TSX:BTB.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	22.37	38.74	36.6	38.15	41.57
Depreciation & Amortization	0.14	0.07	0.1	0.12	0.09
Other Amortization	3.34	3.17	2.78	3.11	3.29
Asset Writedown	5.09	-9.8	-1.92	9.3	-19.46
Stock-Based Compensation	1.58	0.94	0.45	0.54	1.07
Change in Other Net Operating Assets	0.3	-2.59	1.61	1.29	3.93
Other Operating Activities	37.78	35.47	31.24	13.72	26.05
Operating Cash Flow	70.6	66	70.85	66.24	56.54
Operating Cash Flow Growth	6.97%	-6.84%	6.96%	17.16%	22.52%
Acquisition of Real Estate Assets	-12.36	-22.35	-46.38	-121.3	-73.44
Sale of Real Estate Assets	13.94	2.77	-	30.79	1.71
Net Sale / Acq. of Real Estate Assets	1.58	-19.58	-46.38	-90.51	-71.73
Investing Cash Flow	1.58	-19.58	-46.38	-90.51	-71.73
Short-Term Debt Issued	-	7.78	26.35	23.96	35.47
Long-Term Debt Issued	92.74	116.7	48.87	102.56	93.65
Total Debt Issued	92.74	124.48	75.22	126.52	129.12
Short-Term Debt Repaid	-10.01	-	-	-49.63	-15.3
Long-Term Debt Repaid	-92.74	-113.91	-47.37	-46.25	-90.47
Total Debt Repaid	-102.75	-113.91	-47.37	-95.87	-105.77
Net Debt Issued (Repaid)	-10.01	10.57	27.85	30.65	23.35
Issuance of Common Stock	-	-	-	38.44	30.27
Common Dividends Paid	-25.89	-22.64	-22.29	-21.57	-18.17
Other Financing Activities	-33.32	-32.8	-31.52	-28.03	-22.13
Net Cash Flow	2.96	1.56	-1.49	-4.79	-1.87
Cash Interest Paid	-	32.59	31.32	27.93	21.76
Levered Free Cash Flow	21.04	19.4	15.27	23.29	22.88
Unlevered Free Cash Flow	44.26	42.68	37.01	42.05	38.17
Change in Working Capital	0.3	-2.59	1.61	1.29	3.93

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