NEPI Rockcastle Cash Flow Statement

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

Millions EUR. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Jun '25 Jun 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Net Income	565.31	587.57	476.8	435.17	235	-174.92
Depreciation & Amortization	2.69	2.05	1.47	1.47	0.64	0.58
Gain (Loss) on Sale of Assets	-25.55	-25.93	-5.64	-1.12	-2	-2.31
Gain (Loss) on Sale of Investments	-	-	-	-	-	93.77
Asset Writedown	-169.49	-195.38	-164.47	-141.7	-34.65	345.25
Stock-Based Compensation	4.22	3.04	2	1.47	-	-
Change in Accounts Receivable	-18.53	-38.4	-22.18	-12.48	-6.06	11.16
Change in Accounts Payable	29.22	28.01	13.79	18.61	11.55	-16.78
Other Operating Activities	60.59	55.12	61.7	8.36	59.77	-20.33
Operating Cash Flow	454.33	429.12	366.9	298.61	258.03	236.42
Operating Cash Flow Growth	25.22%	16.96%	22.87%	15.72%	9.14%	-26.49%
Acquisition of Real Estate Assets	-894.99	-899.23	-193.05	-459.94	-71.17	-124.71
Sale of Real Estate Assets	176.54	180.94	21.9	3.36	61.09	301.02
Net Sale / Acq. of Real Estate Assets	-718.45	-718.29	-171.14	-456.58	-10.08	176.32
Cash Acquisition	-0.88	-	-	-36.98	-2.83	-3.32
Investment in Marketable & Equity Securities	-	-	-	-	-	75.3
Other Investing Activities	-	-	-	-	0.15	4.12
Investing Cash Flow	-719.33	-718.29	-171.14	-493.56	-12.75	252.41
Long-Term Debt Issued	-	936.97	200	753.57	73.52	1,011
Short-Term Debt Repaid	-	-33.33	-16.67	-	-	-
Long-Term Debt Repaid	-	-516.69	-215.56	-526.07	-250.71	-825.64
Total Debt Repaid	-551.31	-550.02	-232.22	-526.07	-250.71	-825.64
Net Debt Issued (Repaid)	-2.33	386.95	-32.22	227.5	-177.19	185.22
Issuance of Common Stock	300.09	300.09	0.18	0.11	-	-
Repurchase of Common Stock	-195.3	-183.23	-58.4	-12.2	-1.98	-78.89
Common Dividends Paid	-123.71	-100.42	-14.65	-241.22	-210.22	-150.66
Other Financing Activities	-3.48	-4.23	-2.77	-27.23	-0.57	-9.94
Miscellaneous Cash Flow Adjustments	4.03	-	-	-	-	-
Net Cash Flow	-285.69	109.98	87.89	-247.99	-144.67	434.55
Cash Interest Paid	107.7	103.64	77.46	50.57	56.75	50.99
Cash Income Tax Paid	32.86	28.8	30.26	9.48	6.41	7.18
Levered Free Cash Flow	430.34	433.82	126.47	157.18	210.4	475.44
Unlevered Free Cash Flow	504.35	504.2	177.1	192.68	249.56	512.13
Change in Working Capital	16.54	2.66	-4.96	-5.04	-0.74	-5.62

Updated Jun 30, 2025. Source: S&P Global Market Intelligence. Real Estate template. Financial Sources.