Tosei Reit Investment Cash Flow Statement

Financials in millions JPY. Fiscal year is November - October.

Millions JPY. Fiscal year is Nov - Oct.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	2020 - 2016
Period Ending	Oct '25 Oct 31, 2025	Oct '24 Oct 31, 2024	Oct '23 Oct 31, 2023	Oct '22 Oct 31, 2022	Oct '21 Oct 31, 2021	2020 - 2016
Net Income	2,895	2,803	2,684	2,603	2,617	Upgrade
Depreciation & Amortization	954	926	864	832	759	Upgrade
Change in Accounts Receivable	15	-9	3	-2	-7	Upgrade
Change in Accounts Payable	-27	19	-45	71	-36	Upgrade
Other Operating Activities	172	197	173	224	1,085	Upgrade
Operating Cash Flow	4,009	3,936	3,679	3,728	4,418	Upgrade
Operating Cash Flow Growth	1.85%	6.99%	-1.31%	-15.62%	25.05%	Upgrade
Acquisition of Real Estate Assets	-1,604	-4,493	-1,403	-6,511	-3,493	Upgrade
Net Sale / Acq. of Real Estate Assets	-1,604	-4,493	-1,403	-6,511	-3,493	Upgrade
Other Investing Activities	29	48	43	205	-5	Upgrade
Investing Cash Flow	-1,575	-4,445	-1,360	-6,306	-3,498	Upgrade
Total Debt Issued	527	1,540	734	2,294	3,876	Upgrade
Total Debt Repaid	-95	-67	-452	-61	-1,057	Upgrade
Net Debt Issued (Repaid)	432	1,473	282	2,233	2,819	Upgrade
Issuance of Common Stock	-	1,633	392	2,861	-	Upgrade
Common Dividends Paid	-2,850	-2,737	-2,646	-2,526	-2,534	Upgrade
Other Financing Activities	1	-	2	1	-2	Upgrade
Miscellaneous Cash Flow Adjustments	-	-	-1	-	1	Upgrade
Net Cash Flow	17	-140	348	-9	1,204	Upgrade
Cash Interest Paid	485	436	410	395	367	Upgrade
Cash Income Tax Paid	2	1	-	-	37	Upgrade
Levered Free Cash Flow	1,130	-2,029	1,013	-4,330	-1,401	Upgrade
Unlevered Free Cash Flow	1,546	-1,645	1,381	-3,966	-1,057	Upgrade
Change in Working Capital	-12	10	-42	69	-43	Upgrade

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