TYO:8955 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	19,777	16,323	15,457	17,078	16,015
Depreciation & Amortization	4,353	4,349	4,105	4,102	4,229
Other Amortization	24.1	38.53	45.2	58.66	42.61
Change in Accounts Receivable	-159.07	-28.67	-134.81	-268.46	-43.46
Change in Accounts Payable	94.85	152.87	69.17	61.44	46.94
Change in Other Net Operating Assets	10,165	19,279	2,987	7,973	10,501
Other Operating Activities	-260.78	-121.51	-183.15	467.92	-146.23
Operating Cash Flow	33,994	39,992	22,345	29,472	30,644
Operating Cash Flow Growth	-15.00%	78.97%	-24.18%	-3.82%	50.44%
Acquisition of Real Estate Assets	-56,834	-40,276	-15,754	-14,341	-31,747
Net Sale / Acq. of Real Estate Assets	-56,834	-40,276	-15,754	-14,341	-31,747
Investment in Marketable & Equity Securities	-83.46	-	-	-	-88.86
Other Investing Activities	655.31	608.66	533.15	-6.04	-207.38
Investing Cash Flow	-59,823	-39,667	-15,234	-14,348	-32,044
Short-Term Debt Issued	15,500	44,000	5,500	-	14,400
Long-Term Debt Issued	39,000	40,000	25,500	26,500	24,133
Total Debt Issued	54,500	84,000	31,000	26,500	38,533
Short-Term Debt Repaid	-17,000	-36,000	-5,500	-12,000	-8,400
Long-Term Debt Repaid	-23,900	-23,000	-23,000	-18,500	-19,820
Total Debt Repaid	-40,900	-59,000	-28,500	-30,500	-28,220
Net Debt Issued (Repaid)	13,600	25,000	2,500	-4,000	10,313
Issuance of Common Stock	10,402	-	-	13,846	-
Repurchase of Common Stock	-4,000	-	-	-	-
Common Dividends Paid	-15,827	-15,156	-15,305	-15,012	-14,762
Other Financing Activities	-	-0	-	-	-
Miscellaneous Cash Flow Adjustments	-	0.01	-0.01	-0	0
Net Cash Flow	-21,654	10,169	-5,694	9,959	-5,849
Cash Interest Paid	1,906	1,646	1,452	1,444	1,392
Cash Income Tax Paid	5.52	1.61	1.21	1.2	1.21
Levered Free Cash Flow	16,710	14,599	14,048	15,739	14,126
Unlevered Free Cash Flow	17,904	15,607	14,944	16,629	14,988
Change in Working Capital	10,101	19,404	2,922	7,766	10,505

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