TSX:AP.UN 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	-1,328	-342.53	-425.71	368.86	443.15
Depreciation & Amortization	39.64	38.51	32.96	33.63	33.47
Other Amortization	5.39	3.55	2.87	4.9	3.6
Asset Writedown	1,408	557.57	772.65	73.75	-161.22
Stock-Based Compensation	6.53	5.28	4.14	4.42	4.12
Income (Loss) on Equity Investments	-	-1.84	15.62	3.16	0.45
Change in Accounts Receivable	83.41	3.32	-75.42	-8.48	7.39
Change in Accounts Payable	-43.85	-105.62	111.39	66.18	6.88
Change in Other Net Operating Assets	14.11	43.09	32.93	-18.79	20.58
Other Operating Activities	-58.64	-53.49	-46.12	-70.03	-66.92
Net Cash from Discontinued Operations	-	-	-104.42	-136.4	-50.39
Operating Cash Flow	255.29	147.84	320.89	321.19	241.11
Operating Cash Flow Growth	72.68%	-53.93%	-0.10%	33.21%	-32.32%
Acquisition of Real Estate Assets	-278.17	-417.63	-528.22	-672.61	-758.99
Sale of Real Estate Assets	132.76	144.37	1,277	89.69	71.59
Net Sale / Acq. of Real Estate Assets	-145.41	-273.27	748.84	-582.92	-687.4
Cash Acquisition	-	-	-	-0.93	-0.27
Investment in Marketable & Equity Securities	-	10.71	2.6	1.25	-8.13
Other Investing Activities	-20.71	-13.87	-21.18	-13.75	1.93
Investing Cash Flow	-208.19	-381.47	659.85	-654.35	-740.92
Long-Term Debt Issued	1,650	1,161	408.32	1,036	1,636
Total Debt Issued	1,650	1,161	408.32	1,036	1,636
Long-Term Debt Repaid	-1,434	-765.57	-965.56	-487.13	-953.89
Total Debt Repaid	-1,434	-765.57	-965.56	-487.13	-953.89
Net Debt Issued (Repaid)	215.82	395.15	-557.24	548.9	681.7
Issuance of Common Stock	-	-	-	9.52	21.08
Repurchase of Common Stock	-	-	-	-	-2.14
Common Dividends Paid	-230.32	-291.74	-229.78	-223.31	-215.92
Other Financing Activities	-9.91	-6.93	-3.64	-3.51	-7.89
Net Cash Flow	22.69	-137.15	190.08	-1.56	-22.96
Cash Interest Paid	114	110.27	97.38	77.73	113.11
Levered Free Cash Flow	70.52	-225.76	1,749	-1,148	-66.6
Unlevered Free Cash Flow	151.67	-147.97	1,818	-1,130	-9.05
Change in Working Capital	53.67	-59.21	68.9	38.91	34.85

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Real Estate template. Financial Sources.