DRETF Cash Flow Statement

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

Millions CAD. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep '25 Sep 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
Net Income	-154.84	-104.93	-77.2	63.64	154.21	177.28
Depreciation & Amortization	0.27	0.39	0.62	0.43	0.9	1.93
Other Amortization	12.74	12.38	11.82	11.34	11.45	11.57
Gain (Loss) on Sale of Investments	35.79	0.83	45.76	2.16	-5.2	-3.08
Asset Writedown	145.19	114.59	96.41	95.27	-47.78	-17.88
Stock-Based Compensation	1.85	1.72	1.86	2.69	2.71	2.37
Income (Loss) on Equity Investments	-8.58	-11.59	-10.48	-61.87	-85.1	-33.71
Change in Accounts Receivable	-3.64	-4.47	5.61	-2.35	-3.58	7.41
Change in Other Net Operating Assets	-3.99	1.12	-6.27	-4.01	8.82	-15.34
Other Operating Activities	42.49	33.17	2.6	-30.63	58.27	-36.25
Net Cash from Discontinued Operations	-	-	-	-	1.11	0
Operating Cash Flow	73.85	72.39	70.73	76.67	95.81	94.29
Operating Cash Flow Growth	-2.21%	2.36%	-7.75%	-19.98%	1.61%	-22.86%
Acquisition of Real Estate Assets	-40.14	-39.14	-33.36	-46.82	-43.37	-42.36
Sale of Real Estate Assets	99.34	7.39	134.39	14.09	-	14.36
Net Sale / Acq. of Real Estate Assets	59.2	-31.75	101.03	-32.73	-43.37	-28
Investment in Marketable & Equity Securities	68.95	11.16	186.55	17.32	15.08	22.9
Other Investing Activities	-	-	-	-	1.14	3.63
Investing Cash Flow	143.03	-21.07	286.12	-19.24	-29.38	-4.5
Long-Term Debt Issued	-	351	366.42	139.8	262.77	279.98
Total Debt Issued	284.06	351	366.42	139.8	262.77	279.98
Long-Term Debt Repaid	-	-313.68	-399.5	-51.41	-173.86	-236.97
Total Debt Repaid	-431.33	-313.68	-399.5	-51.41	-173.86	-236.97
Net Debt Issued (Repaid)	-147.26	37.32	-33.08	88.39	88.91	43.01
Repurchase of Common Stock	-	-0.1	-216.51	-43.01	-60.99	-110.21
Common Dividends Paid	-16.35	-19.05	-39.07	-46.98	-50.17	-54.61
Other Financing Activities	-68.04	-65.32	-62.75	-57	-48.49	-50.34
Foreign Exchange Rate Adjustments	0.31	0.82	-0.18	0.42	-0	0.02
Net Cash Flow	-14.46	5	5.26	-0.75	-4.31	-82.34
Cash Interest Paid	65.32	63.46	60.94	56.25	47.06	49.84
Levered Free Cash Flow	21.44	-5.95	208.09	-72.68	106.86	64.42
Unlevered Free Cash Flow	63.44	36.48	248.22	-37.01	137.24	94.62
Change in Working Capital	-7.63	-3.35	-0.66	-6.36	5.25	-7.93

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