KWSE:AREEC Cash Flow Statement

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

Millions KWD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	2020 - 2016
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	2020 - 2016
Net Income	6.3	5.91	4.47	4	4.17	Upgrade
Depreciation & Amortization	0.22	0.22	0.16	0.08	0.09	Upgrade
Gain (Loss) on Sale of Investments	0.06	-0.26	-0.13	0.22	-0.33	Upgrade
Asset Writedown	0.31	0.35	0.05	-1.96	-0.33	Upgrade
Income (Loss) on Equity Investments	-3.49	-3.25	-2.88	-2.61	-3.34	Upgrade
Change in Accounts Receivable	-0.19	-0.24	-0.19	0.4	0.6	Upgrade
Change in Accounts Payable	-0.1	-0.54	-1.11	0.5	0.85	Upgrade
Other Operating Activities	1.36	1.61	1.66	0.87	-0.26	Upgrade
Operating Cash Flow	4.72	4.04	2.06	1.48	1.55	Upgrade
Operating Cash Flow Growth	16.86%	95.59%	39.45%	-4.48%	265.32%	Upgrade
Acquisition of Real Estate Assets	-0.23	-0.64	-0.91	-5.76	-9.77	Upgrade
Net Sale / Acq. of Real Estate Assets	-0.23	-0.64	-0.91	-5.76	-9.77	Upgrade
Investment in Marketable & Equity Securities	-1.44	-2.72	3.03	-0.99	0.19	Upgrade
Other Investing Activities	2.44	2.72	1.99	1.27	0.82	Upgrade
Investing Cash Flow	0.78	-0.64	4.12	-5.48	-8.76	Upgrade
Long-Term Debt Issued	-	-	-	4.7	7.4	Upgrade
Long-Term Debt Repaid	-	-1.75	-0.75	-0.27	-0.09	Upgrade
Total Debt Repaid	-	-1.75	-0.75	-0.27	-0.09	Upgrade
Net Debt Issued (Repaid)	-	-1.75	-0.75	4.43	7.31	Upgrade
Common Dividends Paid	-4.09	-1.98	-0.96	-0.92	-0.01	Upgrade
Other Financing Activities	-1.25	-1.5	-1.55	-0.77	-0.43	Upgrade
Net Cash Flow	0.15	-1.84	2.92	-1.25	-0.34	Upgrade
Cash Interest Paid	1.25	1.5	1.55	0.77	0.43	Upgrade
Cash Income Tax Paid	0.22	0.14	0.07	0.11	-	Upgrade
Levered Free Cash Flow	4.76	4.19	1.74	2.75	4.06	Upgrade
Unlevered Free Cash Flow	5.69	5.21	2.8	3.23	4.33	Upgrade
Change in Working Capital	-0.27	-0.76	-1.39	0.89	1.45	Upgrade

Source: S&P Capital IQ. Real Estate template. Financial Sources.