Starts Proceed Investment Cash Flow Statement

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

Millions JPY. Fiscal year is May - Apr.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Oct '25 Oct 31, 2025	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
Net Income	2,594	2,764	2,644	2,726	2,359	2,579
Depreciation & Amortization	1,417	1,407	1,340	1,341	1,293	1,303
Other Amortization	6.4	12.53	11.61	7.69	5.69	-
Change in Accounts Receivable	0.36	1.32	3.34	-11.38	-0.87	1
Change in Accounts Payable	-33.78	-17.53	27.32	6.11	17.55	-52
Change in Other Net Operating Assets	2,270	4,793	737.02	-101.76	957.81	-
Other Operating Activities	235.32	22.58	3.56	3,676	7.26	3,835
Operating Cash Flow	6,489	8,983	4,767	7,644	4,640	7,666
Operating Cash Flow Growth	-10.94%	88.45%	-37.64%	64.75%	-39.47%	22.30%
Acquisition of Real Estate Assets	-1,525	-567.49	-5,661	-16,730	-1,549	-4,655
Net Sale / Acq. of Real Estate Assets	-1,525	-567.49	-5,661	-16,730	-1,549	-4,655
Investment in Marketable & Equity Securities	-8.69	-41.58	-20.81	-177.43	-8.89	-
Other Investing Activities	-14.99	-22.54	18.86	194.26	-9.24	-2
Investing Cash Flow	-1,549	-631.92	-5,663	-17,764	-1,567	-4,657
Short-Term Debt Issued	-	-	4,000	-	-	-
Long-Term Debt Issued	-	10,161	9,033	17,164	8,640	-
Total Debt Issued	5,100	10,161	13,033	17,164	8,640	1,000
Short-Term Debt Repaid	-	-3,085	-915	-	-	-
Long-Term Debt Repaid	-	-9,761	-9,033	-9,964	-8,640	-
Total Debt Repaid	-5,116	-12,846	-9,948	-9,964	-8,640	-1,000
Net Debt Issued (Repaid)	-15.5	-2,685	3,085	7,200	-	-
Issuance of Common Stock	-	-	-	5,852	-	-
Repurchase of Common Stock	-1,737	-1,737	-	-	-	-
Common Dividends Paid	-2,863	-2,785	-2,918	-2,709	-2,341	-2,672
Other Financing Activities	-119.05	-212.55	-11.86	-12.43	-13.28	-11
Miscellaneous Cash Flow Adjustments	-	-	0	-	0	-2
Net Cash Flow	205.5	931.11	-741.45	211.07	718.39	324
Cash Interest Paid	657.99	574.48	455.05	382.24	341.93	333
Cash Income Tax Paid	1.39	9.36	16.35	3.95	3.91	2
Levered Free Cash Flow	-	2,987	3,067	1,485	-	-1,783
Unlevered Free Cash Flow	-	3,365	3,362	1,738	-	-1,522
Change in Working Capital	2,236	4,777	767.68	-107.03	974.48	-51

Updated Oct 31, 2025. Source: S&P Global Market Intelligence. Real Estate template. Financial Sources.