Killam Apartment REIT 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	29.41	667.84	266.32	122.52	285.51
Depreciation & Amortization	1.02	1.07	0.67	0.57	0.57
Other Amortization	4.58	3.92	3.64	3.85	3.78
Gain (Loss) on Sale of Assets	2.52	3.68	4.02	-	-
Asset Writedown	120.47	-252.36	-174.18	19.87	-239.68
Stock-Based Compensation	2.57	2.24	3	-0.04	3.95
Change in Accounts Receivable	-1.41	0.25	2.04	-1.81	-1.21
Change in Accounts Payable	-8.66	11.53	-7.02	-6.97	16.01
Change in Other Net Operating Assets	-3.11	3.66	0.5	-0.36	0.67
Other Operating Activities	-1.64	-281.91	40.59	-10.53	70.87
Operating Cash Flow	145.94	160.14	139.73	122.87	140.54
Operating Cash Flow Growth	-8.87%	14.60%	13.73%	-12.57%	13.79%
Acquisition of Real Estate Assets	-229.25	-163.11	-161.49	-277.34	-492.84
Sale of Real Estate Assets	0	0.22	-	-	-
Net Sale / Acq. of Real Estate Assets	-229.25	-162.89	-161.49	-277.34	-492.84
Other Investing Activities	-0.14	0.78	0.14	0.06	0.36
Investing Cash Flow	-145.67	-124.17	-69.92	-277.05	-496.86
Short-Term Debt Issued	58.88	44.6	29.06	155.34	54.14
Long-Term Debt Issued	315.08	291.17	366.5	283.03	435.83
Total Debt Issued	373.96	335.78	395.56	438.37	489.97
Short-Term Debt Repaid	-	-26.97	-174.5	-78.68	-17.89
Long-Term Debt Repaid	-301.31	-275.15	-219.62	-232.82	-164.11
Total Debt Repaid	-301.31	-302.13	-394.12	-311.51	-182
Net Debt Issued (Repaid)	72.65	33.65	1.44	126.86	307.97
Issuance of Common Stock	-	-	-	93.47	104.36
Repurchase of Common Stock	-3.49	-1.68	-1.17	-1.27	-1.57
Common Dividends Paid	-63.11	-60.49	-57.2	-56.3	-51.46
Other Financing Activities	-9.66	-8.33	-7.96	-5.92	-4.12
Net Cash Flow	-3.34	-0.88	4.94	2.67	-1.13
Cash Interest Paid	80.93	76.3	67.93	58.42	48.28
Levered Free Cash Flow	-9.23	19.57	55.68	-20.68	23.8
Unlevered Free Cash Flow	38.85	65.33	95.23	13.86	52.28
Change in Working Capital	-13.18	15.44	-4.56	-13.53	15.47

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