SEDCO Capital REIT Fund Cash Flow Statement

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

Millions SAR. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	2020 - 2018
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 - 2018
Net Income	79.25	14.41	33.56	41.11	-35.44	Upgrade
Depreciation & Amortization	45.72	34.19	31.97	29.13	16.19	Upgrade
Asset Writedown	-33.97	24	4.3	26.84	60.15	Upgrade
Change in Accounts Receivable	-50.5	-35.05	-37.57	-5.58	-11.83	Upgrade
Change in Other Net Operating Assets	2.73	8.43	24.3	-25.82	-10.02	Upgrade
Other Operating Activities	100.84	63.3	60.33	13.33	13.71	Upgrade
Operating Cash Flow	178.95	114.24	116.08	78.72	46.77	Upgrade
Operating Cash Flow Growth	56.64%	-1.59%	47.46%	68.33%	102.63%	Upgrade
Acquisition of Real Estate Assets	-963.92	-1.67	-533.63	-182.39	-346.93	Upgrade
Sale of Real Estate Assets	100.75	-	-	-	-	Upgrade
Net Sale / Acq. of Real Estate Assets	-863.17	-1.67	-533.63	-182.39	-346.93	Upgrade
Investing Cash Flow	-863.17	-1.67	-533.63	-182.39	-346.93	Upgrade
Long-Term Debt Issued	845.18	167.5	-	975	135	Upgrade
Long-Term Debt Repaid	-90.47	-58.16	-58.49	-834.96	-7.82	Upgrade
Net Debt Issued (Repaid)	754.7	109.34	-58.49	140.04	127.18	Upgrade
Issuance of Common Stock	-	-	694.44	-	250	Upgrade
Common Dividends Paid	-71.29	-97.31	-91.82	-71.88	-35.55	Upgrade
Other Financing Activities	-	-	-94.44	-	-	Upgrade
Net Cash Flow	-0.8	124.61	32.14	-35.5	41.47	Upgrade
Levered Free Cash Flow	156.64	32.7	28.94	51.06	70.64	Upgrade
Unlevered Free Cash Flow	219.66	72.26	64.7	72.64	78.44	Upgrade
Change in Working Capital	-15.89	-27.66	-18.08	-35.18	-8.1	Upgrade

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