Daiwa Office Investment 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	14,447	14,114	12,367	13,595	14,292	14,676
Depreciation & Amortization	3,775	3,823	3,615	3,589	3,604	3,651
Other Amortization	4.43	-	10.06	10.03	5.03	8.82
Change in Accounts Receivable	4.82	13	-18.69	-8.07	108.71	69.82
Change in Accounts Payable	628.73	344	-50.18	547.08	-255.09	139.48
Change in Other Net Operating Assets	3,101	-	-293.61	5,637	-49.47	5,269
Other Operating Activities	2,324	4,543	242.08	-85.34	7,083	-0.73
Operating Cash Flow	24,318	22,837	15,885	23,232	24,773	23,838
Operating Cash Flow Growth	27.69%	43.76%	-31.62%	-6.22%	3.92%	18.82%
Acquisition of Real Estate Assets	-2,351	-3,680	-10,995	-4,380	-14,772	-5,404
Net Sale / Acq. of Real Estate Assets	-2,351	-3,680	-10,995	-4,380	-14,772	-5,404
Investment in Marketable & Equity Securities	-3,765	-	-	-	-	-
Other Investing Activities	53.95	736	-347.91	-518.86	-224.13	-176.88
Investing Cash Flow	-6,063	-2,944	-11,352	-4,899	-14,996	-5,581
Short-Term Debt Issued	-	-	1,500	2,000	-	4,900
Long-Term Debt Issued	-	-	34,200	30,600	-	34,769
Total Debt Issued	7,050	5,050	35,700	32,600	9,950	39,669
Short-Term Debt Repaid	-	-	-3,500	-	-	-7,500
Long-Term Debt Repaid	-	-	-25,600	-30,600	-	-33,300
Total Debt Repaid	-8,500	-29	-29,100	-30,600	-7,500	-40,800
Net Debt Issued (Repaid)	-1,450	5,021	6,600	2,000	2,450	-1,131
Repurchase of Common Stock	-3,000	-	-	-2,999	-	-2,783
Common Dividends Paid	-13,073	-13,098	-13,105	-13,308	-13,665	-13,481
Other Financing Activities	-1,000	-4,001	-	-	-4,000	-
Miscellaneous Cash Flow Adjustments	-2	-3	0.2	0	-0	-0
Net Cash Flow	-269.86	7,812	-1,972	4,025	-5,438	861.93
Cash Interest Paid	1,777	1,465	921.59	849.64	423	917.26
Cash Income Tax Paid	1.93	1	-	-	-	1.72
Levered Free Cash Flow	-	5,423	11,676	16,148	-	16,651
Unlevered Free Cash Flow	-	6,540	12,242	16,669	-	17,215
Change in Working Capital	3,768	357	-348.33	6,123	-210.52	5,504

Updated Nov 30, 2025. Source: S&P Global Market Intelligence. Real Estate template. Financial Sources.