FRA:M2K 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	555.98	527.54	552.81	637.44	533.79	254.96
Depreciation & Amortization	614.09	586.4	565.86	544	534.42	511.68
Other Amortization	6.33	6.04	5.91	6.06	5.65	4.96
Gain (Loss) on Sale of Assets	-126.87	-55	0.01	-215.57	-221.24	-1.03
Gain (Loss) on Sale of Investments	-9.91	-7.81	-4.45	45.36	-51.71	-5.61
Stock-Based Compensation	15.54	15.79	15.7	18.8	16.67	14.33
Change in Other Net Operating Assets	-14.75	3.79	4.86	-16.06	55.93	38.17
Other Operating Activities	15.22	21.55	-3.5	38.45	21.47	6.49
Operating Cash Flow	1,056	1,098	1,137	1,058	894.97	823.95
Operating Cash Flow Growth	-6.09%	-3.42%	7.44%	18.27%	8.62%	5.44%
Acquisition of Real Estate Assets	-826.49	-937.33	-762.83	-739.73	-557.31	-483.91
Sale of Real Estate Assets	165.34	84.21	2.95	320.49	293.07	2.62
Net Sale / Acq. of Real Estate Assets	-661.16	-853.12	-759.88	-419.24	-264.23	-481.29
Investment in Marketable & Equity Securities	-9.13	7.43	-16.32	-13.31	-4.17	-5
Other Investing Activities	3.68	20.2	0.95	27.31	14.82	1.56
Investing Cash Flow	-666.6	-825.5	-775.26	-405.24	-253.59	-484.73
Short-Term Debt Issued	-	-	475	20	-	357
Long-Term Debt Issued	-	1,092	-	-	594.42	447.59
Total Debt Issued	560.1	1,092	475	20	594.42	804.59
Short-Term Debt Repaid	-	-245	-	-	-172	-255
Long-Term Debt Repaid	-	-400	-353.86	-126.4	-467.15	-441.11
Total Debt Repaid	-240	-645	-353.86	-126.4	-639.15	-696.11
Net Debt Issued (Repaid)	320.1	446.65	121.14	-106.4	-44.73	108.49
Issuance of Common Stock	1.36	1.23	205.07	1.08	0.65	-
Common Dividends Paid	-703.46	-686.9	-651.72	-539.61	-470.4	-457.36
Preferred Dividends Paid	-3.69	-3.69	-3.69	-3.69	-3.69	-3.69
Total Dividends Paid	-707.15	-690.59	-655.41	-543.29	-474.09	-461.04
Other Financing Activities	-21.47	-28.41	-38.71	-74.16	-28.22	-21.59
Net Cash Flow	-18.13	1.67	-5.98	-69.53	94.98	-34.93
Cash Interest Paid	191.14	164.88	157.57	157.5	158.63	165.1
Cash Income Tax Paid	0.31	3.34	4	3.49	2.54	2.55
Levered Free Cash Flow	920.06	964.17	945.53	973.2	745.46	787.96
Unlevered Free Cash Flow	1,027	1,063	1,033	1,064	837.86	887.72
Change in Working Capital	-14.75	3.79	4.86	-16.06	55.93	38.17

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