DREUF 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	249.55	259.61	104.3	705.89	608.35	200.14
Depreciation & Amortization	-0.04	-0.08	0.18	-	-0.02	0.02
Other Amortization	8.89	7.84	6.29	5.31	4.11	3.33
Gain (Loss) on Sale of Investments	-5.75	11.18	12.15	-15.81	-5.4	5.71
Asset Writedown	50.84	24.77	66.69	-363.03	-586.01	-120.08
Stock-Based Compensation	2.97	0.04	7.97	-1.47	8.55	3.23
Income (Loss) on Equity Investments	-26.51	-42.98	-4.94	-38.48	-39.27	-
Change in Accounts Receivable	-5.76	3.44	-3.79	-19.08	2.19	-2.6
Change in Other Net Operating Assets	5.28	-6.29	18.72	5.42	9.81	1.26
Other Operating Activities	31.74	41.22	94.42	-64.11	171.32	44.08
Operating Cash Flow	314.61	295.73	302.39	218.39	174.39	135.08
Operating Cash Flow Growth	0.90%	-2.20%	38.46%	25.23%	29.10%	12.78%
Acquisition of Real Estate Assets	-212.08	-145.3	-190.18	-763.05	-2,032	-643.09
Sale of Real Estate Assets	33.09	42.94	6.92	73.58	281.98	-
Net Sale / Acq. of Real Estate Assets	-178.99	-102.36	-183.26	-689.48	-1,750	-643.09
Investment in Marketable & Equity Securities	-17.38	-11.38	-506.18	-90.88	-14.31	-1.22
Investing Cash Flow	-194.94	-113.74	-689.44	-780.36	-1,764	-644.31
Long-Term Debt Issued	-	427.22	1,192	629.01	1,050	537.51
Long-Term Debt Repaid	-	-362.19	-737.58	-278.29	-450.22	-293.59
Net Debt Issued (Repaid)	135.61	65.03	454.09	350.72	599.58	243.92
Issuance of Common Stock	-	-	107.17	320.17	1,117	230.13
Common Dividends Paid	-143.34	-140.25	-134.39	-136.06	-104.84	-96.48
Other Financing Activities	-83.15	-76.73	-70.35	-46.88	-108.52	-60.41
Foreign Exchange Rate Adjustments	-5.59	0.32	-3.35	-6.2	-3.82	5.47
Net Cash Flow	3.16	30.36	-33.89	-80.21	-90.92	-186.6
Cash Interest Paid	79.96	72.58	61.46	32.31	40.03	42.59
Levered Free Cash Flow	60.76	127.06	370.85	154.64	185.59	73.29
Unlevered Free Cash Flow	112.19	184.72	421.07	163.96	202.77	105.15
Change in Working Capital	2.91	-5.86	15.33	-9.91	12.75	-1.34

Updated Sep 30, 2025. Source: S&P Global Market Intelligence. Real Estate template. Financial Sources.