PMREF 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	183.19	79.47	102.27	-12.08	340.99
Depreciation & Amortization	-	-	-	1.86	-
Other Amortization	-	4.35	3.05	-	-
Asset Writedown	-	-	-	165.74	-
Stock-Based Compensation	-	-	-	2.74	-
Change in Accounts Receivable	-	-3.2	2.45	-3.26	-
Change in Accounts Payable	-	3.66	6.82	-15.42	-
Change in Other Net Operating Assets	21.61	-3.54	-5.25	15.77	-176.51
Other Operating Activities	20.94	83.57	54.44	-3.73	-240.21
Operating Cash Flow	225.73	168.32	166.69	156.22	-75.73
Operating Cash Flow Growth	34.11%	0.98%	6.71%	-	-
Acquisition of Real Estate Assets	-1,125	-341.99	-457.46	-69.16	-46.09
Sale of Real Estate Assets	379.75	50.34	-	5.48	-
Net Sale / Acq. of Real Estate Assets	-745.13	-291.65	-457.46	-63.68	-46.09
Investment in Marketable & Equity Securities	100	-100	-	-	-
Other Investing Activities	-24.3	22.4	-10.38	-40.84	-
Investing Cash Flow	-669.43	-369.25	-467.84	-104.52	-46.09
Long-Term Debt Issued	646.77	606.47	727.02	648.88	427.09
Long-Term Debt Repaid	-172.83	-363.37	-250.88	-564.59	-314.2
Total Debt Repaid	-172.83	-363.37	-250.88	-564.59	-314.2
Net Debt Issued (Repaid)	473.93	243.1	476.15	84.29	112.89
Issuance of Common Stock	160.37	36.34	-	-	-
Repurchase of Common Stock	-79.23	-21.88	-60.64	-54.13	-
Common Dividends Paid	-91.29	-81.3	-79.26	-73.44	-0.27
Other Financing Activities	-0.58	-4.89	-1.73	-3.1	-0.16
Net Cash Flow	19.51	-29.55	33.37	5.32	-9.37
Cash Interest Paid	-	90.19	51.77	32.53	22.21
Levered Free Cash Flow	308.21	-72.6	35.6	73.68	-379.12
Unlevered Free Cash Flow	392.32	-14.97	69.71	94.75	-367.07
Change in Working Capital	21.61	0.93	6.94	1.68	-176.51

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