Japan Excellent 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	8,805	7,944	7,933	7,606	7,822
Depreciation & Amortization	3,551	3,743	3,743	3,871	3,754
Other Amortization	28.3	-	25.54	25.71	12.86
Change in Accounts Receivable	-17.13	-75	67.59	-113.17	16.44
Change in Accounts Payable	-242.2	1,266	-428.86	124.27	225.61
Change in Other Net Operating Assets	8,000	-	22,903	5,093	-576.72
Other Operating Activities	-461.42	15,232	-155.09	-10.23	3.19
Operating Cash Flow	19,663	28,110	34,088	16,596	11,257
Operating Cash Flow Growth	-30.05%	-17.54%	105.40%	47.43%	-59.40%
Acquisition of Real Estate Assets	-21,787	-16,288	-22,721	-9,540	-16,895
Net Sale / Acq. of Real Estate Assets	-21,787	-16,288	-22,721	-9,540	-16,895
Investment in Marketable & Equity Securities	5,115	-	40.62	-5,241	-
Other Investing Activities	559.22	377	-150.08	123.23	204.48
Investing Cash Flow	-16,113	-15,911	-22,858	-14,719	-16,691
Short-Term Debt Issued	13,000	-	5,000	3,000	-
Long-Term Debt Issued	15,510	-	17,739	13,750	-
Total Debt Issued	28,510	22,144	22,739	16,750	4,000
Short-Term Debt Repaid	-8,000	-	-3,000	-	-
Long-Term Debt Repaid	-22,510	-	-19,770	-13,750	-
Total Debt Repaid	-30,510	-21,229	-22,770	-13,750	-4,000
Net Debt Issued (Repaid)	-2,000	915	-31.2	3,000	-
Repurchase of Common Stock	-4,000	-	-	-2,000	-
Common Dividends Paid	-7,668	-7,526	-7,490	-7,591	-8,033
Other Financing Activities	-	-2,000	-	-	-
Miscellaneous Cash Flow Adjustments	0	-1	0	-	-1
Net Cash Flow	-10,118	3,587	3,709	-4,714	-13,468
Cash Interest Paid	1,302	978	872.23	912.97	945.81
Cash Income Tax Paid	1.39	-	1.35	1.35	1.58
Levered Free Cash Flow	10,131	-6,564	10,254	11,431	-
Unlevered Free Cash Flow	11,115	-5,719	10,980	12,175	-
Change in Working Capital	7,741	1,191	22,542	5,104	-334.67

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