Heiwa Real Estate REIT Cash Flow Statement

Financials in millions JPY. Fiscal year is June - May.

Millions JPY. Fiscal year is Jun - May.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Nov '25 Nov 30, 2025	May '25 May 31, 2025	May '24 May 31, 2024	May '23 May 31, 2023	May '22 May 31, 2022	May '21 May 31, 2021
Net Income	10,089	8,982	7,934	7,126	6,166	6,193
Depreciation & Amortization	2,197	2,136	2,100	1,972	1,925	1,908
Other Amortization	49.75	48.27	26.96	39.9	24.94	7.65
Change in Accounts Receivable	-53.95	-36.86	-4.31	-72.14	-26.52	15.01
Change in Accounts Payable	55.36	173.03	123.25	104.96	75.18	-25.61
Change in Other Net Operating Assets	4,789	3,275	972.12	1,237	4,572	2,328
Other Operating Activities	75.47	-18.6	1,439	32.78	-85.53	-11.02
Operating Cash Flow	17,201	14,559	12,591	10,440	12,651	10,415
Operating Cash Flow Growth	32.82%	15.63%	20.60%	-17.48%	21.48%	7.29%
Acquisition of Real Estate Assets	-25,834	-22,236	-15,394	-24,242	-15,479	-9,385
Net Sale / Acq. of Real Estate Assets	-25,834	-22,236	-15,394	-24,242	-15,479	-9,385
Investment in Marketable & Equity Securities	-	-	-	1,000	2,000	-
Other Investing Activities	325.99	663.31	229.07	806.48	137.94	182.06
Investing Cash Flow	-26,427	-21,573	-15,165	-26,258	-16,464	-9,206
Short-Term Debt Issued	-	-	-	1,380	800	-
Long-Term Debt Issued	-	25,587	-	25,244	29,052	15,304
Total Debt Issued	33,459	25,587	12,780	26,624	29,852	15,304
Short-Term Debt Repaid	-	-	-	-200	-600	-
Long-Term Debt Repaid	-	-13,737	-	-13,380	-11,869	-11,914
Total Debt Repaid	-19,126	-13,737	-8,560	-13,580	-12,469	-11,914
Net Debt Issued (Repaid)	14,333	11,850	4,220	13,044	17,383	3,390
Issuance of Common Stock	6,681	5,548	5,153	7,736	-	-
Repurchase of Common Stock	-	-	-	-	-50.18	-1,700
Common Dividends Paid	-8,949	-8,237	-7,311	-6,706	-5,852	-5,267
Other Financing Activities	-0	-0	-	-46.56	-	-
Miscellaneous Cash Flow Adjustments	0	0	0	-0	-	-0
Net Cash Flow	2,839	2,147	-512.38	-1,789	7,667	-2,369
Cash Interest Paid	1,265	1,068	843.85	733.42	671.86	698.73
Cash Income Tax Paid	3.91	2.3	0.61	1.21	1.21	1.21
Levered Free Cash Flow	-	7,628	-	3,895	5,172	5,549
Unlevered Free Cash Flow	-	8,309	-	4,362	5,598	5,977
Change in Working Capital	4,790	3,411	1,091	1,270	4,621	2,317

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