	-2,364	-2,293	-5,817	-4,009	-3,134
Other Financing Activities	-0	-	1	-	-
Miscellaneous Cash Flow Adjustments	-0	-0	-2	-0	1
Net Cash Flow	73.15	720.09	-1,890	229.41	1,468
Cash Interest Paid	321.17	245.96	399.27	358.63	296
Cash Income Tax Paid	0.86	0.99	1.84	1.71	-
Levered Free Cash Flow	2,249	2,017	-	-	-41,198
Unlevered Free Cash Flow	2,457	2,174	-	-	-40,878
Change in Working Capital	601.03	631.69	-601.55	2,393	104

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