FRA:F5W 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	237.02	287.55	274.82	359.13	271	195.99
Depreciation & Amortization	191.66	176.29	164.52	152.32	139.06	137.76
Other Amortization	4.6	3.65	3.63	3.19	3.42	3.43
Gain (Loss) on Sale of Assets	-35.67	-111.97	-95.65	-128.27	-150.31	-86.75
Income (Loss) on Equity Investments	18.84	-1.35	-24.81	3.09	0.16	0.08
Change in Accounts Receivable	-6.93	-0.71	-2.36	-4.85	-0.47	3.86
Change in Accounts Payable	15.95	11.39	-4.42	31.31	13.95	-2.67
Other Operating Activities	-9.46	-12.37	-10.9	-4.98	-9.91	-11.27
Operating Cash Flow	416.01	352.49	304.82	410.94	266.9	240.43
Operating Cash Flow Growth	22.33%	15.64%	-25.82%	53.97%	11.01%	-2.08%
Acquisition of Real Estate Assets	-468.95	-289.43	-492.98	-827.69	-667.01	-418.72
Sale of Real Estate Assets	48.71	158.92	120.41	175.41	234.73	203.86
Net Sale / Acq. of Real Estate Assets	-420.25	-130.5	-372.57	-652.29	-432.28	-214.86
Investment in Marketable & Equity Securities	-6.15	-5.73	-12.35	23.74	19.86	-22.81
Other Investing Activities	1.34	4.61	6.62	-0.56	-4.4	-14.08
Investing Cash Flow	-425.06	-131.62	-378.31	-629.11	-416.82	-251.74
Long-Term Debt Issued	-	321	374	1,185	289	547
Long-Term Debt Repaid	-	-338.34	-218.32	-725.47	-274.45	-435.15
Net Debt Issued (Repaid)	228.42	-17.34	155.68	459.54	14.55	111.85
Issuance of Common Stock	-	-	-	12.82	145.76	78.72
Repurchase of Common Stock	-1.62	-2.07	-2.51	-2.94	-5.13	-5.94
Common Dividends Paid	-220.93	-193.48	-169.37	-155.33	-139.71	-127.34
Total Dividends Paid	-220.93	-193.48	-169.37	-155.33	-139.71	-127.34
Other Financing Activities	-15.21	-0.14	-11.58	-9.58	-6.42	0.96
Net Cash Flow	-18.38	7.84	-101.27	86.34	-140.88	46.94
Cash Interest Paid	82.87	82.87	72.88	46.45	44.18	48.85
Cash Income Tax Paid	5.3	5.3	27.75	3.76	3.37	1.57
Levered Free Cash Flow	401.39	294.38	244.84	452.98	308.1	162.1
Unlevered Free Cash Flow	451.56	344.87	289.94	482.42	334.38	192.87
Change in Working Capital	9.03	10.68	-6.78	26.46	13.47	1.19

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