Empiric Student Property Cash Flow Statement

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

Millions GBP. 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	28.9	34.4	53.4	67.7	29.2	-23.97
Depreciation & Amortization	3.8	0.3	0.4	0.4	0.3	0.09
Other Amortization	2	2	1.6	1.2	1	1.74
Gain (Loss) on Sale of Assets	2.4	4.2	0.6	-1.5	-1.7	-
Asset Writedown	-11.3	-15.4	-30.1	-45.6	-17.6	38.5
Stock-Based Compensation	0.1	0.4	0.9	0.7	0.2	0.03
Change in Accounts Receivable	-1	-1.5	0.3	0.2	6.7	-3.97
Change in Accounts Payable	-2.1	-1	-2	3.3	3.5	1.65
Other Operating Activities	16.6	18.3	16.2	14	11.6	11.82
Operating Cash Flow	41.4	43	43.7	43.6	42.4	17.36
Operating Cash Flow Growth	-0.24%	-1.60%	0.23%	2.83%	144.25%	-57.36%
Acquisition of Real Estate Assets	-62.6	-72.2	-32.4	-48.2	-16.1	-14.33
Sale of Real Estate Assets	32.8	42.6	42.6	39.7	17.9	-
Net Sale / Acq. of Real Estate Assets	-29.8	-29.6	10.2	-8.5	1.8	-14.33
Other Investing Activities	1	0.8	0.2	-	-	0.02
Investing Cash Flow	-30.9	-31.5	8.8	-9.4	1.3	-14.68
Long-Term Debt Issued	-	164.9	-	36.2	-	77.8
Total Debt Issued	-	164.9	-	36.2	-	77.8
Long-Term Debt Repaid	-	-151	-31.2	-20.1	-15	-42.8
Total Debt Repaid	-27.9	-151	-31.2	-20.1	-15	-42.8
Net Debt Issued (Repaid)	-27.9	13.9	-31.2	16.1	-15	35
Issuance of Common Stock	54.3	54.3	-	-	-	-
Common Dividends Paid	-25.3	-22.5	-20.2	-16.7	-13.6	-7.54
Other Financing Activities	-17.9	-22.3	-16.4	-14.9	-11.9	-12.73
Net Cash Flow	-6.3	34.9	-15.3	18.7	3.2	17.41
Cash Interest Paid	17.5	18.5	16	13.3	11.8	11.72
Levered Free Cash Flow	9	20.31	8.34	34.28	1.29	-1.42
Unlevered Free Cash Flow	19.24	30.8	18.01	42.65	8.24	5.41
Change in Working Capital	-1.1	-1.2	0.7	6.7	19.4	-10.85

Updated Jun 30, 2025. Source: S&P Global Market Intelligence. Real Estate template. Financial Sources.