ORIX JREIT Cash Flow Statement

Financials in millions JPY. Fiscal year is March - February.

Millions JPY. Fiscal year is Mar - Feb.

Fiscal Year	FY 2026	FY 2025	FY 2024	FY 2023	FY 2022
Period Ending	Feb '26 Feb 28, 2026	Feb '25 Feb 28, 2025	Feb '24 Feb 29, 2024	Feb '23 Feb 28, 2023	Feb '22 Feb 28, 2022
Net Income	26,933	22,550	19,471	22,972	19,173
Depreciation & Amortization	8,493	7,781	7,880	8,074	8,306
Other Amortization	464	392	389	378	390
Gain (Loss) on Sale of Assets	48	93	29	18	52
Change in Accounts Receivable	-27	199	-179	-65	160
Change in Accounts Payable	1,316	35	130	120	-561
Change in Other Net Operating Assets	7,061	7,905	27,388	5,337	2,578
Other Operating Activities	188	-209	143	-158	-37
Operating Cash Flow	44,585	38,903	55,268	36,733	30,183
Operating Cash Flow Growth	14.61%	-29.61%	50.46%	21.70%	3.51%
Acquisition of Real Estate Assets	-81,186	-40,097	-	-8,922	-8,151
Net Sale / Acq. of Real Estate Assets	-81,186	-40,097	-	-8,922	-8,151
Other Investing Activities	-614	1,136	-	249	-19
Investing Cash Flow	-81,800	-38,961	-	-8,673	-8,170
Short-Term Debt Issued	23,500	20,000	-	-	1,280
Long-Term Debt Issued	83,600	43,870	-	36,880	35,350
Total Debt Issued	107,100	63,870	-	36,880	36,630
Short-Term Debt Repaid	-18,000	-18,500	-	-	-3,080
Long-Term Debt Repaid	-37,600	-41,260	-	-42,430	-33,630
Total Debt Repaid	-55,600	-59,760	-	-42,430	-36,710
Net Debt Issued (Repaid)	51,500	4,110	-	-5,550	-80
Common Dividends Paid	-23,540	-21,308	-	-20,174	-19,588
Other Financing Activities	-	-41	-	-	-19
Miscellaneous Cash Flow Adjustments	2	-	-55,268	-	-2
Net Cash Flow	-9,253	-17,297	-	2,336	2,324
Cash Interest Paid	2,713	1,752	1,627	1,661	1,784
Cash Income Tax Paid	35	32	26	37	29
Levered Free Cash Flow	28,122	24,520	26,588	24,997	19,885
Unlevered Free Cash Flow	29,945	25,645	27,587	26,003	20,973
Change in Working Capital	8,472	8,296	27,357	5,434	2,299

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