NSA 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	73.78	111.52	156.67	103.74	105.25
Depreciation & Amortization	189.32	189.86	221.99	233.16	158.31
Other Amortization	6.35	6.49	6.54	4.42	3.44
Gain (Loss) on Sale of Assets	-16.29	-63.84	-63.91	-5.47	-
Stock-Based Compensation	12.19	8.31	6.68	6.26	5.46
Income (Loss) on Equity Investments	27.58	39.38	16.08	15.79	14.35
Change in Accounts Payable	-3.91	5.32	12.23	16.52	8.4
Change in Other Net Operating Assets	7.63	2.14	1.23	-10.21	-3.16
Other Operating Activities	42.02	71.47	80.73	80.32	40.97
Operating Cash Flow	338.5	363.07	441.58	443.85	331.35
Operating Cash Flow Growth	-6.77%	-17.78%	-0.51%	33.95%	50.17%
Acquisition of Real Estate Assets	-63.19	-85.35	-84.27	-540.08	-1,995
Sale of Real Estate Assets	95.89	616.81	262.3	10.96	-
Net Sale / Acq. of Real Estate Assets	32.7	531.46	178.03	-529.12	-1,995
Cash Acquisition	-	-32.74	-16.92	-	-2.87
Investment in Marketable & Equity Securities	-12.85	-74.22	-	-55.04	-
Other Investing Activities	-	0.91	-	-	-
Investing Cash Flow	19.86	425.42	161.11	-584.17	-1,998
Long-Term Debt Issued	635.8	1,270	1,319	1,572	2,349
Long-Term Debt Repaid	-680.38	-1,480	-1,211	-960.37	-1,322
Net Debt Issued (Repaid)	-44.58	-209.54	108.19	611.63	1,026
Issuance of Common Stock	-	-	-	-	900.98
Repurchase of Common Stock	-	-275.2	-310.15	-90.11	-
Common Dividends Paid	-174.91	-171.82	-190.91	-195.7	-131.71
Preferred Dividends Paid	-20.46	-20.45	-19.02	-13.43	-13.1
Total Dividends Paid	-195.37	-192.26	-209.93	-209.12	-144.81
Other Financing Activities	-145.52	-148.43	-145.29	-157.75	-109.62
Net Cash Flow	-27.12	-36.94	45.49	14.32	6.17
Cash Interest Paid	156.3	145.41	143.62	99.43	66.92
Levered Free Cash Flow	221.98	838.05	-232.02	310.02	240.95
Unlevered Free Cash Flow	317.16	927.97	-134.71	374.72	282.55
Change in Working Capital	3.54	-0.11	16.8	5.63	3.56

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

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