FRA:2GL Cash Flow Statement

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

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep '25 Sep 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	775.03	784.62	734.28	684.65	534.05	505.71
Depreciation & Amortization	282.73	273.42	276.42	254.55	252.05	243
Other Amortization	12.94	11.23	9.86	9.98	9.93	10.5
Gain (Loss) on Sale of Assets	-27.62	-32.28	-22.61	-86.44	-21.75	-41.39
Gain (Loss) on Sale of Investments	4.11	-10.84	-	-	-	-
Asset Writedown	-	-	0.56	5.49	-	18.11
Stock-Based Compensation	21.82	24.26	22.87	20.43	16.83	20
Change in Accounts Payable	0.39	-1.39	1.22	-0.25	-3.41	-7.16
Change in Other Net Operating Assets	-34.69	19.57	-0.9	10.49	6.49	11.78
Other Operating Activities	-1.79	-33.07	-18.79	14.34	1.37	-332.47
Operating Cash Flow	1,079	1,073	1,009	920.13	803.78	428.08
Operating Cash Flow Growth	3.38%	6.28%	9.70%	14.47%	87.77%	-42.95%
Acquisition of Real Estate Assets	-619.82	-680.55	-510.62	-374.15	-503.67	-9.5
Sale of Real Estate Assets	-1.67	-	-	148.71	2.09	0.02
Net Sale / Acq. of Real Estate Assets	-621.49	-680.55	-510.62	-225.44	-501.58	-9.49
Investment in Marketable & Equity Securities	550	-550	-	-	-	-
Other Investing Activities	1.8	1.8	-	-	4	-
Investing Cash Flow	-95.31	-1,606	-650.83	-354.49	-1,031	-9.49
Long-Term Debt Issued	-	1,522	1,078	424	795.01	2,076
Long-Term Debt Repaid	-	-463.62	-585.15	-1,271	-363.39	-2,077
Net Debt Issued (Repaid)	-200.58	1,058	492.64	-847.05	431.62	-0.25
Issuance of Common Stock	402.9	148.22	469.21	611.26	662.34	320.87
Repurchase of Common Stock	-14.82	-14.73	-13.44	-11.92	-9.87	-15.29
Common Dividends Paid	-859.71	-830.72	-768.39	-770.86	-633.9	-230.52
Other Financing Activities	-53.48	-49.27	-28.07	-32.57	-7.12	-11.64
Miscellaneous Cash Flow Adjustments	-	-	-	-	22.13	-22.13
Net Cash Flow	257.58	-221.35	444.9	-485.51	238.14	459.63
Cash Interest Paid	402.84	330.06	309.92	286.04	273.48	261.13
Cash Income Tax Paid	2.53	3.53	1.85	21.19	17.5	3.38
Levered Free Cash Flow	752.73	119.16	616.12	24.88	-540.43	516.22
Unlevered Free Cash Flow	976.73	337.24	808.38	208.21	-373.46	682.05
Change in Working Capital	-34.3	18.18	0.32	10.24	3.08	4.62

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