FRA:2GL Cash Flow Statement

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

Millions USD. 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	825.11	784.62	734.28	684.65	534.05
Depreciation & Amortization	282.94	273.42	276.42	254.55	252.05
Other Amortization	-	-	-	9.98	9.93
Gain (Loss) on Sale of Assets	-28.05	-32.28	-22.61	-86.44	-21.75
Gain (Loss) on Sale of Investments	10.84	-10.84	-	-	-
Asset Writedown	-	-	-	5.49	-
Stock-Based Compensation	21.18	24.26	22.87	20.43	16.83
Change in Accounts Payable	2.88	-1.39	1.22	-0.25	-3.41
Change in Other Net Operating Assets	-14.89	19.57	-0.9	10.49	6.49
Other Operating Activities	20.74	-21.85	-8.38	14.34	1.37
Operating Cash Flow	1,129	1,073	1,009	920.13	803.78
Operating Cash Flow Growth	5.28%	6.28%	9.70%	14.47%	87.77%
Acquisition of Real Estate Assets	-589.44	-680.55	-510.62	-374.15	-503.67
Sale of Real Estate Assets	0.13	-	-	148.71	2.09
Net Sale / Acq. of Real Estate Assets	-589.32	-680.55	-510.62	-225.44	-501.58
Investment in Marketable & Equity Securities	550	-550	-	-	-
Other Investing Activities	-	1.8	-	-	4
Investing Cash Flow	-308.76	-1,606	-650.83	-354.49	-1,031
Long-Term Debt Issued	1,292	1,522	1,078	424	795.01
Long-Term Debt Repaid	-1,826	-463.62	-585.15	-1,271	-363.39
Net Debt Issued (Repaid)	-533.86	1,058	492.64	-847.05	431.62
Issuance of Common Stock	402.79	148.22	469.21	611.26	662.34
Repurchase of Common Stock	-14.82	-14.73	-13.44	-11.92	-9.87
Common Dividends Paid	-871.87	-830.72	-833.98	-770.86	-633.9
Other Financing Activities	-41.22	-49.27	-28.07	-32.57	-7.12
Miscellaneous Cash Flow Adjustments	-	-	-	-	22.13
Net Cash Flow	-238.32	-221.35	444.9	-485.51	238.14
Cash Interest Paid	357.03	330.06	309.92	286.04	273.48
Cash Income Tax Paid	2.23	3.53	1.85	21.19	17.5
Levered Free Cash Flow	520.28	107.93	606.27	24.88	-540.43
Unlevered Free Cash Flow	753.95	337.24	808.38	208.21	-373.46
Change in Working Capital	-12.01	18.18	0.32	10.24	3.08

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