FRA:M2K 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	446.91	527.54	552.81	637.44	533.79
Depreciation & Amortization	622.97	586.4	565.86	544	534.42
Other Amortization	6.56	6.04	5.91	6.06	5.65
Gain (Loss) on Sale of Assets	-72.07	-55	0.01	-215.57	-221.24
Gain (Loss) on Sale of Investments	-7.46	-7.81	-4.45	45.36	-51.71
Stock-Based Compensation	16.84	15.79	15.7	18.8	16.67
Change in Other Net Operating Assets	55.87	3.79	4.86	-16.06	55.93
Other Operating Activities	8.55	21.55	-3.5	38.45	21.47
Operating Cash Flow	1,078	1,098	1,137	1,058	894.97
Operating Cash Flow Growth	-1.83%	-3.42%	7.44%	18.27%	8.62%
Acquisition of Real Estate Assets	-765.72	-937.33	-762.83	-739.73	-557.31
Sale of Real Estate Assets	81.35	84.21	2.95	320.49	293.07
Net Sale / Acq. of Real Estate Assets	-684.36	-853.12	-759.88	-419.24	-264.23
Investment in Marketable & Equity Securities	-9.51	7.43	-16.32	-13.31	-4.17
Other Investing Activities	3.66	20.2	0.95	27.31	14.82
Investing Cash Flow	-690.22	-825.5	-775.26	-405.24	-253.59
Short-Term Debt Issued	426	-	475	20	-
Long-Term Debt Issued	397.42	1,092	-	-	594.42
Total Debt Issued	823.42	1,092	475	20	594.42
Short-Term Debt Repaid	-	-245	-	-	-172
Long-Term Debt Repaid	-400	-400	-353.86	-126.4	-467.15
Total Debt Repaid	-400	-645	-353.86	-126.4	-639.15
Net Debt Issued (Repaid)	423.42	446.65	121.14	-106.4	-44.73
Issuance of Common Stock	1.45	1.23	205.07	1.08	0.65
Repurchase of Common Stock	-27.24	-	-	-	-
Common Dividends Paid	-709.02	-686.9	-651.72	-539.61	-470.4
Preferred Dividends Paid	-3.69	-3.69	-3.69	-3.69	-3.69
Total Dividends Paid	-712.71	-690.59	-655.41	-543.29	-474.09
Other Financing Activities	-55.66	-28.41	-38.71	-74.16	-28.22
Net Cash Flow	17.21	1.67	-5.98	-69.53	94.98
Cash Interest Paid	190.26	164.88	157.57	157.5	158.63
Cash Income Tax Paid	0.3	3.34	4	3.49	2.54
Levered Free Cash Flow	927.55	977.37	945.53	973.2	745.46
Unlevered Free Cash Flow	1,037	1,077	1,033	1,064	837.86
Change in Working Capital	55.87	3.79	4.86	-16.06	55.93

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