IVREF Balance Sheet

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
Property, Plant & Equipment	293.92	327.79	412.97	437.42	427.63	541.22
Cash & Equivalents	11.92	6.25	12.49	45.18	76.63	80.38
Accounts Receivable	2.1	2.69	2.59	2.39	1.51	3.52
Other Receivables	9.63	8.57	8.23	8.83	11.03	5.38
Investment In Debt and Equity Securities	0.47	0.41	0.33	0.62	-	-
Restricted Cash	2.01	1.65	0.2	2.88	0.05	0.55
Other Current Assets	61.69	26.21	0.53	0.82	1.11	0.18
Trading Asset Securities	-	-	0.12	2.32	-	0.02
Other Long-Term Assets	39.54	38.66	46.61	60.64	69.29	80.86
Total Assets	421.27	412.22	484.06	561.11	587.25	712.09
Current Portion of Long-Term Debt	43.27	60.96	52.15	41.59	53.94	16.19
Current Portion of Leases	10.91	5.04	6.82	6.42	7.7	8.85
Long-Term Debt	68.23	54.15	65.9	96.5	49.36	155.65
Long-Term Leases	95.14	95.75	96.18	102.12	106.35	121.81
Accounts Payable	4.87	6.32	4.45	7.03	6.81	4.37
Accrued Expenses	1.73	1.26	2.43	9.32	1.05	1.11
Current Income Taxes Payable	2.46	2.24	2.18	2.04	2.17	4.07
Current Unearned Revenue	0.45	0.59	1.18	0.79	4	0.52
Other Current Liabilities	1.4	1.59	1.78	2.91	3.67	7.51
Long-Term Deferred Tax Liabilities	-	-	1.3	1.84	4.94	13.21
Other Long-Term Liabilities	2.36	2.23	2.33	2.37	1.17	2.15
Total Liabilities	230.83	230.11	236.7	272.93	241.16	335.43
Common Stock	296.25	296.21	288.16	289.94	288.75	286.98
Retained Earnings	-138.97	-129.83	-53.23	-12.33	46.98	53.35
Comprehensive Income & Other	33.29	15.67	11.49	9.37	9.06	34.91
Total Common Equity	190.57	182.04	246.42	286.98	344.79	375.24
Minority Interest	-0.13	0.07	0.95	1.2	1.3	1.42
Shareholders' Equity	190.44	182.11	247.37	288.18	346.09	376.66
Total Liabilities & Equity	421.27	412.22	484.06	561.11	587.25	712.09
Total Debt	217.56	215.89	221.04	246.63	217.35	302.49
Net Cash (Debt)	-205.65	-209.64	-208.43	-199.14	-140.72	-222.1
Net Cash Per Share	-6.21	-6.42	-6.38	-6.09	-4.34	-7.61
Filing Date Shares Outstanding	33.26	33.21	32.59	32.78	32.59	32.4
Total Common Shares Outstanding	33.26	33.21	32.59	32.78	32.59	32.4
Book Value Per Share	5.73	5.48	7.56	8.76	10.58	11.58
Tangible Book Value	190.57	182.04	246.42	286.98	344.79	375.24
Tangible Book Value Per Share	5.73	5.48	7.56	8.76	10.58	11.58

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