Regional REIT Cash Flow Statement

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

Millions GBP. 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	-16.35	-39.54	-67.46	-65.16	28.76
Other Amortization	1.56	1.59	1.03	1.58	1.22
Gain (Loss) on Sale of Assets	3.17	3.18	0.73	8.56	-0.85
Asset Writedown	26.75	56.87	86.49	113.42	8.5
Income (Loss) on Equity Investments	0.02	-	-	-	-
Change in Accounts Receivable	-5.51	-2.03	-2.38	-0.62	4.4
Change in Accounts Payable	-1.77	0.3	-3.61	-2.06	5.09
Other Operating Activities	4.96	0.78	7.53	-22.37	-5.45
Operating Cash Flow	12.01	19.91	21.26	33.26	43.84
Operating Cash Flow Growth	-39.70%	-6.36%	-36.07%	-24.14%	22.92%
Acquisition of Real Estate Assets	-12.94	-8.25	-10.26	-89.29	-175.2
Sale of Real Estate Assets	48.43	28.57	24.97	84.09	76.94
Net Sale / Acq. of Real Estate Assets	35.48	20.33	14.71	-5.2	-98.26
Investment in Marketable & Equity Securities	-0.1	-0.28	-	-	-
Other Investing Activities	0.98	1.39	0.09	0.12	0.02
Investing Cash Flow	36.37	21.44	14.8	-5.08	-98.24
Long-Term Debt Issued	-	-	3.73	14.32	77.31
Total Debt Issued	-	-	3.73	14.32	77.31
Long-Term Debt Repaid	-50.94	-104.45	-24.21	-14.02	-4.18
Total Debt Repaid	-50.94	-104.45	-24.21	-14.02	-4.18
Net Debt Issued (Repaid)	-50.94	-104.45	-20.48	0.3	73.13
Issuance of Common Stock	-	110.52	-	-	-
Common Dividends Paid	-15.15	-22.3	-31.98	-33.97	-27.81
Other Financing Activities	-1.27	-2.9	0.75	-0.49	-2.16
Net Cash Flow	-18.99	22.21	-15.64	-5.98	-11.25
Cash Interest Paid	10.25	13.23	14.78	15.2	13.05
Cash Income Tax Paid	-0.05	0	-	-	-
Levered Free Cash Flow	3.28	10.08	8.04	20.1	33.83
Unlevered Free Cash Flow	9.35	18	17.13	29.32	41.9
Change in Working Capital	-8.11	-2.97	-7.06	-2.77	11.65

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