FRA:4Z1 Cash Flow 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
Net Income	112.36	100.47	95.34	97.77	85.58
Depreciation & Amortization	60.6	55.71	52.03	43.07	36.43
Other Amortization	3.98	3.44	3.01	2.66	2.89
Gain (Loss) on Sale of Assets	-	-	-2.34	-8.14	-0.43
Asset Writedown	0.83	-	-	-	-
Stock-Based Compensation	8.85	6.99	6.27	4.98	3.95
Change in Accounts Receivable	-3.2	-3.81	-5.52	-6.37	-7.58
Change in Other Net Operating Assets	-2.27	-10.46	5.49	6.99	0.03
Other Operating Activities	-0.01	-0.04	-0.07	0	-0.7
Operating Cash Flow	192.28	144.11	165.11	142	122.42
Operating Cash Flow Growth	33.43%	-12.72%	16.27%	16.00%	33.85%
Acquisition of Real Estate Assets	-325.5	-273.02	-341.07	-296.27	-268.39
Sale of Real Estate Assets	-	-	27.77	24.99	3.34
Net Sale / Acq. of Real Estate Assets	-325.5	-273.02	-313.3	-271.28	-265.05
Other Investing Activities	0.25	0.1	0.51	0.38	0.13
Investing Cash Flow	-325.25	-272.92	-312.79	-270.9	-264.92
Long-Term Debt Issued	262	302	245	183	290.5
Long-Term Debt Repaid	-192	-278	-129	-64	-164.5
Net Debt Issued (Repaid)	70	24	116	119	126
Issuance of Common Stock	225.23	215.91	153.4	141.83	116.51
Repurchase of Common Stock	-3.18	-2.14	-2.26	-1.02	-3.03
Common Dividends Paid	-143.98	-128.11	-119.72	-107.54	-96.9
Other Financing Activities	-7.04	-1.56	-1.26	-3.37	-4.83
Net Cash Flow	8.06	-20.7	-1.51	20	-4.76
Cash Interest Paid	57.94	59.15	49.49	30.7	22.75
Cash Income Tax Paid	0.56	0.45	0.37	0.33	0.31
Levered Free Cash Flow	143.83	127.38	131.22	99.22	94.9
Unlevered Free Cash Flow	173.1	155.55	156.79	119.86	112.88
Change in Working Capital	5.67	-22.46	10.87	1.65	-5.3

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