NGX:SFSREIT Cash Flow Statement

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

Millions NGN. 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	634.31	477.09	317.5	186.62	160.52	Upgrade
Gain (Loss) on Sale of Assets	-	-172.41	-57.66	-	-	Upgrade
Change in Other Net Operating Assets	-68.61	31.24	183.98	8.78	-3.83	Upgrade
Other Operating Activities	-453.05	-	-	-	-	Upgrade
Operating Cash Flow	112.64	335.92	443.82	195.4	156.69	Upgrade
Operating Cash Flow Growth	-66.47%	-24.31%	127.13%	24.71%	-18.24%	Upgrade
Acquisition of Real Estate Assets	-129.23	-89.84	-426.55	-	-90	Upgrade
Sale of Real Estate Assets	281.75	252.41	335.65	-	45	Upgrade
Net Sale / Acq. of Real Estate Assets	152.53	162.57	-90.9	-	-45	Upgrade
Investment in Marketable & Equity Securities	-724.29	108.88	0.86	110.93	237.16	Upgrade
Other Investing Activities	-5	-45.81	11.24	40.05	36.92	Upgrade
Investing Cash Flow	-576.77	225.64	-78.81	150.98	229.08	Upgrade
Common Dividends Paid	-430	-290	-169	-145	-162	Upgrade
Net Cash Flow	-894.12	271.56	196.02	201.38	223.76	Upgrade
Levered Free Cash Flow	290.69	242.88	161.77	73.32	197.77	Upgrade
Unlevered Free Cash Flow	290.69	242.88	161.77	73.32	197.77	Upgrade
Change in Working Capital	-68.61	31.24	183.98	8.78	-3.83	Upgrade

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