Shurgard Self Storage Cash Flow Statement

Financials in millions EUR. Fiscal year is January - December.

Millions EUR. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Jun '25 Jun 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	566.26	402.85	533.31	574.28	446.85	289.48
Depreciation & Amortization	5.42	4.12	3.38	2.87	2.62	2.05
Gain (Loss) on Sale of Assets	-	-	-	-	-	0
Asset Writedown	-520.62	-331.07	-294.35	-586.18	-466.58	-256.89
Stock-Based Compensation	3.89	4.08	4.29	4.43	2.78	1.04
Change in Accounts Receivable	4.77	8.23	-6.28	-5.08	-9.44	-0.65
Change in Other Net Operating Assets	-2.56	-4.76	11.34	16.74	13.63	-1.41
Other Operating Activities	169.42	125.15	-64.33	179.48	171.72	112.27
Operating Cash Flow	226.59	208.6	187.36	186.53	161.59	145.9
Operating Cash Flow Growth	33.58%	11.33%	0.44%	15.44%	10.76%	20.02%
Acquisition of Real Estate Assets	-861.14	-914.69	-180.19	-188.05	-129.18	-136.38
Sale of Real Estate Assets	9.57	9.57	-	4.7	5.72	7.4
Net Sale / Acq. of Real Estate Assets	-851.57	-905.12	-180.19	-183.35	-123.46	-128.99
Other Investing Activities	4.78	6.02	3.12	2.62	-	-
Investing Cash Flow	-850.52	-903.22	-180.37	-183.38	-125.33	-131.01
Long-Term Debt Issued	-	1,315	160	-	300	-
Total Debt Issued	1,660	1,315	160	-	300	-
Long-Term Debt Repaid	-	-629.71	-164.34	-4.59	-105.77	-3.77
Total Debt Repaid	-1,025	-629.71	-164.34	-4.59	-105.77	-3.77
Net Debt Issued (Repaid)	635.33	685.29	-4.34	-4.59	194.23	-3.77
Issuance of Common Stock	0.51	1.34	300.4	2	5.09	1.02
Common Dividends Paid	-27.61	-70.51	-104.29	-106.92	-99.51	-87.84
Other Financing Activities	-53.85	-47.86	-29.39	-22.49	-20.71	-20.07
Foreign Exchange Rate Adjustments	9.18	10.83	1.41	-2.97	0.81	0.19
Net Cash Flow	-60.38	-115.54	170.77	-131.83	116.17	-95.58
Cash Interest Paid	36.42	31.87	24.1	22.47	19.2	19.96
Cash Income Tax Paid	34.02	32.13	32.41	28.86	26.12	16.06
Levered Free Cash Flow	215.54	207.62	117.09	127.96	112.15	91.38
Unlevered Free Cash Flow	227.56	207.62	131.62	141.28	124.64	103.36
Change in Working Capital	2.21	3.47	5.06	11.66	4.2	-2.05

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