TSX:HR.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	2015 - 2019
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	2015 - 2019
Net Income	-410.37	-119.71	61.69	844.82	597.91	-624.56	Upgrade
Other Amortization	4.56	4.57	4.51	4.69	4.56	2.66	Upgrade
Gain (Loss) on Sale of Assets	0.93	11.15	7.25	-7.33	-6.96	2.23	Upgrade
Asset Writedown	806.16	425.88	486.1	-546.08	-12.98	1,196	Upgrade
Stock-Based Compensation	6.74	3.91	0.08	6.77	8.23	-10.34	Upgrade
Income (Loss) on Equity Investments	-52.99	-2.48	-145.46	-47.14	-125.65	16.99	Upgrade
Change in Accounts Receivable	-12.12	-17.5	-12.09	-5.78	-19.06	-24.82	Upgrade
Change in Accounts Payable	9.88	-0.39	10.95	-25.15	50.42	33.77	Upgrade
Change in Other Net Operating Assets	-1.04	20.58	-11.03	6.03	-3.67	-9.13	Upgrade
Other Operating Activities	-107.63	-51.94	-107.39	24.22	-40.68	-155.83	Upgrade
Operating Cash Flow	244.12	274.07	294.63	255.05	452.11	426.93	Upgrade
Operating Cash Flow Growth	-0.06%	-6.98%	15.52%	-43.59%	5.90%	2.13%	Upgrade
Acquisition of Real Estate Assets	-136.26	-332.66	-234.12	-283.42	-522.38	-411.26	Upgrade
Sale of Real Estate Assets	137.99	353.03	371.9	387.71	1,723	95.9	Upgrade
Net Sale / Acq. of Real Estate Assets	1.73	20.37	137.78	104.3	1,201	-315.35	Upgrade
Investment in Marketable & Equity Securities	20.27	24.31	7.41	57.56	65.13	8.2	Upgrade
Other Investing Activities	1.19	83.84	-69.18	-17.91	-1.8	0.2	Upgrade
Investing Cash Flow	-6.83	173.15	112.86	225.95	1,496	-183.24	Upgrade
Long-Term Debt Issued	-	282.53	312.57	250	657.81	861.48	Upgrade
Long-Term Debt Repaid	-	-510.15	-519.53	-301.13	-2,305	-827.24	Upgrade
Net Debt Issued (Repaid)	-59.73	-227.62	-206.96	-51.13	-1,647	34.23	Upgrade
Repurchase of Common Stock	-	-	-42.72	-297.06	-	-	Upgrade
Common Dividends Paid	-188.87	-183.36	-170.56	-179.74	-227.31	-263.57	Upgrade
Other Financing Activities	-	-	-0.01	-0.33	-12.14	-0.12	Upgrade
Net Cash Flow	-11.31	36.24	-12.78	-47.25	61.28	14.22	Upgrade
Cash Interest Paid	161.17	152.81	169.73	171.24	227.3	247.72	Upgrade
Levered Free Cash Flow	-565.73	591.65	169.9	-104.86	564.85	159.05	Upgrade
Unlevered Free Cash Flow	-431.7	733.57	313.06	2.13	693.48	323.15	Upgrade
Change in Working Capital	-3.28	2.69	-12.16	-24.9	27.68	-0.18	Upgrade

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