FRA:4GC Income 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
Rental Revenue	680.25	700.25	793.97	748.81	541.55	394.66
Property Management Fees	49.08	42.73	34.41	27.62	24.37	23.04
Other Revenue	12.18	11.29	37.24	32.88	25.04	14.79
Total Revenue	741.51	754.26	865.62	809.31	590.97	432.49
Revenue Growth (YoY	-5.77%	-12.86%	6.96%	36.95%	36.64%	12.94%
Property Expenses	205.38	200.47	215.35	203.77	150.61	120.11
Selling, General & Administrative	68.98	72.61	74.58	69.31	57.6	49.44
Depreciation & Amortization	190.77	189.86	221.99	233.16	158.31	117.17
Other Operating Expenses	16.43	13.87	11.63	2.15	2.85	0.81
Total Operating Expenses	481.56	476.8	523.55	508.39	369.37	287.53
Operating Income	259.95	277.47	342.07	300.93	221.59	144.96
Interest Expense	-161.63	-154.26	-166.15	-110.6	-72.06	-62.6
Other Non-Operating Income	1.29	0.31	-1.02	-0.95	-0.91	-1.21
EBT Excluding Unusual Items	99.6	123.52	174.9	189.38	148.63	81.15
Gain (Loss) on Sale of Assets	11	63.84	63.91	5.47	-	-
Other Unusual Items	-	-0.32	-0.24	-6.39	-	-
Pretax Income	109.21	187.04	238.58	188.45	148.63	81.15
Income Tax Expense	3.59	3.77	1.59	4.69	1.69	1.67
Earnings From Continuing Operations	105.62	183.27	236.99	183.77	146.94	79.48
Minority Interest in Earnings	-38	-71.75	-80.32	-80.03	-41.68	-30.87
Net Income	67.62	111.52	156.67	103.74	105.25	48.61
Preferred Dividends & Other Adjustments	20.5	20.49	19.08	13.48	13.16	13.14
Net Income to Common	47.12	91.03	137.59	90.25	92.09	35.47
Net Income Growth	-58.72%	-28.82%	51.02%	-1.44%	116.53%	1120.41%
Basic Shares Outstanding	76	77	87	91	81	67
Diluted Shares Outstanding	76	77	146	91	135	67
Shares Change (YoY)	-17.88%	-47.38%	60.04%	-32.18%	101.99%	14.43%
EPS (Basic)	0.62	1.18	1.58	0.99	1.13	0.53
EPS (Diluted)	0.61	1.18	1.48	0.99	0.98	0.53
EPS Growth	-66.70%	-20.15%	49.39%	0.58%	85.57%	-
Dividend Per Share	2.280	2.250	2.230	2.150	1.590	1.350
Dividend Growth	1.79%	0.90%	3.72%	35.22%	17.78%	6.30%
Operating Margin	35.06%	36.79%	39.52%	37.18%	37.50%	33.52%
Profit Margin	6.35%	12.07%	15.90%	11.15%	15.58%	8.20%
EBITDA	450.72	467.32	564.06	534.08	379.91	262.13
EBITDA Margin	60.78%	61.96%	65.16%	65.99%	64.28%	60.61%
D&A For Ebitda	190.77	189.86	221.99	233.16	158.31	117.17
EBIT	259.95	277.47	342.07	300.93	221.59	144.96
EBIT Margin	35.06%	36.79%	39.52%	37.18%	37.50%	33.52%
Funds From Operations (FFO)	298.14	304.12	341.53	353.89	255.39	166.91
FFO Per Share	-	2.40	2.67	2.74	2.24	1.69
Adjusted Funds From Operations (AFFO)	-	304.12	341.53	353.89	255.39	166.91
FFO Payout Ratio	58.53%	56.50%	55.90%	55.30%	51.57%	54.01%
Effective Tax Rate	3.28%	2.01%	0.67%	2.49%	1.14%	2.06%
Revenue as Reported	756.02	770.34	858.06	801.57	585.67	432.22

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