NTT UD REIT Investment Cash Flow Statement

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

Millions JPY. Fiscal year is Nov - Oct.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	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	8,443	8,583	10,049	9,592	9,774
Depreciation & Amortization	3,433	3,405	3,148	3,184	3,044
Other Amortization	9.79	12.83	9.39	18.77	8.36
Gain (Loss) on Sale of Assets	15.46	-	-	-	-
Change in Accounts Receivable	-16.03	-91.71	-66.4	-274	-577.5
Change in Accounts Payable	306.7	78.22	477.02	-20.03	572.04
Change in Other Net Operating Assets	13,752	307.06	3,348	15,522	5,479
Other Operating Activities	76.65	-29.17	3,830	-54.35	-69.53
Operating Cash Flow	25,935	12,227	20,783	26,065	19,855
Operating Cash Flow Growth	112.10%	-41.17%	-20.27%	31.27%	61.86%
Acquisition of Real Estate Assets	-6,594	-39,416	-8,565	-30,260	-
Net Sale / Acq. of Real Estate Assets	-6,594	-39,416	-8,565	-30,260	-
Other Investing Activities	-754.94	192.92	-587.54	1,271	-
Investing Cash Flow	-7,350	-39,231	-9,154	-28,992	-
Short-Term Debt Issued	11,700	9,700	-	11,000	-
Long-Term Debt Issued	9,300	34,300	-	23,900	-
Total Debt Issued	21,000	44,000	19,700	34,900	-
Short-Term Debt Repaid	-13,400	-5,700	-	-14,200	-
Long-Term Debt Repaid	-9,300	-11,500	-	-21,250	-
Total Debt Repaid	-22,700	-17,200	-23,500	-35,450	-
Net Debt Issued (Repaid)	-1,700	26,800	-3,800	-550	-
Issuance of Common Stock	-	9,516	-	12,288	-
Repurchase of Common Stock	-1,656	-	-	-	-
Common Dividends Paid	-8,911	-8,761	-8,409	-9,802	-
Other Financing Activities	-	-17.17	-	-26.51	-
Miscellaneous Cash Flow Adjustments	-0	-	-2	-0	-
Net Cash Flow	6,317	534.29	-582.14	-1,017	19,855
Cash Interest Paid	1,243	1,175	903.09	892.68	897.73
Cash Income Tax Paid	15.35	1.35	-0.69	3.79	6.78
Levered Free Cash Flow	11,614	7,823	-	7,587	10,475
Unlevered Free Cash Flow	12,448	8,539	-	8,111	10,996
Change in Working Capital	13,956	255.26	3,746	13,324	7,099