United Urban Investment Cash Flow Statement

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

Millions JPY. Fiscal year is Dec - Nov.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Nov '25 Nov 30, 2025	Nov '24 Nov 30, 2024	Nov '23 Nov 30, 2023	Nov '22 Nov 30, 2022	Nov '21 Nov 30, 2021
Net Income	24,125	23,850	20,301	19,296	17,175
Depreciation & Amortization	7,703	8,057	8,137	8,171	8,228
Other Amortization	25.59	11.97	14.06	12.68	9.6
Gain (Loss) on Sale of Assets	-1,727	-1,139	-226.52	-1,404	-1,859
Asset Writedown	44	-	-	68	1,139
Change in Accounts Receivable	-35.96	-127.4	51.64	-44.93	21.03
Change in Accounts Payable	-20.49	-262.46	-163.85	-247.06	372.75
Change in Other Net Operating Assets	640.47	-469.55	76.46	690.79	-612.34
Other Operating Activities	150.2	-926.59	-582.81	-167.66	-2,261
Operating Cash Flow	30,914	28,917	27,742	26,577	22,171
Operating Cash Flow Growth	6.91%	4.24%	4.38%	19.87%	-15.14%
Acquisition of Real Estate Assets	-4,187	-24,627	-16,626	-18,542	-36,053
Sale of Real Estate Assets	108	5,848	1,429	6,804	13,778
Net Sale / Acq. of Real Estate Assets	-4,079	-18,779	-15,197	-11,737	-22,275
Other Investing Activities	-6,687	1,702	1,151	900.08	3,087
Investing Cash Flow	-10,766	-17,079	-14,055	-10,837	-19,190
Short-Term Debt Issued	6,600	-	4,000	-	-
Long-Term Debt Issued	38,171	-	59,416	37,870	47,152
Total Debt Issued	44,771	17,500	63,416	37,870	47,152
Short-Term Debt Repaid	-4,000	-	-	-	-
Long-Term Debt Repaid	-39,600	-	-53,000	-28,900	-39,400
Total Debt Repaid	-43,600	-12,600	-53,000	-28,900	-39,400
Net Debt Issued (Repaid)	1,171	4,900	10,416	8,970	7,752
Repurchase of Common Stock	-1,880	-	-	-3,003	-
Common Dividends Paid	-24,389	-21,688	-19,743	-19,369	-19,648
Other Financing Activities	-0	-3,125	0	-	-
Miscellaneous Cash Flow Adjustments	-	-0	-0	0	0.01
Net Cash Flow	-4,950	-8,074	4,360	2,338	-8,915
Cash Interest Paid	2,419	2,038	2,105	1,927	2,008
Cash Income Tax Paid	6.51	1.6	1.21	1.21	1.21
Levered Free Cash Flow	23,697	-	21,595	21,084	41,966
Unlevered Free Cash Flow	25,404	-	22,823	22,264	43,132
Change in Working Capital	592.71	-935.52	99.56	601.3	-260.49

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