TSX:AP.UN 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	-573.44	-342.53	-425.71	368.86	443.15	500.73
Depreciation & Amortization	38.96	38.51	32.96	33.63	33.47	33.66
Other Amortization	5.45	3.55	6.84	4.9	3.6	2.08
Asset Writedown	740.13	557.57	772.65	73.75	-161.22	-280.59
Stock-Based Compensation	8.77	5.28	4.14	4.42	4.12	4.79
Income (Loss) on Equity Investments	-0.11	-1.84	15.62	3.16	0.45	3.18
Change in Accounts Receivable	87.57	3.32	-75.42	-8.48	7.39	65.49
Change in Accounts Payable	-89.07	-105.62	111.39	66.18	6.88	59.61
Change in Other Net Operating Assets	-12.43	43.09	32.93	-18.79	20.58	-15.9
Other Operating Activities	-2.52	-53.49	-50.09	-70.03	-66.92	-16.81
Net Cash from Discontinued Operations	-	-	-104.42	-136.4	-50.39	-
Operating Cash Flow	203.33	147.84	320.89	321.19	241.11	356.26
Operating Cash Flow Growth	-6.81%	-53.93%	-0.10%	33.21%	-32.32%	45.65%
Acquisition of Real Estate Assets	-278.17	-417.63	-528.22	-672.61	-758.99	-966.6
Sale of Real Estate Assets	140.22	144.37	1,277	89.69	71.59	24.91
Net Sale / Acq. of Real Estate Assets	-137.96	-273.27	748.84	-582.92	-687.4	-941.69
Cash Acquisition	-	-	-	-0.93	-0.27	-3.55
Investment in Marketable & Equity Securities	9.37	10.71	2.6	1.25	-8.13	-15.45
Other Investing Activities	-7.62	-13.87	-21.18	-13.75	1.93	-
Investing Cash Flow	-193	-381.47	659.85	-654.35	-740.92	-960.68
Long-Term Debt Issued	-	1,161	408.32	1,036	1,636	1,294
Total Debt Issued	2,160	1,161	408.32	1,036	1,636	1,294
Long-Term Debt Repaid	-	-765.57	-965.56	-487.13	-953.89	-725.81
Total Debt Repaid	-1,886	-765.57	-965.56	-487.13	-953.89	-725.81
Net Debt Issued (Repaid)	273.81	395.15	-557.24	548.9	681.7	568.08
Issuance of Common Stock	-	-	-	9.52	21.08	163.1
Repurchase of Common Stock	-	-	-	-	-2.14	-2.7
Common Dividends Paid	-230.32	-291.74	-229.78	-223.31	-215.92	-204.22
Other Financing Activities	-8.5	-6.93	-3.64	-3.51	-7.89	-83.24
Net Cash Flow	45.31	-137.15	190.08	-1.56	-22.96	-163.4
Cash Interest Paid	119.69	110.27	97.38	77.73	113.11	66.51
Levered Free Cash Flow	119.09	-217.78	1,753	-1,148	-66.6	267.39
Unlevered Free Cash Flow	199.42	-139.99	1,818	-1,130	-9.05	321.93
Change in Working Capital	-13.93	-59.21	68.9	38.91	34.85	109.21

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