MORI TRUST REIT Cash Flow Statement

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

Millions JPY. Fiscal year is Mar - Feb.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Aug '25 Aug 31, 2025	Feb '25 Feb 28, 2025	Feb '24 Feb 29, 2024	Feb '23 Feb 28, 2023	Mar '22 Mar 31, 2022	Mar '21 Mar 31, 2021
Net Income	13,478	13,655	14,415	7,391	9,891	10,175
Depreciation & Amortization	2,043	2,034	2,015	2,215	2,240	2,436
Other Amortization	15.8	8.55	7.79	18.06	18.08	17.97
Gain (Loss) on Sale of Assets	-	10.68	-	-	-	-
Change in Accounts Receivable	-17.11	-4.42	-37.81	-60.71	-2.25	10.45
Change in Accounts Payable	-107.37	-62.23	629.94	-23.93	-10.25	40.71
Change in Other Net Operating Assets	3,374	3,387	5,660	6,183	24,820	-617.09
Other Operating Activities	116.81	3,477	5,465	-16.82	-5.55	-10.41
Operating Cash Flow	18,903	22,506	28,155	15,706	36,950	12,053
Operating Cash Flow Growth	-28.03%	-20.06%	79.27%	-57.49%	206.57%	-4.47%
Acquisition of Real Estate Assets	-2,460	-733.67	-35,296	-6,079	-28,822	-990.95
Net Sale / Acq. of Real Estate Assets	-2,460	-733.67	-35,296	-6,079	-28,822	-990.95
Other Investing Activities	110.49	-301.96	186.4	157.11	-2,012	-175.99
Investing Cash Flow	-2,350	-1,036	-35,111	-5,921	-30,834	-1,167
Short-Term Debt Issued	-	-	-	-	-	2,500
Long-Term Debt Issued	-	-	-	-	30,500	28,500
Total Debt Issued	35,500	25,000	34,500	30,545	30,500	31,000
Short-Term Debt Repaid	-	-	-	-	-4,000	-3,000
Long-Term Debt Repaid	-	-	-	-	-29,500	-26,000
Total Debt Repaid	-40,500	-27,000	-14,475	-32,182	-33,500	-29,000
Net Debt Issued (Repaid)	-5,000	-2,000	20,025	-1,636	-3,000	2,000
Common Dividends Paid	-12,622	-12,786	-10,122	-8,920	-9,802	-10,056
Other Financing Activities	-	-	-23.6	-30	-15.56	-30.44
Miscellaneous Cash Flow Adjustments	-0	-1	5,662	-	-0	0
Net Cash Flow	-1,068	6,683	8,586	-801.83	-6,701	2,800
Cash Interest Paid	1,583	1,503	1,268	766.41	700.51	727.64
Cash Income Tax Paid	23.63	21.07	11.5	1.93	1.59	1.59
Levered Free Cash Flow	-	-	-	-	6,142	7,794
Unlevered Free Cash Flow	-	-	-	-	6,571	8,237
Change in Working Capital	3,249	3,320	6,253	6,098	24,807	-565.93

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