DREUF 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	170.07	259.61	104.3	705.89	608.35
Depreciation & Amortization	0.73	0.41	0.18	-	-0.02
Other Amortization	9.1	7.36	6.29	5.31	4.11
Gain (Loss) on Sale of Investments	-0.99	19.59	12.15	-15.81	-5.4
Asset Writedown	46.27	24.77	66.69	-363.03	-586.01
Stock-Based Compensation	8.88	0.04	7.97	-1.47	8.55
Income (Loss) on Equity Investments	-17.04	-42.98	-4.94	-38.48	-39.27
Change in Accounts Receivable	-8.52	3.44	-3.79	-19.08	2.19
Change in Other Net Operating Assets	25.98	-6.29	18.72	5.42	9.81
Other Operating Activities	64.85	32.8	94.42	-64.11	171.32
Operating Cash Flow	301.95	295.73	302.39	218.39	174.39
Operating Cash Flow Growth	2.10%	-2.20%	38.46%	25.23%	29.10%
Acquisition of Real Estate Assets	-236.49	-145.3	-190.18	-763.05	-2,032
Sale of Real Estate Assets	16.09	42.94	6.92	73.58	281.98
Net Sale / Acq. of Real Estate Assets	-220.4	-102.36	-183.26	-689.48	-1,750
Investment in Marketable & Equity Securities	-3.42	-11.38	-506.18	-90.88	-14.31
Investing Cash Flow	-222.4	-113.74	-689.44	-780.36	-1,764
Long-Term Debt Issued	743.22	427.22	1,192	629.01	1,050
Long-Term Debt Repaid	-610.68	-362.19	-737.58	-278.29	-450.22
Net Debt Issued (Repaid)	132.54	65.03	454.09	350.72	599.58
Issuance of Common Stock	-	-	107.17	320.17	1,117
Repurchase of Common Stock	-20.04	-	-	-	-
Common Dividends Paid	-144.4	-140.25	-134.39	-136.06	-104.84
Other Financing Activities	-85.47	-76.73	-70.35	-46.88	-108.52
Foreign Exchange Rate Adjustments	-1.04	0.32	-3.35	-6.2	-3.82
Net Cash Flow	-38.85	30.36	-33.89	-80.21	-90.92
Cash Interest Paid	82.04	72.58	61.46	32.31	40.03
Levered Free Cash Flow	-660.85	127.06	370.85	154.64	185.59
Unlevered Free Cash Flow	-609.38	184.72	421.07	163.96	202.77
Change in Working Capital	20.07	-5.86	15.33	-9.91	12.75

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