Japan Excellent Cash Flow Statement

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

Millions JPY. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	2015 - 2019
Period Ending	Jun '25 Jun 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020	2015 - 2019
Net Income	8,195	7,944	7,933	7,606	7,822	9,922	Upgrade
Depreciation & Amortization	3,642	3,743	3,743	3,871	3,766	3,796	Upgrade
Other Amortization	14.59	-	25.54	25.71	-	-	Upgrade
Change in Accounts Receivable	-30.36	-75	67.59	-113.17	16	54	Upgrade
Change in Accounts Payable	151.83	1,266	-428.86	124.27	106	-77	Upgrade
Change in Other Net Operating Assets	1,899	-	22,903	5,093	-	-	Upgrade
Other Operating Activities	13,730	15,232	-155.09	-10.23	-454	14,032	Upgrade
Operating Cash Flow	27,602	28,110	34,088	16,596	11,256	27,727	Upgrade
Operating Cash Flow Growth	115.72%	-17.54%	105.40%	47.44%	-59.40%	107.74%	Upgrade
Acquisition of Real Estate Assets	-19,623	-16,288	-22,721	-9,540	-16,894	-11,343	Upgrade
Net Sale / Acq. of Real Estate Assets	-19,623	-16,288	-22,721	-9,540	-16,894	-11,343	Upgrade
Investment in Marketable & Equity Securities	5,115	-	40.62	-5,241	-	-	Upgrade
Other Investing Activities	263.71	377	-150.08	123.23	204	-307	Upgrade
Investing Cash Flow	-14,244	-15,911	-22,858	-14,719	-16,690	-11,650	Upgrade
Short-Term Debt Issued	-	-	5,000	3,000	-	-	Upgrade
Long-Term Debt Issued	-	-	17,739	13,750	-	-	Upgrade
Total Debt Issued	23,544	22,144	22,739	16,750	-	4,965	Upgrade
Short-Term Debt Repaid	-	-	-3,000	-	-	-	Upgrade
Long-Term Debt Repaid	-	-	-19,770	-13,750	-	-	Upgrade
Total Debt Repaid	-28,800	-21,229	-22,770	-13,750	-	-9,000	Upgrade
Net Debt Issued (Repaid)	-5,256	915	-31.2	3,000	-	-4,035	Upgrade
Issuance of Common Stock	-	-	-	-	-	7,909	Upgrade
Repurchase of Common Stock	-4,000	-	-	-2,000	-	-	Upgrade
Common Dividends Paid	-7,443	-7,526	-7,490	-7,591	-8,033	-7,813	Upgrade
Other Financing Activities	1	-2,000	-	-	-	-1	Upgrade
Miscellaneous Cash Flow Adjustments	-1	-1	0	-	-1	-	Upgrade
Net Cash Flow	-3,341	3,587	3,709	-4,714	-13,468	12,137	Upgrade
Cash Interest Paid	1,137	978	872.23	912.97	945	947	Upgrade
Cash Income Tax Paid	0.7	-	1.35	1.35	1	1	Upgrade
Levered Free Cash Flow	-	-6,564	10,254	11,431	-7,041	-1,468	Upgrade
Unlevered Free Cash Flow	-	-5,719	10,980	12,175	-6,265	-680.63	Upgrade
Change in Working Capital	2,021	1,191	22,542	5,104	122	-23	Upgrade

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