Shurgard Self Storage 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	2015 - 2019
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	2015 - 2019
Net Income	566.26	402.85	533.31	574.28	446.85	289.48	Upgrade
Depreciation & Amortization	5.42	4.12	3.38	2.87	2.62	2.05	Upgrade
Gain (Loss) on Sale of Assets	-	-	-	-	-	0	Upgrade
Asset Writedown	-520.62	-331.07	-294.35	-586.18	-466.58	-256.89	Upgrade
Stock-Based Compensation	3.89	4.08	4.29	4.43	2.78	1.04	Upgrade
Change in Accounts Receivable	4.77	8.23	-6.28	-5.08	-9.44	-0.65	Upgrade
Change in Other Net Operating Assets	-2.56	-4.76	11.34	16.74	13.63	-1.41	Upgrade
Other Operating Activities	169.42	125.15	-64.33	179.48	171.72	112.27	Upgrade
Operating Cash Flow	226.59	208.6	187.36	186.53	161.59	145.9	Upgrade
Operating Cash Flow Growth	33.58%	11.33%	0.44%	15.44%	10.76%	20.02%	Upgrade
Acquisition of Real Estate Assets	-861.14	-914.69	-180.19	-188.05	-129.18	-136.38	Upgrade
Sale of Real Estate Assets	9.57	9.57	-	4.7	5.72	7.4	Upgrade
Net Sale / Acq. of Real Estate Assets	-851.57	-905.12	-180.19	-183.35	-123.46	-128.99	Upgrade
Other Investing Activities	4.78	6.02	3.12	2.62	-	-	Upgrade
Investing Cash Flow	-850.52	-903.22	-180.37	-183.38	-125.33	-131.01	Upgrade
Long-Term Debt Issued	-	1,315	160	-	300	-	Upgrade
Total Debt Issued	1,660	1,315	160	-	300	-	Upgrade
Long-Term Debt Repaid	-	-629.71	-164.34	-4.59	-105.77	-3.77	Upgrade
Total Debt Repaid	-1,025	-629.71	-164.34	-4.59	-105.77	-3.77	Upgrade
Net Debt Issued (Repaid)	635.33	685.29	-4.34	-4.59	194.23	-3.77	Upgrade
Issuance of Common Stock	0.51	1.34	300.4	2	5.09	1.02	Upgrade
Common Dividends Paid	-27.61	-70.51	-104.29	-106.92	-99.51	-87.84	Upgrade
Other Financing Activities	-53.85	-47.86	-29.39	-22.49	-20.71	-20.07	Upgrade
Foreign Exchange Rate Adjustments	9.18	10.83	1.41	-2.97	0.81	0.19	Upgrade
Net Cash Flow	-60.38	-115.54	170.77	-131.83	116.17	-95.58	Upgrade
Cash Interest Paid	36.42	31.87	24.1	22.47	19.2	19.96	Upgrade
Cash Income Tax Paid	34.02	32.13	32.41	28.86	26.12	16.06	Upgrade
Levered Free Cash Flow	215.54	207.62	117.09	127.96	112.15	91.38	Upgrade
Unlevered Free Cash Flow	227.56	207.62	131.62	141.28	124.64	103.36	Upgrade
Change in Working Capital	2.21	3.47	5.06	11.66	4.2	-2.05	Upgrade

Source: S&P Global Market Intelligence. Real Estate template. Financial Sources.