Shurgard Self Storage Cash Flow Statement

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

Millions EUR. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
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
Net Income	597.76	402.85	533.31	574.28	446.85
Depreciation & Amortization	6.3	4.12	3.38	2.87	2.62
Asset Writedown	-519.74	-331.07	-294.35	-586.18	-466.58
Stock-Based Compensation	4.38	4.08	4.29	4.43	2.78
Change in Accounts Receivable	-21.56	8.23	-6.28	-5.08	-9.44
Change in Other Net Operating Assets	7.62	-4.76	11.34	16.74	13.63
Other Operating Activities	141.07	125.15	-64.33	179.48	171.72
Operating Cash Flow	215.83	208.6	187.36	186.53	161.59
Operating Cash Flow Growth	3.47%	11.33%	0.44%	15.44%	10.76%
Acquisition of Real Estate Assets	-298.82	-914.69	-180.19	-188.05	-129.18
Sale of Real Estate Assets	1.03	9.57	-	4.7	5.72
Net Sale / Acq. of Real Estate Assets	-297.79	-905.12	-180.19	-183.35	-123.46
Other Investing Activities	2.3	6.02	3.12	2.62	-
Investing Cash Flow	-298.76	-903.22	-180.37	-183.38	-125.33
Long-Term Debt Issued	500	1,315	160	-	300
Total Debt Issued	500	1,315	160	-	300
Long-Term Debt Repaid	-424.45	-629.71	-164.34	-4.59	-105.77
Total Debt Repaid	-424.45	-629.71	-164.34	-4.59	-105.77
Net Debt Issued (Repaid)	75.55	685.29	-4.34	-4.59	194.23
Issuance of Common Stock	-	1.34	300.4	2	5.09
Common Dividends Paid	-32.14	-70.51	-104.29	-106.92	-99.51
Other Financing Activities	-47.07	-47.86	-29.39	-22.49	-20.71
Foreign Exchange Rate Adjustments	-0.03	10.83	1.41	-2.97	0.81
Net Cash Flow	-86.62	-115.54	170.77	-131.83	116.17
Cash Interest Paid	-	31.87	24.1	22.47	19.2
Cash Income Tax Paid	-	32.13	32.41	28.86	26.12
Levered Free Cash Flow	77.64	212.05	117.09	127.96	112.15
Unlevered Free Cash Flow	110.96	212.05	131.62	141.28	124.64
Change in Working Capital	-13.94	3.47	5.06	11.66	4.2

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