Manulife US Real Estate Investment Trust (SGX:BTOU)

SGX:BTOU Cash Flow Statement

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

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Net Income	-80.86	-178	-379.96	-129.72	39.41
Depreciation & Amortization	10.07	8.99	8.35	4.35	1.93
Other Amortization	-	1.98	2.12	1.7	1.71
Gain (Loss) on Sale of Assets	3.32	1.62	0.91	-	-
Asset Writedown	76.72	187.94	438.56	263.63	42.42
Stock-Based Compensation	-	-	6.3	13.98	13.16
Change in Accounts Receivable	2.44	7.76	-9.16	-0.85	3.12
Change in Accounts Payable	0.74	1.01	10.57	1.69	1.45
Change in Other Net Operating Assets	0.52	1.79	-0.35	0.32	0.15
Other Operating Activities	17.87	17.9	-2.96	-64.2	-12.35
Operating Cash Flow	30.64	48.5	76.82	91.99	90.63
Operating Cash Flow Growth	-36.82%	-36.86%	-16.49%	1.50%	10.46%
Acquisition of Real Estate Assets	-23.67	-40.64	-44.48	-25.41	-230.95
Sale of Real Estate Assets	161.07	107.8	130.44	-	-
Net Sale / Acq. of Real Estate Assets	137.4	67.17	85.97	-25.41	-230.95
Other Investing Activities	1.39	3.28	0.62	0.05	0.02
Investing Cash Flow	138.79	70.44	86.58	-25.37	-230.93
Long-Term Debt Issued	-	-	242	380.4	367.3
Total Debt Issued	-	-	242	380.4	367.3
Long-Term Debt Repaid	-186	-180.69	-349	-322.72	-248.8
Total Debt Repaid	-186	-180.69	-349	-322.72	-248.8
Net Debt Issued (Repaid)	-186	-180.69	-107	57.68	118.5
Issuance of Common Stock	-	-	-	-	100
Common Dividends Paid	-	-	-38.02	-88.62	-83.97
Other Financing Activities	5.68	4.62	-26.55	-1.44	-2.31
Foreign Exchange Rate Adjustments	0.07	-0.05	0.03	0.03	-0.01
Net Cash Flow	-10.83	-57.17	-8.14	34.28	-8.09
Cash Interest Paid	-	40.38	44.74	30.17	26.93
Cash Income Tax Paid	-	1.09	0.09	0.07	0.13
Levered Free Cash Flow	-28.11	-19.83	47.45	65.25	112.54
Unlevered Free Cash Flow	-6.48	14.66	83.59	54.55	120.1
Change in Working Capital	3.23	7.49	2.87	1.25	6.09

Updated Jun 30, 2025. Source: S&P Global Market Intelligence. Real Estate template. Financial Sources.