Reit Azorim - H.F Living Cash Flow Statement

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

Millions ILS. 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	-4.4	-37.66	-75.16	-51.9	250.83	Upgrade
Gain (Loss) on Sale of Assets	11.54	0.41	-	-	-	Upgrade
Asset Writedown	-15.67	7.25	46.07	-8.03	-259.82	Upgrade
Stock-Based Compensation	1.59	1.63	-	2.94	-	Upgrade
Change in Accounts Receivable	-3.95	-1.01	-1.14	-0.67	-0.09	Upgrade
Change in Accounts Payable	-2.24	2.37	0.01	0.13	1.25	Upgrade
Change in Other Net Operating Assets	-0.05	-1.71	-0.61	4.95	9.17	Upgrade
Other Operating Activities	50.72	61.24	52.83	72.84	8.21	Upgrade
Operating Cash Flow	37.54	32.52	22	20.27	9.55	Upgrade
Operating Cash Flow Growth	15.45%	47.80%	8.55%	112.21%	127.68%	Upgrade
Acquisition of Real Estate Assets	-119	-121.5	-137.18	-1,109	-541.47	Upgrade
Sale of Real Estate Assets	186.65	51.95	-	-	-	Upgrade
Net Sale / Acq. of Real Estate Assets	67.65	-69.55	-137.18	-1,109	-541.47	Upgrade
Other Investing Activities	99.49	7.01	68.51	-37.08	-19.27	Upgrade
Investing Cash Flow	167.13	-62.54	-68.68	-1,146	-560.74	Upgrade
Short-Term Debt Issued	-	-	-	-	99.4	Upgrade
Long-Term Debt Issued	517.23	130.09	161.49	1,240	273.26	Upgrade
Total Debt Issued	517.23	130.09	161.49	1,240	372.66	Upgrade
Short-Term Debt Repaid	-531.48	-7.43	-	-	-	Upgrade
Long-Term Debt Repaid	-259.28	-16.87	-224.42	-4.61	-1.41	Upgrade
Total Debt Repaid	-790.76	-24.3	-224.42	-4.61	-1.41	Upgrade
Net Debt Issued (Repaid)	-273.53	105.79	-62.93	1,235	371.25	Upgrade
Issuance of Common Stock	-	69.45	93.34	92.37	-	Upgrade
Other Financing Activities	-76.56	-72.55	-81.7	-35.35	-11.63	Upgrade
Net Cash Flow	-145.42	72.66	-97.96	166.13	-191.56	Upgrade
Cash Interest Paid	76.56	72.55	81.7	35.35	11.63	Upgrade
Levered Free Cash Flow	46.67	-109.15	-5.04	-75.09	-40.01	Upgrade
Unlevered Free Cash Flow	90.04	-68.12	32.04	-27.13	-34.79	Upgrade
Change in Working Capital	-6.24	-0.35	-1.74	4.41	10.33	Upgrade

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