FRA:WX4 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	590.19	406.33	242.18	426.93	416.74
Depreciation & Amortization	325.25	304.65	319.68	326.75	332.5
Other Amortization	0.97	12.15	14.19	13.34	43.05
Gain (Loss) on Sale of Assets	-67.3	-13.17	-79.67	-359.87	-161.55
Asset Writedown	22.61	23.83	91.94	38.45	44.66
Stock-Based Compensation	44.19	36.7	35.07	27.3	21.42
Income (Loss) on Equity Investments	6.13	1.95	0.18	0.46	-2.06
Change in Accounts Receivable	-6.16	-0.91	-18.87	8.99	-36.9
Change in Other Net Operating Assets	3.21	33.76	3.78	6.47	-4.92
Other Operating Activities	-42.87	-40.37	-35.3	68.26	-7.81
Operating Cash Flow	878.55	749.43	617.74	625.73	722.14
Operating Cash Flow Growth	17.23%	21.32%	-1.28%	-13.35%	1.96%
Acquisition of Real Estate Assets	-797.49	-515.37	-344.96	-294.34	-755.89
Sale of Real Estate Assets	282.78	95.05	585.03	759.05	318.53
Net Sale / Acq. of Real Estate Assets	-514.71	-420.32	240.07	464.71	-437.36
Cash Acquisition	-	-	-	-	-5.73
Investment in Marketable & Equity Securities	-109.18	0.05	-3.54	3.22	7.38
Other Investing Activities	11.07	11.5	18.14	1.25	5.99
Investing Cash Flow	-539.79	-671.16	-0.77	442.85	-524.17
Long-Term Debt Issued	1,312	657.82	507.07	597.4	2,275
Long-Term Debt Repaid	-1,897	-1,145	-734.99	-589.29	-2,178
Net Debt Issued (Repaid)	-585.05	-487.48	-227.92	8.11	96.82
Issuance of Common Stock	606.77	1,236	336.4	8.11	274.01
Repurchase of Common Stock	-	-	-	-142.27	-
Common Dividends Paid	-780.39	-685.45	-643.87	-632.89	-637.65
Other Financing Activities	-79.59	-36.41	62.07	-30.51	-74.3
Foreign Exchange Rate Adjustments	5.33	-0.58	0.43	-2.9	0.01
Net Cash Flow	-494.17	104.01	144.09	276.23	-143.15
Cash Interest Paid	224.05	230.99	234.45	220.75	214.41
Cash Income Tax Paid	4.31	8.41	3.62	5.79	6.29
Levered Free Cash Flow	759.89	624.84	513.57	694.61	448.76
Unlevered Free Cash Flow	893.32	751.27	646.59	827.05	552.34
Change in Working Capital	-2.95	32.85	-15.1	15.46	-41.82

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