FRA:4Z1 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	255.54	237.13	219.88	193.61	172.81	154.72
Other Revenue	31.27	30.94	30.73	29.58	26.57	16.22
Total Revenue	286.8	268.07	250.61	223.19	199.38	170.94
Revenue Growth (YoY	8.28%	6.97%	12.28%	11.95%	16.63%	6.69%
Property Expenses	42.62	40.6	40.26	35.81	29.6	19.59
Selling, General & Administrative	26.32	23.79	22.68	20.04	17.65	15.05
Depreciation & Amortization	58.2	54.51	50.73	41.47	34.83	29.43
Total Operating Expenses	127.13	118.9	113.67	97.33	82.08	64.07
Operating Income	159.67	149.17	136.94	125.87	117.3	106.88
Interest Expense	-51.07	-49.23	-44.61	-36.41	-32.56	-29.23
Other Non-Operating Income	0.94	0.96	0.92	0.54	0.04	0.17
EBT Excluding Unusual Items	109.54	100.9	93.25	90.01	84.78	77.81
Gain (Loss) on Sale of Assets	-	-	2.34	8.14	0.43	-
Pretax Income	109.54	100.9	95.59	98.15	85.21	77.81
Income Tax Expense	0.31	0.31	0.13	0.24	-0.53	0.25
Earnings From Continuing Operations	109.23	100.6	95.46	97.91	85.75	77.57
Minority Interest in Earnings	-0.12	-0.12	-0.12	-0.14	-0.16	-0.24
Net Income	109.1	100.47	95.34	97.77	85.58	77.33
Net Income to Common	109.1	100.47	95.34	97.77	85.58	77.33
Net Income Growth	10.51%	5.38%	-2.49%	14.24%	10.67%	6.49%
Basic Shares Outstanding	100	94	89	82	77	71
Diluted Shares Outstanding	101	94	89	82	77	72
Shares Change (YoY)	8.79%	5.99%	8.48%	6.47%	7.30%	4.34%
EPS (Basic)	1.09	1.07	1.08	1.20	1.12	1.08
EPS (Diluted)	1.08	1.07	1.07	1.20	1.11	1.08
EPS Growth	0.94%	-	-10.71%	7.96%	2.78%	1.89%
Dividend Per Share	1.420	1.390	1.365	1.337	1.285	1.232
Dividend Growth	2.90%	1.83%	2.06%	4.09%	4.26%	5.57%
Operating Margin	55.67%	55.65%	54.64%	56.39%	58.83%	62.52%
Profit Margin	38.04%	37.48%	38.04%	43.81%	42.92%	45.24%
EBITDA	218.95	204.89	188.97	168.94	153.73	137.41
EBITDA Margin	76.34%	76.43%	75.41%	75.69%	77.10%	80.38%
D&A For Ebitda	59.28	55.71	52.03	43.07	36.43	30.53
EBIT	159.67	149.17	136.94	125.87	117.3	106.88
EBIT Margin	55.67%	55.65%	54.64%	56.39%	58.83%	62.52%
Funds From Operations (FFO)	167.25	154.97	143.71	131.11	120.03	106.92
FFO Per Share	1.66	1.65	1.62	1.60	1.56	1.49
Adjusted Funds From Operations (AFFO)	-	162.76	148.71	133.98	120.13	103.65
AFFO Per Share	-	1.73	1.67	1.64	1.56	1.44
FFO Payout Ratio	83.83%	82.67%	83.30%	82.02%	80.73%	80.74%
Effective Tax Rate	0.28%	0.30%	0.14%	0.24%	-	0.32%
Revenue as Reported	286.8	268.07	250.61	223.19	199.38	170.94

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