FRA:4RH 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	238.37	271.64	311.22	128.99	-176.97	-417.39
Depreciation & Amortization	264.7	235.63	211.23	208.62	220.36	215.08
Other Amortization	11.42	10.66	10.66	9.83	8.79	8.23
Gain (Loss) on Sale of Investments	-	-	-	-	-	32.78
Stock-Based Compensation	13.94	13.89	15.42	14.99	12.1	8.73
Income (Loss) on Equity Investments	0.02	-0.28	17.31	10.97	8.96	6.45
Change in Accounts Receivable	10.04	15.85	21.55	-40.69	-54.64	50.5
Change in Accounts Payable	30	13.86	41.52	66.43	107.01	-59.83
Change in Other Net Operating Assets	12.77	-3.48	-6.61	6.6	-0.54	-4.18
Other Operating Activities	11.33	18.75	-65.24	14.2	-13.83	-1.9
Operating Cash Flow	592.59	576.51	557.06	419.93	111.25	-161.52
Operating Cash Flow Growth	-0.74%	3.49%	32.65%	277.46%	-	-
Acquisition of Real Estate Assets	-342.69	-407.91	-206.78	-89.52	-99.43	-165.46
Net Sale / Acq. of Real Estate Assets	-342.69	-407.91	-206.78	-89.52	-99.43	-165.46
Cash Acquisition	-861.96	-	-791.47	-93.99	-188	-
Investment in Marketable & Equity Securities	-	-	-10.5	-10	-8.5	-8.87
Other Investing Activities	-20.13	-2.5	-4.07	4.2	6.19	1.68
Investing Cash Flow	-1,225	-410.4	-1,013	-189.31	-289.74	-172.65
Long-Term Debt Issued	-	1,372	905	288	684	106
Long-Term Debt Repaid	-	-1,360	-384.52	-497.27	-405	-5
Net Debt Issued (Repaid)	600.82	11.89	520.49	-209.27	279	101
Issuance of Common Stock	275.53	-	395.44	-	-	-
Repurchase of Common Stock	-5.71	-12.3	-4.39	-4.48	-3.49	-1.69
Common Dividends Paid	-279	-266.11	-176	-5.86	-0.5	-102.33
Other Financing Activities	-13.84	-23.79	-23.67	270.32	-13.28	-3.45
Net Cash Flow	-54.38	-124.21	256.11	281.33	83.25	-340.64
Cash Interest Paid	203.09	203.09	181	135.28	110.75	109.99
Cash Income Tax Paid	3	3	6.5	27	0.5	1.7
Levered Free Cash Flow	476.28	453.8	513.71	306.33	168.19	-6.84
Unlevered Free Cash Flow	609.56	584.02	635.15	389.26	237.74	57.3
Change in Working Capital	52.81	26.22	56.46	32.34	51.83	-13.51

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