PPRQF 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	784.09	784.44	796.69	744.25	23.01	450.69
Depreciation & Amortization	1.01	1	1	1	1	1
Other Amortization	5.1	5.24	4.67	6.02	5.42	2.79
Gain (Loss) on Sale of Investments	-24.08	24.11	52.55	-80.39	-43.48	36.82
Asset Writedown	-126.01	-92.73	-114.15	-113.12	-458.82	220.02
Stock-Based Compensation	5.66	5.48	5.37	7.97	7.19	5.34
Income (Loss) on Equity Investments	-21.88	-5.53	6.3	42.95	-23.47	-31.25
Change in Accounts Receivable	31.7	29.31	-32.86	-11.12	3.37	-26.66
Change in Accounts Payable	-52.65	-59.84	-28.35	7.22	23.5	-30.13
Change in Other Net Operating Assets	-	-	-	-	-	78.44
Other Operating Activities	104.72	24.01	-70.26	63.64	1,133	-97.74
Operating Cash Flow	707.65	724.73	641.97	668.42	669.43	621.18
Operating Cash Flow Growth	2.56%	12.89%	-3.96%	-0.15%	7.77%	7.00%
Acquisition of Real Estate Assets	-574.88	-354.6	-459.73	-334.21	-205.5	-309.19
Sale of Real Estate Assets	136.13	77.06	196.86	109.28	254.32	464.75
Net Sale / Acq. of Real Estate Assets	-438.75	-277.53	-262.87	-224.93	48.82	155.56
Investment in Marketable & Equity Securities	-26.73	28.45	-31.82	-126.91	-28.05	-9.58
Investing Cash Flow	-691.93	-584.21	-361.35	-656.68	-64.12	155.19
Long-Term Debt Issued	-	783.87	1,414	783.49	348.23	995.65
Long-Term Debt Repaid	-	-856.98	-1,259	-448.76	-607.55	-1,032
Net Debt Issued (Repaid)	207.56	-73.11	155.13	334.73	-259.32	-36.35
Issuance of Common Stock	1.23	0.81	1.16	2.61	7.98	1.8
Repurchase of Common Stock	-3.74	-4.01	-3.48	-3.45	-4.3	-5.14
Common Dividends Paid	-250.63	-248.37	-245.07	-242.48	-242.22	-234.78
Other Financing Activities	-9.05	-4.87	-0.68	-122.71	-230.37	-336.67
Net Cash Flow	-38.92	-189.04	187.69	-19.57	-122.92	165.23
Cash Interest Paid	287.72	283.73	262.52	365.84	465.68	594.08
Levered Free Cash Flow	-12.2	237.53	-4.97	196.5	273.51	325.01
Unlevered Free Cash Flow	358.76	603.35	348.84	531.1	605.96	661.67
Change in Working Capital	-20.95	-21.3	-40.2	-3.91	26.87	21.66

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