TSX:HR.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	-791.56	-119.71	61.69	844.82	597.91
Other Amortization	4.51	4.57	4.51	4.69	4.56
Gain (Loss) on Sale of Assets	2.25	11.15	7.25	-7.33	-6.96
Asset Writedown	969.28	425.88	486.1	-546.08	-12.98
Stock-Based Compensation	9.91	3.91	0.08	6.77	8.23
Income (Loss) on Equity Investments	271.06	-2.48	-145.46	-47.14	-125.65
Change in Accounts Receivable	-12.87	-17.5	-12.09	-5.78	-19.06
Change in Accounts Payable	-45.71	-0.39	10.95	-25.15	50.42
Change in Other Net Operating Assets	-5.01	20.58	-11.03	6.03	-3.67
Other Operating Activities	-213.44	-51.94	-107.39	24.22	-40.68
Operating Cash Flow	188.43	274.07	294.63	255.05	452.11
Operating Cash Flow Growth	-31.25%	-6.98%	15.52%	-43.59%	5.90%
Acquisition of Real Estate Assets	-97.94	-332.66	-234.12	-283.42	-522.38
Sale of Real Estate Assets	101.95	353.03	371.9	387.71	1,723
Net Sale / Acq. of Real Estate Assets	4	20.37	137.78	104.3	1,201
Investment in Marketable & Equity Securities	19.37	24.31	7.41	57.56	65.13
Other Investing Activities	2.8	83.84	-69.18	-17.91	-1.8
Investing Cash Flow	-59.19	173.15	112.86	225.95	1,496
Long-Term Debt Issued	539.04	282.53	312.57	250	657.81
Long-Term Debt Repaid	-527.55	-510.15	-519.53	-301.13	-2,305
Net Debt Issued (Repaid)	11.49	-227.62	-206.96	-51.13	-1,647
Repurchase of Common Stock	-	-	-42.72	-297.06	-
Common Dividends Paid	-188.95	-183.36	-170.56	-179.74	-227.31
Other Financing Activities	-	-	-0.01	-0.33	-12.14
Net Cash Flow	-48.22	36.24	-12.78	-47.25	61.28
Cash Interest Paid	157.66	152.81	169.73	171.24	227.3
Levered Free Cash Flow	-941.84	597.8	169.9	-104.86	564.85
Unlevered Free Cash Flow	-811.41	739.73	313.06	2.13	693.48
Change in Working Capital	-63.58	2.69	-12.16	-24.9	27.68

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