Morguard North American Residential Real Estate Investment Trust (MNARF)

MNARF Cash Flow Statement

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

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Mar 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Net Income	114.2	101.86	176.34	219.28	242.09	175.22
Other Amortization	4.96	4.83	4.64	4.72	4.35	4.22
Asset Writedown	-54.14	-60.37	-81	-208.25	-288.66	-72.24
Income (Loss) on Equity Investments	-12.59	-12.38	-1.99	-2.03	-2.41	11.65
Change in Accounts Receivable	1.83	-2.49	2.69	-3.81	-1.56	-2.37
Change in Accounts Payable	8.99	16.72	0.56	4.36	5.72	-5.9
Change in Other Net Operating Assets	0.2	0.78	-1.24	-0.89	2.58	-3.78
Other Operating Activities	30.89	48.56	-11.03	61.79	101.58	-56.68
Operating Cash Flow	94.34	97.5	88.97	75.17	63.7	50.13
Operating Cash Flow Growth	5.31%	9.60%	18.35%	18.02%	27.07%	-19.77%
Acquisition of Real Estate Assets	-61.66	-59.4	-209.01	-261.92	-30.01	-28.06
Sale of Real Estate Assets	-	-	-	250.86	-	-
Net Sale / Acq. of Real Estate Assets	-61.66	-59.4	-209.01	-11.06	-30.01	-28.06
Investment in Marketable & Equity Securities	-	-	-	-	-1.29	-
Investing Cash Flow	-61.66	-59.4	-209.01	-11.06	-31.3	-28.06
Long-Term Debt Issued	-	318.97	240.9	212.63	194.21	25.15
Total Debt Issued	398.38	318.97	240.9	212.63	194.21	25.15
Long-Term Debt Repaid	-	-172.84	-224.8	-175.89	-113.69	-33.24
Total Debt Repaid	-203.61	-172.84	-224.8	-175.89	-113.69	-33.24
Net Debt Issued (Repaid)	194.78	146.13	16.1	36.74	80.52	-8.09
Repurchase of Common Stock	-36.22	-26.29	-23.53	-	-	-
Common Dividends Paid	-26.77	-26.81	-26.95	-26.67	-26.56	-26.66
Other Financing Activities	-135.47	-99.77	155.22	-88.96	-87.01	23.17
Foreign Exchange Rate Adjustments	1.75	2.08	2.4	2.84	-0.09	-0.94
Net Cash Flow	30.73	33.43	3.19	-11.93	-0.74	9.56
Cash Interest Paid	66.62	64.24	58.36	49.01	44.94	47.76
Levered Free Cash Flow	-54.56	-16.66	222.95	-36.28	-28.42	41.77
Unlevered Free Cash Flow	-5.26	30.89	265.84	0.07	9.59	77.33
Change in Net Working Capital	108.5	72.24	-163.18	87.27	65.31	-7.35

Updated Feb 11, 2025. Source: S&P Global Market Intelligence. Real Estate template. Financial Sources.