Hankyu Hanshin REIT 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	4,797	4,283	4,240	4,190	4,117
Depreciation & Amortization	2,069	1,975	1,958	1,942	2,087
Other Amortization	3.62	3.67	2.22	4.45	4.45
Gain (Loss) on Sale of Assets	7.23	18.25	2.18	35.81	3.76
Change in Accounts Receivable	-28.28	-4.85	-47.46	0.09	-10.84
Change in Accounts Payable	-	-	322	-	-
Change in Other Net Operating Assets	16,355	93.5	-260.65	7,266	926.36
Other Operating Activities	7.59	14.8	60.98	-5.94	-12.35
Operating Cash Flow	23,211	6,384	6,278	13,433	7,116
Operating Cash Flow Growth	263.58%	1.69%	-53.27%	88.79%	-42.38%
Acquisition of Real Estate Assets	-18,855	-8,654	-5,902	-10,460	-1,554
Net Sale / Acq. of Real Estate Assets	-18,855	-8,654	-5,902	-10,460	-1,554
Other Investing Activities	200.42	133.1	139.25	-177.4	-360.55
Investing Cash Flow	-18,670	-8,521	-5,762	-10,638	-1,914
Short-Term Debt Issued	2,000	-	-	-	-
Long-Term Debt Issued	9,900	12,891	-	9,000	8,500
Total Debt Issued	11,900	12,891	11,900	9,000	8,500
Short-Term Debt Repaid	-1,000	-	-	-	-4,500
Long-Term Debt Repaid	-10,928	-6,428	-	-9,028	-4,028
Total Debt Repaid	-11,928	-6,428	-7,014	-9,028	-8,528
Net Debt Issued (Repaid)	-27.83	6,463	4,886	-27.83	-27.83
Common Dividends Paid	-4,498	-4,229	-4,212	-4,080	-4,182
Other Financing Activities	-0	-0	-14	-	-0
Miscellaneous Cash Flow Adjustments	-	-	-1	-	-0
Net Cash Flow	14.1	97.55	1,175	-1,312	991.91
Cash Interest Paid	712.51	636.68	562.81	553.33	561.92
Cash Income Tax Paid	4.52	2.95	2.39	3.08	2.91
Levered Free Cash Flow	4,693	4,214	-	3,694	5,418
Unlevered Free Cash Flow	5,145	4,614	-	4,037	5,763
Change in Working Capital	16,326	88.67	13.89	7,267	915.59