DRREF 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
Period Ending	Mar '25 Mar 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	-2.51	6.36	-14.85	169.24	-
Asset Writedown	7.96	8.17	25.83	-71.52	-
Stock-Based Compensation	0.55	0.5	0.43	0.33	-
Change in Accounts Receivable	-0.96	-0.96	0.1	-1.03	-
Change in Other Net Operating Assets	0.11	-2.53	-1	1.12	-
Other Operating Activities	15.64	7.04	10.74	-81.56	-
Operating Cash Flow	20.79	18.58	21.27	16.58	-
Operating Cash Flow Growth	0.77%	-12.65%	28.32%	-	-
Acquisition of Real Estate Assets	-10.15	-10.1	-15.94	-7.91	-
Sale of Real Estate Assets	-	-	8.78	-	-
Net Sale / Acq. of Real Estate Assets	-10.15	-10.1	-7.16	-7.91	-
Cash Acquisition	-	-	-	-142.05	-
Other Investing Activities	0.77	0.08	1.16	-	-
Investing Cash Flow	-9.38	-10.02	-6	-149.95	-
Long-Term Debt Issued	-	15	14.22	-	-
Long-Term Debt Repaid	-	-14.95	-14.61	-	-
Net Debt Issued (Repaid)	0.05	0.05	-0.39	-	-
Issuance of Common Stock	-	-	-	187.59	-
Common Dividends Paid	-6.7	-6.47	-5.33	-3.53	-
Other Financing Activities	-7.53	-7.71	-10.25	-33.22	-
Net Cash Flow	-2.77	-5.56	-0.7	17.47	-
Cash Interest Paid	7.71	7.71	8.88	9.36	-
Levered Free Cash Flow	13.91	-18.57	6.63	46.76	-
Unlevered Free Cash Flow	19.5	-12.91	13.11	53.65	-
Change in Net Working Capital	-5.92	26.76	0.7	-43.34	-

Updated Feb 19, 2025. Source: S&P Global Market Intelligence. Real Estate template. Financial Sources.