NGX:UPDCREIT 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	2,232	4,698	3,803	1,677	-4,480	Upgrade
Depreciation & Amortization	146.56	110.14	69.37	53.78	72.36	Upgrade
Gain (Loss) on Sale of Assets	-1.4	-410	-	-	-	Upgrade
Gain (Loss) on Sale of Investments	5.97	16.47	-0.67	46.95	323.84	Upgrade
Asset Writedown	-	-2,541	-2,475	-552.22	5,092	Upgrade
Change in Other Net Operating Assets	-100.71	-114.09	6.4	-544.89	-419.51	Upgrade
Other Operating Activities	10.27	-2.5	-0.54	-15.28	11.93	Upgrade
Operating Cash Flow	2,337	2,136	2,864	1,020	2,310	Upgrade
Operating Cash Flow Growth	9.40%	-25.42%	180.71%	-55.82%	-	Upgrade
Acquisition of Real Estate Assets	-842.85	-1,194	-191.73	-1,061	-105.11	Upgrade
Sale of Real Estate Assets	-	1,790	-	-	-	Upgrade
Net Sale / Acq. of Real Estate Assets	-842.85	596.46	-191.73	-1,061	-105.11	Upgrade
Other Investing Activities	-17.12	410	-20.52	-	-	Upgrade
Investing Cash Flow	-859.97	1,006	-212.25	-1,061	-105.11	Upgrade
Long-Term Debt Issued	-	-	15.02	-	-	Upgrade
Net Debt Issued (Repaid)	-	-	15.02	-	-	Upgrade
Common Dividends Paid	-1,393	-1,121	-973.27	-483.36	-1,009	Upgrade
Miscellaneous Cash Flow Adjustments	0	-0	-	-0	-	Upgrade
Net Cash Flow	84.41	2,022	1,694	-524.19	1,196	Upgrade
Levered Free Cash Flow	902.71	1,186	677.56	474.93	583.26	Upgrade
Unlevered Free Cash Flow	907.2	1,188	681.03	476.51	584.61	Upgrade
Change in Working Capital	-129.69	163.24	1,438	-189.66	1,149	Upgrade

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