Morguard Cash Flow Statement

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

Millions CAD. 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	174.87	261.8	74.18	122.77	249.76
Depreciation & Amortization	6.86	11.01	23.08	26.51	32.5
Other Amortization	13.22	10.71	11.1	11.96	11.77
Gain (Loss) on Sale of Assets	1.01	-150.32	-1.78	6.03	-2.65
Gain (Loss) on Sale of Investments	-0.47	16.26	29.38	13.21	-6.01
Asset Writedown	-1.06	17.85	189.6	130.17	-221.92
Stock-Based Compensation	0.74	-	-	-	-
Income (Loss) on Equity Investments	0.87	3.06	-1.29	6.7	-20.49
Change in Accounts Receivable	-4.38	8.99	20.37	-9.13	23.18
Change in Accounts Payable	-19.61	3.32	4.36	3.15	20.38
Change in Other Net Operating Assets	-8.81	2.03	1.99	-13.04	3.58
Other Operating Activities	51.2	65.49	-53.09	-45.49	175.35
Operating Cash Flow	214.44	250.2	297.89	252.85	265.44
Operating Cash Flow Growth	-14.29%	-16.01%	17.81%	-4.74%	25.27%
Acquisition of Real Estate Assets	-223.83	-219.47	-337.83	-432.3	-178.79
Sale of Real Estate Assets	6	571.33	3.07	354.07	40.71
Net Sale / Acq. of Real Estate Assets	-217.84	351.86	-334.76	-78.23	-138.08
Investment in Marketable & Equity Securities	7.1	29.82	0.89	20.7	11.9
Investing Cash Flow	-205.82	384.68	-332.16	-84.51	-125.62
Short-Term Debt Issued	-	20	7.26	332.63	305.23
Long-Term Debt Issued	974.89	995.23	900.28	887.87	976.47
Total Debt Issued	974.89	1,015	907.53	1,220	1,282
Short-Term Debt Repaid	-100.11	-23.29	-4.56	-151.6	-474
Long-Term Debt Repaid	-769.63	-1,548	-879.4	-1,187	-882.88
Total Debt Repaid	-869.74	-1,571	-883.96	-1,339	-1,357
Net Debt Issued (Repaid)	105.15	-556.04	23.57	-118.56	-75.17
Repurchase of Common Stock	-5.25	-11.25	-21.31	-8.48	-1.01
Common Dividends Paid	-8.52	-6.98	-6.49	-6.62	-6.59
Other Financing Activities	-52.77	-39.09	41.88	-100.84	-23.86
Foreign Exchange Rate Adjustments	-3.34	2.7	1.33	4.3	-1.63
Net Cash Flow	43.89	24.21	4.71	-61.85	31.57
Cash Interest Paid	237.4	245.23	238.16	215.47	208.47
Cash Income Tax Paid	30.47	9.42	8.8	11.03	10.29
Levered Free Cash Flow	22.64	603.64	-55.29	91.47	189.59
Unlevered Free Cash Flow	172.54	755.36	102.73	227.57	321.21
Change in Working Capital	-32.81	14.33	26.72	-19.02	47.14

Source: S&P Global Market Intelligence. Real Estate template. Financial Sources.