Empiric Student Property Cash Flow Statement

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

Millions GBP. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	2019 - 2015
Period Ending	Jun '25 Jun 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020	2019 - 2015
Net Income	28.9	34.4	53.4	67.7	29.2	-23.97	Upgrade
Depreciation & Amortization	3.8	0.3	0.4	0.4	0.3	0.09	Upgrade
Other Amortization	2	2	1.6	1.2	1	1.74	Upgrade
Gain (Loss) on Sale of Assets	2.4	4.2	0.6	-1.5	-1.7	-	Upgrade
Asset Writedown	-11.3	-15.4	-30.1	-45.6	-17.6	38.5	Upgrade
Stock-Based Compensation	0.1	0.4	0.9	0.7	0.2	0.03	Upgrade
Change in Accounts Receivable	-1	-1.5	0.3	0.2	6.7	-3.97	Upgrade
Change in Accounts Payable	-2.1	-1	-2	3.3	3.5	1.65	Upgrade
Other Operating Activities	16.6	18.3	16.2	14	11.6	11.82	Upgrade
Operating Cash Flow	41.4	43	43.7	43.6	42.4	17.36	Upgrade
Operating Cash Flow Growth	-0.24%	-1.60%	0.23%	2.83%	144.25%	-57.36%	Upgrade
Acquisition of Real Estate Assets	-62.6	-72.2	-32.4	-48.2	-16.1	-14.33	Upgrade
Sale of Real Estate Assets	32.8	42.6	42.6	39.7	17.9	-	Upgrade
Net Sale / Acq. of Real Estate Assets	-29.8	-29.6	10.2	-8.5	1.8	-14.33	Upgrade
Other Investing Activities	1	0.8	0.2	-	-	0.02	Upgrade
Investing Cash Flow	-30.9	-31.5	8.8	-9.4	1.3	-14.68	Upgrade
Long-Term Debt Issued	-	164.9	-	36.2	-	77.8	Upgrade
Total Debt Issued	-	164.9	-	36.2	-	77.8	Upgrade
Long-Term Debt Repaid	-	-151	-31.2	-20.1	-15	-42.8	Upgrade
Total Debt Repaid	-27.9	-151	-31.2	-20.1	-15	-42.8	Upgrade
Net Debt Issued (Repaid)	-27.9	13.9	-31.2	16.1	-15	35	Upgrade
Issuance of Common Stock	54.3	54.3	-	-	-	-	Upgrade
Common Dividends Paid	-25.3	-22.5	-20.2	-16.7	-13.6	-7.54	Upgrade
Other Financing Activities	-17.9	-22.3	-16.4	-14.9	-11.9	-12.73	Upgrade
Net Cash Flow	-6.3	34.9	-15.3	18.7	3.2	17.41	Upgrade
Cash Interest Paid	17.5	18.5	16	13.3	11.8	11.72	Upgrade
Levered Free Cash Flow	9	20.31	8.34	34.28	1.29	-1.42	Upgrade
Unlevered Free Cash Flow	19.24	30.8	18.01	42.65	8.24	5.41	Upgrade
Change in Working Capital	-1.1	-1.2	0.7	6.7	19.4	-10.85	Upgrade

Source: S&P Capital IQ. Real Estate template. Financial Sources.