FR Income 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
Rental Revenue	719.22	660.97	602.29	532.24	473.24
Other Revenue	8.34	11.21	15.91	122.63	2.89
Total Revenue	727.56	672.18	618.2	654.87	476.13
Revenue Growth (YoY	8.24%	8.73%	-5.60%	37.54%	6.33%
Property Expenses	192.11	184.35	169.32	144.57	131.3
Selling, General & Administrative	41.95	40.94	37.12	33.97	34.61
Depreciation & Amortization	185.32	171.94	162.95	147.42	130.95
Total Operating Expenses	419.37	397.22	369.39	325.96	296.86
Operating Income	308.19	274.96	248.81	328.91	179.27
Interest Expense	-89.92	-86.62	-77.96	-52.2	-47.53
EBT Excluding Unusual Items	218.27	188.34	170.85	276.71	131.74
Gain (Loss) on Sale of Investments	34.18	1.76	28.03	-	-
Gain (Loss) on Sale of Assets	26.91	111.97	95.65	128.27	150.31
Pretax Income	279.36	302.06	294.53	404.98	282.05
Income Tax Expense	15.28	6.08	8.69	23.36	4.88
Earnings From Continuing Operations	264.08	295.99	285.84	381.61	277.17
Minority Interest in Earnings	-16.64	-8.43	-11.02	-22.48	-6.17
Net Income	247.44	287.55	274.82	359.13	271
Preferred Dividends & Other Adjustments	0.15	0.21	0.23	0.35	0.3
Net Income to Common	247.3	287.34	274.58	358.79	270.7
Net Income Growth	-13.95%	4.63%	-23.48%	32.52%	38.27%
Basic Shares Outstanding	132	132	132	132	130
Diluted Shares Outstanding	133	132	132	132	130
Shares Change (YoY)	0.07%	0.06%	0.18%	1.79%	1.46%
EPS (Basic)	1.87	2.17	2.08	2.72	2.09
EPS (Diluted)	1.87	2.17	2.07	2.72	2.09
EPS Growth	-13.96%	4.83%	-23.83%	30.20%	36.43%
Dividend Per Share	1.780	1.480	1.280	1.180	1.080
Dividend Growth	20.27%	15.63%	8.48%	9.26%	8.00%
Operating Margin	42.36%	40.91%	40.25%	50.22%	37.65%
Profit Margin	33.99%	42.75%	44.42%	54.79%	56.85%
EBITDA	503.28	451.25	413.32	481.23	318.32
EBITDA Margin	69.17%	67.13%	66.86%	73.48%	66.86%
D&A For Ebitda	195.08	176.29	164.52	152.32	139.06
EBIT	308.19	274.96	248.81	328.91	179.27
EBIT Margin	42.36%	40.91%	40.25%	50.22%	37.65%
Funds From Operations (FFO)	403.82	360.13	322.67	301.17	255.96
FFO Per Share	2.96	2.65	-	-	-
Adjusted Funds From Operations (AFFO)	333.47	294.49	322.67	301.17	255.96
AFFO Per Share	2.45	2.17	-	-	-
FFO Payout Ratio	57.26%	53.73%	52.49%	51.58%	54.58%
Effective Tax Rate	5.47%	2.01%	2.95%	5.77%	1.73%
Revenue as Reported	727.08	669.64	614.03	539.93	476.29

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Real Estate template. Financial Sources.

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