Tokyu REIT Cash Flow Statement

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

Millions JPY. Fiscal year is Aug - Jul.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jan '26 Jan 31, 2026	Jul '25 Jul 31, 2025	Jul '24 Jul 31, 2024	Jul '23 Jul 31, 2023	Jul '22 Jul 31, 2022	Jul '21 Jul 31, 2021
Net Income	10,059	9,587	9,162	11,146	11,412	7,624
Depreciation & Amortization	1,984	1,995	1,900	1,817	1,775	2,023
Other Amortization	4	4	8	5	4	5
Gain (Loss) on Sale of Assets	40	20	11	3	16	7
Change in Accounts Receivable	-196	-136	-9	-60	-31	76
Change in Accounts Payable	-269	-391	156	-43	95	53
Change in Other Net Operating Assets	5,130	5,269	3,068	6,188	40,252	1,805
Other Operating Activities	3,151	3,004	59	-117	-31	11
Operating Cash Flow	19,892	19,436	13,778	19,542	53,140	11,766
Operating Cash Flow Growth	5.32%	41.07%	-29.49%	-63.22%	351.64%	-8.83%
Acquisition of Real Estate Assets	-1,531	-1,413	-17,921	-21,415	-29,466	-20,989
Net Sale / Acq. of Real Estate Assets	-1,531	-1,413	-17,921	-21,415	-29,466	-20,989
Other Investing Activities	-152	72	622	1,150	-1,486	704
Investing Cash Flow	-1,683	-1,341	-17,299	-20,265	-30,952	-20,285
Short-Term Debt Issued	-	-	7,000	1,000	6,200	23,600
Long-Term Debt Issued	-	-	10,500	21,665	17,000	17,781
Total Debt Issued	4,500	5,500	17,500	22,665	23,200	41,381
Short-Term Debt Repaid	-	-	-	-1,000	-17,400	-12,400
Long-Term Debt Repaid	-	-	-10,500	-10,200	-18,400	-15,400
Total Debt Repaid	-5,500	-10,500	-10,500	-11,200	-35,800	-27,800
Net Debt Issued (Repaid)	-1,000	-5,000	7,000	11,465	-12,600	13,581
Common Dividends Paid	-7,756	-7,624	-7,330	-7,863	-7,399	-7,145
Other Financing Activities	-3,000	-3,000	-	-	-	-1
Miscellaneous Cash Flow Adjustments	-1	-2	-4	-	2	-
Net Cash Flow	6,452	2,469	-3,855	2,879	2,191	-2,084
Cash Interest Paid	861	854	807	766	783	852
Cash Income Tax Paid	2	2	-	1	-	-
Levered Free Cash Flow	-	-	5,450	6,033	4,084	-
Unlevered Free Cash Flow	-	-	5,954	6,510	4,553	-
Change in Working Capital	4,654	4,826	2,638	6,688	39,964	2,096