Artis Real Estate Investment Trust (ARESF)

ARESF Cash Flow Statement

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

Operating Activities

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep 30, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Net Income	-75.08	-47.41	-332.07	-5.29	389.18	21.54
Depreciation & Amortization	1.55	1.19	1.23	1.25	1.36	1.42
Other Amortization	27.4	28.69	28	28.58	28.1	28.6
Gain (Loss) on Sale of Assets	10.07	10.07	29.67	44.82	12.79	-0.75
Gain (Loss) on Sale of Investments	120.35	26.76	41.73	21.91	-21.29	18.39
Asset Writedown	-24.49	4.87	314.62	133.61	-210.3	140.88
Stock-Based Compensation	-0.47	2.13	0.19	-0.72	2.05	-1.86
Income (Loss) on Equity Investments	13.37	80.16	45.02	-85.37	-17.69	-24.85
Change in Accounts Receivable	12	3.56	0.4	-1.8	3.65	2.6
Change in Accounts Payable	-10.69	-6.36	1.19	4.08	-4.96	-1.33
Change in Other Net Operating Assets	2.7	-1.92	-2.54	-6.34	2.31	-0.73
Other Operating Activities	1.41	-21.6	-47.47	6.02	-0.75	-7.14
Operating Cash Flow	78.1	80.14	79.96	140.74	199.5	176.33
Operating Cash Flow Growth	24.03%	0.22%	-43.19%	-29.45%	13.14%	-11.89%

Investing Activities

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep 30, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Acquisition of Real Estate Assets	-19.59	-27.26	-59.75	-90.01	-89.17	-101.98
Net Sale / Acq. of Real Estate Assets	-19.59	-27.26	-59.75	-90.01	-89.17	-101.98
Cash Acquisition	-	-24.07	-	-3.28	-5.34	-
Investment in Marketable & Equity Securities	69.63	46.74	149.72	-501.88	-41.1	23.6
Other Investing Activities	-41.67	-16.28	-13.6	-34.56	-45.86	15.34
Investing Cash Flow	59.25	652.11	298.39	-288.99	610.26	165.96

Financing Activities

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep 30, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Long-Term Debt Issued	-	551.26	967.62	1,148	569.06	626.94
Total Debt Issued	557.06	551.26	967.62	1,148	569.06	626.94
Long-Term Debt Repaid	-	-1,114	-1,188	-831.44	-965.12	-844.07
Net Debt Issued (Repaid)	-7.49	-563.22	-220.33	316.16	-396.05	-217.13
Repurchase of Common Stock	-53.24	-50.83	-54.31	-100.57	-125.77	-33.44
Preferred Stock Issued	-	-	-	-	0.22	-
Preferred Share Repurchases	-3.08	-11.93	-10.38	-86.3	-3.49	-1.85
Common Dividends Paid	-81.55	-91.2	-80.44	-160.01	-80.62	-80.15
Preferred Dividends Paid	-12.74	-13.26	-12.74	-15.86	-17.26	-17.43
Total Dividends Paid	-94.29	-104.46	-93.18	-175.86	-97.89	-97.58

Net Cash Flow

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep 30, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Foreign Exchange Rate Adjustments	1.14	2.04	-0.39	2.51	-0.01	-0.04
Net Cash Flow	-19.6	3.85	-0.23	-192.31	186.77	-7.75

Free Cash Flow

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep 30, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Levered Free Cash Flow	-88.37	367.09	-214.46	-173.4	190.09	272.93
Unlevered Free Cash Flow	-48.23	432.12	-135.52	-132.89	220.31	334.49

Additional Metrics

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep 30, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Cash Interest Paid	72.76	99.91	122.29	88.42	71.56	87.19
Cash Income Tax Paid	1.26	0.66	0.5	0.74	1.44	1.22
Change in Working Capital	4	-4.71	-0.94	-4.06	16.06	0.11

Data Source: S&P Global Market Intelligence Last updated: Sep 30, 2025

Financial data is provided by S&P Global Market Intelligence and updates within hours after each earnings release, which is every three months for this company.

Update frequency:

Quarterly

Last checked:

Jan 31, 2026

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