Nexus Industrial REIT 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	78.65	90.88	160.03	120.87	93.54	35.24
Depreciation & Amortization	0.12	0.12	0.09	0.09	0.09	0.09
Other Amortization	2.7	2.85	2.36	1.72	1.11	0.96
Gain (Loss) on Sale of Assets	1.21	1.46	0.81	0.71	0.59	-
Asset Writedown	-25.68	-43.38	-109.81	-70.71	-132.4	-10.58
Stock-Based Compensation	1.18	1.38	1.18	1.03	0.76	0.34
Income (Loss) on Equity Investments	-1.93	-1.87	-0.06	-1.8	-0.92	-0.87
Change in Accounts Receivable	-7.95	-1.84	-5.82	-3.95	-3.34	-0.37
Change in Accounts Payable	-22.25	-13.35	3.5	1.3	6.3	0.89
Change in Other Net Operating Assets	2.37	6.53	3.74	-4.78	-7.85	0.6
Other Operating Activities	-4.91	-3.82	-5	-2.96	67.1	-1.96
Operating Cash Flow	23.51	38.96	51.02	41.53	25	24.35
Operating Cash Flow Growth	-50.42%	-23.63%	22.84%	66.15%	2.65%	4.29%
Acquisition of Real Estate Assets	-52.19	-150.03	-373.54	-323.45	-482.55	-45.07
Sale of Real Estate Assets	81.29	71.43	27.55	7.72	13.3	-
Net Sale / Acq. of Real Estate Assets	29.1	-78.6	-345.99	-315.73	-469.25	-45.07
Investing Cash Flow	29.1	-78.6	-345.99	-315.73	-469.25	-45.07
Long-Term Debt Issued	-	165.61	407.13	216.52	266.76	49.58
Long-Term Debt Repaid	-	-77.41	-78.22	-57.8	-13.04	-7.34
Net Debt Issued (Repaid)	0.65	88.2	328.91	158.72	253.72	42.24
Issuance of Common Stock	-	-	-	84.72	295.31	-
Common Dividends Paid	-45.44	-41.6	-37.7	-34.32	-20.89	-14.89
Other Financing Activities	-1.28	-1.34	-1.85	-5.66	-15.58	-0.51
Net Cash Flow	6.55	5.61	-5.62	-70.75	68.29	6.12
Cash Interest Paid	71.2	71.29	56.19	41.66	22.38	14.47
Cash Income Tax Paid	-	-	-	0.02	0.01	0.05
Levered Free Cash Flow	27.49	6.56	54.4	-3.35	41.34	6.18
Unlevered Free Cash Flow	70.16	58.77	97.82	11.32	52.92	18.84
Change in Working Capital	-27.83	-8.66	1.43	-7.42	-4.89	1.13

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