Menivim - The New Reit 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	212.26	123	148	143.98	158.76	Upgrade
Asset Writedown	-82.29	-19.05	-57.04	-93.32	-98.63	Upgrade
Stock-Based Compensation	0.9	0.4	-	1.44	-	Upgrade
Change in Accounts Receivable	2.97	2.93	-1.6	-2.17	-3.32	Upgrade
Change in Accounts Payable	-	-	-	-	0.52	Upgrade
Change in Other Net Operating Assets	-5.05	-5.78	8.41	-0.02	4.75	Upgrade
Other Operating Activities	75.71	86.12	64.66	74.38	31.83	Upgrade
Operating Cash Flow	204.5	187.63	162.43	124.29	93.91	Upgrade
Operating Cash Flow Growth	8.99%	15.51%	30.69%	32.35%	7.05%	Upgrade
Acquisition of Real Estate Assets	-196.07	-344.36	-223.17	-504.95	-147.63	Upgrade
Sale of Real Estate Assets	-	13.51	-	-	-	Upgrade
Net Sale / Acq. of Real Estate Assets	-196.07	-330.85	-223.17	-504.95	-147.63	Upgrade
Other Investing Activities	7.67	12.01	8.41	1.68	0.29	Upgrade
Investing Cash Flow	-188.39	-318.84	-214.76	-503.27	-147.34	Upgrade
Long-Term Debt Issued	109.98	179.35	453.64	261.96	343.1	Upgrade
Long-Term Debt Repaid	-79.3	-96.61	-256.72	-40.69	-69.96	Upgrade
Net Debt Issued (Repaid)	30.68	82.74	196.92	221.26	273.14	Upgrade
Issuance of Common Stock	152.14	127.7	5.84	141.87	-	Upgrade
Repurchase of Common Stock	-	-13.53	-12.69	-	-	Upgrade
Common Dividends Paid	-98.79	-89.46	-79.53	-86	-57	Upgrade
Other Financing Activities	-40.09	-37.91	-33.57	-24.49	-20.11	Upgrade
Net Cash Flow	60.05	-61.67	24.65	-126.34	142.6	Upgrade
Cash Interest Paid	40.09	37.91	33.57	24.49	20.11	Upgrade
Levered Free Cash Flow	100.53	101.85	74.43	53.3	41.85	Upgrade
Unlevered Free Cash Flow	126.54	125.71	91.28	63.71	51.16	Upgrade
Change in Working Capital	-2.08	-2.85	6.81	-2.19	1.95	Upgrade

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