Starts Proceed Investment Cash Flow Statement

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

Millions JPY. Fiscal year is May - Apr.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	2016 - 2020
Period Ending	Apr '25 Apr 30, 2025	Apr '24 Apr 30, 2024	Apr '23 Apr 30, 2023	Apr '22 Apr 30, 2022	Apr '21 Apr 30, 2021	2016 - 2020
Net Income	2,764	2,644	2,726	2,359	2,579	Upgrade
Depreciation & Amortization	1,407	1,340	1,341	1,293	1,303	Upgrade
Other Amortization	12.53	11.61	7.69	5.69	-	Upgrade
Change in Accounts Receivable	1.32	3.34	-11.38	-0.87	1	Upgrade
Change in Accounts Payable	-17.53	27.32	6.11	17.55	-52	Upgrade
Change in Other Net Operating Assets	4,793	737.02	-101.76	957.81	-	Upgrade
Other Operating Activities	22.58	3.56	3,676	7.26	3,835	Upgrade
Operating Cash Flow	8,983	4,767	7,644	4,640	7,666	Upgrade
Operating Cash Flow Growth	88.45%	-37.64%	64.75%	-39.47%	22.30%	Upgrade
Acquisition of Real Estate Assets	-567.49	-5,661	-16,730	-1,549	-4,655	Upgrade
Net Sale / Acq. of Real Estate Assets	-567.49	-5,661	-16,730	-1,549	-4,655	Upgrade
Investment in Marketable & Equity Securities	-41.58	-20.81	-177.43	-8.89	-	Upgrade
Other Investing Activities	-22.54	18.86	194.26	-9.24	-2	Upgrade
Investing Cash Flow	-631.92	-5,663	-17,764	-1,567	-4,657	Upgrade
Short-Term Debt Issued	-	4,000	-	-	-	Upgrade
Long-Term Debt Issued	10,161	9,033	17,164	8,640	-	Upgrade
Total Debt Issued	10,161	13,033	17,164	8,640	1,000	Upgrade
Short-Term Debt Repaid	-3,085	-915	-	-	-	Upgrade
Long-Term Debt Repaid	-9,761	-9,033	-9,964	-8,640	-	Upgrade
Total Debt Repaid	-12,846	-9,948	-9,964	-8,640	-1,000	Upgrade
Net Debt Issued (Repaid)	-2,685	3,085	7,200	-	-	Upgrade
Issuance of Common Stock	-	-	5,852	-	-	Upgrade
Repurchase of Common Stock	-1,737	-	-	-	-	Upgrade
Common Dividends Paid	-2,785	-2,918	-2,709	-2,341	-	Upgrade
Common & Preferred Dividends Paid	-	-	-	-	-2,672	Upgrade
Total Dividends Paid	-2,785	-2,918	-2,709	-2,341	-2,672	Upgrade
Other Financing Activities	-212.55	-11.86	-12.43	-13.28	-11	Upgrade
Miscellaneous Cash Flow Adjustments	-	0	-	0	-2	Upgrade
Net Cash Flow	931.11	-741.45	211.07	718.39	324	Upgrade
Cash Interest Paid	574.48	455.05	382.24	341.93	333	Upgrade
Cash Income Tax Paid	9.36	16.35	3.95	3.91	2	Upgrade
Levered Free Cash Flow	2,987	3,067	1,485	-	-1,783	Upgrade
Unlevered Free Cash Flow	3,365	3,362	1,738	-	-1,522	Upgrade
Change in Working Capital	4,777	767.68	-107.03	974.48	-51	Upgrade

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