FRA:4Z1 Income 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
Rental Revenue	262.65	237.13	219.88	193.61	172.81
Other Revenue	31.48	30.94	30.73	29.58	26.57
Total Revenue	294.13	268.07	250.61	223.19	199.38
Revenue Growth (YoY	9.72%	6.97%	12.28%	11.95%	16.63%
Property Expenses	43	40.6	40.26	35.81	29.6
Selling, General & Administrative	26.84	23.79	22.68	20.04	17.65
Depreciation & Amortization	60.42	54.51	50.73	41.47	34.83
Total Operating Expenses	130.27	118.9	113.67	97.33	82.08
Operating Income	163.86	149.17	136.94	125.87	117.3
Interest Expense	-51.87	-49.23	-44.61	-36.41	-32.56
Other Non-Operating Income	0.8	0.96	0.92	0.54	0.04
EBT Excluding Unusual Items	112.79	100.9	93.25	90.01	84.78
Gain (Loss) on Sale of Assets	-	-	2.34	8.14	0.43
Pretax Income	112.79	100.9	95.59	98.15	85.21
Income Tax Expense	0.3	0.31	0.13	0.24	-0.53
Earnings From Continuing Operations	112.49	100.6	95.46	97.91	85.75
Minority Interest in Earnings	-0.12	-0.12	-0.12	-0.14	-0.16
Net Income	112.36	100.47	95.34	97.77	85.58
Net Income to Common	112.36	100.47	95.34	97.77	85.58
Net Income Growth	11.83%	5.38%	-2.49%	14.24%	10.67%
Basic Shares Outstanding	103	94	89	82	77
Diluted Shares Outstanding	103	94	89	82	77
Shares Change (YoY)	9.45%	5.99%	8.48%	6.47%	7.30%
EPS (Basic)	1.09	1.07	1.08	1.20	1.12
EPS (Diluted)	1.09	1.07	1.07	1.20	1.11
EPS Growth	1.87%	-	-10.71%	7.96%	2.78%
Dividend Per Share	1.431	1.390	1.365	1.337	1.285
Dividend Growth	2.99%	1.83%	2.06%	4.09%	4.26%
Operating Margin	55.71%	55.65%	54.64%	56.39%	58.83%
Profit Margin	38.20%	37.48%	38.04%	43.81%	42.92%
EBITDA	224.46	204.89	188.97	168.94	153.73
EBITDA Margin	76.31%	76.43%	75.41%	75.69%	77.10%
D&A For Ebitda	60.6	55.71	52.03	43.07	36.43
EBIT	163.86	149.17	136.94	125.87	117.3
EBIT Margin	55.71%	55.65%	54.64%	56.39%	58.83%
Funds From Operations (FFO)	172.7	154.97	143.71	131.11	120.03
FFO Per Share	1.68	1.65	1.62	1.60	1.56
Adjusted Funds From Operations (AFFO)	183.41	162.76	148.71	133.98	120.13
AFFO Per Share	1.78	1.73	1.67	1.64	1.56
FFO Payout Ratio	83.37%	82.67%	83.30%	82.02%	80.73%
Effective Tax Rate	0.27%	0.30%	0.14%	0.24%	-
Revenue as Reported	294.13	268.07	250.61	223.19	199.38

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