TYO:8985 Cash Flow Statement

Financials in millions JPY. Fiscal year is January - December.

Millions JPY. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	27,146	18,272	13,134	2,672	1,297
Depreciation & Amortization	6,799	5,618	5,083	4,788	4,804
Other Amortization	-	77.01	39.39	35.66	92.64
Gain (Loss) on Sale of Assets	206	236.9	151.7	57.81	16.68
Asset Writedown	-	212.78	7.92	-	-
Change in Accounts Receivable	-1,924	-1,195	-408.1	-2,692	-1,078
Change in Accounts Payable	603	-236.91	234.58	-9.85	-1,694
Change in Other Net Operating Assets	-	-4.16	-452.59	495.19	8,260
Other Operating Activities	922	-222.48	-5.45	-14.9	-16.41
Operating Cash Flow	33,752	22,758	17,785	5,331	11,682
Operating Cash Flow Growth	48.31%	27.97%	233.60%	-54.37%	-15.02%
Acquisition of Real Estate Assets	-71,910	-65,187	-38,572	-3,870	-3,495
Net Sale / Acq. of Real Estate Assets	-71,910	-65,187	-38,572	-3,870	-3,495
Other Investing Activities	42	525.2	87.37	278.34	-999.79
Investing Cash Flow	-71,868	-64,737	-38,552	-3,640	-4,695
Short-Term Debt Issued	-	1,800	15,568	35,536	25,082
Long-Term Debt Issued	64,350	69,089	45,977	2,800	-
Total Debt Issued	64,350	70,889	61,545	38,336	25,082
Short-Term Debt Repaid	-	-16,368	-35,113	-24,425	-13,862
Long-Term Debt Repaid	-200	-24,521	-15,432	-14,434	-15,220
Total Debt Repaid	-200	-40,889	-50,545	-38,859	-29,082
Net Debt Issued (Repaid)	64,150	30,000	11,000	-523	-4,000
Issuance of Common Stock	-	33,465	11,813	-	289.33
Common Dividends Paid	-20,063	-13,973	-3,046	-1,635	-1,833
Other Financing Activities	-20	-0	-	-15.03	0
Miscellaneous Cash Flow Adjustments	1	-	0	0	-0
Net Cash Flow	5,952	7,514	-999.98	-481.77	1,444
Cash Interest Paid	3,102	1,592	1,148	1,158	1,225
Cash Income Tax Paid	12	1.62	1.21	1.21	1.21
Levered Free Cash Flow	-50,391	14,036	11,733	3,939	5,456
Unlevered Free Cash Flow	-47,706	15,014	12,441	4,642	6,198
Change in Working Capital	-1,321	-1,436	-626.11	-2,207	5,489

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