FR 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	247.44	287.55	274.82	359.13	271
Depreciation & Amortization	195.08	176.29	164.52	152.32	139.06
Other Amortization	5.03	3.65	3.63	3.19	3.42
Gain (Loss) on Sale of Assets	-26.91	-111.97	-95.65	-128.27	-150.31
Income (Loss) on Equity Investments	22.91	-1.35	-24.81	3.09	0.16
Change in Accounts Receivable	-11.31	-0.71	-2.36	-4.85	-0.47
Change in Accounts Payable	28.98	11.39	-4.42	31.31	13.95
Other Operating Activities	0.03	-12.37	-10.9	-4.98	-9.91
Operating Cash Flow	461.26	352.49	304.82	410.94	266.9
Operating Cash Flow Growth	30.86%	15.64%	-25.82%	53.97%	11.01%
Acquisition of Real Estate Assets	-630.29	-289.43	-492.98	-827.69	-667.01
Sale of Real Estate Assets	40.05	158.92	120.41	175.41	234.73
Net Sale / Acq. of Real Estate Assets	-590.25	-130.5	-372.57	-652.29	-432.28
Investment in Marketable & Equity Securities	65.13	-5.73	-12.35	23.74	19.86
Other Investing Activities	0.94	4.61	6.62	-0.56	-4.4
Investing Cash Flow	-524.18	-131.62	-378.31	-629.11	-416.82
Long-Term Debt Issued	1,219	321	374	1,185	289
Long-Term Debt Repaid	-874.35	-338.34	-218.32	-725.47	-274.45
Net Debt Issued (Repaid)	344.42	-17.34	155.68	459.54	14.55
Issuance of Common Stock	-	-	-	12.82	145.76
Repurchase of Common Stock	-1.62	-2.07	-2.51	-2.94	-5.13
Common Dividends Paid	-231.22	-193.48	-169.37	-155.33	-139.71
Other Financing Activities	-22.32	-0.14	-11.58	-9.58	-6.42
Net Cash Flow	26.35	7.84	-101.27	86.34	-140.88
Cash Interest Paid	69.04	82.87	72.88	46.45	44.18
Cash Income Tax Paid	5.89	5.3	27.75	3.76	3.37
Levered Free Cash Flow	421.65	294.38	244.84	452.98	308.1
Unlevered Free Cash Flow	472.81	344.87	289.94	482.42	334.38
Change in Working Capital	17.67	10.68	-6.78	26.46	13.47

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

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