TYO:3470 Cash Flow Statement

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

Millions JPY. 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	1,753	1,761	1,513	1,360	1,032	Upgrade
Depreciation & Amortization	925	862	782	643	504	Upgrade
Gain (Loss) on Sale of Assets	7	-	-	-	-	Upgrade
Change in Accounts Receivable	-	-2	4	3	-13	Upgrade
Change in Accounts Payable	27	-39	9	119	9	Upgrade
Other Operating Activities	2,200	478	464	800	145	Upgrade
Operating Cash Flow	4,912	3,060	2,772	2,925	1,677	Upgrade
Operating Cash Flow Growth	60.52%	10.39%	-5.23%	74.42%	10.84%	Upgrade
Acquisition of Real Estate Assets	-2,249	-13,199	-11,830	-11,064	-694	Upgrade
Net Sale / Acq. of Real Estate Assets	-2,249	-13,199	-11,830	-11,064	-694	Upgrade
Other Investing Activities	12	-	-	-	-	Upgrade
Investing Cash Flow	-2,237	-13,199	-11,830	-11,064	-694	Upgrade
Total Debt Issued	-	6,520	5,435	5,240	285	Upgrade
Total Debt Repaid	-	-	-7	-	-15	Upgrade
Net Debt Issued (Repaid)	-	6,520	5,428	5,240	270	Upgrade
Issuance of Common Stock	-	5,070	5,446	4,812	-	Upgrade
Common Dividends Paid	-2,057	-1,693	-1,589	-1,332	-1,086	Upgrade
Other Financing Activities	-	-	-	-1	-	Upgrade
Miscellaneous Cash Flow Adjustments	1	1	-1	1	-	Upgrade
Net Cash Flow	619	-241	226	581	167	Upgrade
Cash Interest Paid	435	260	209	163	121	Upgrade
Cash Income Tax Paid	2	1	-	-	-	Upgrade
Levered Free Cash Flow	791.38	-13,674	-11,070	-9,914	688.75	Upgrade
Unlevered Free Cash Flow	1,168	-13,409	-10,854	-9,742	815	Upgrade
Change in Working Capital	27	-41	13	122	-4	Upgrade

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