TSX:MRG.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	102.97	101.86	176.34	219.28	242.09
Other Amortization	-	4.83	4.64	4.72	4.35
Asset Writedown	-	-60.37	-81	-208.25	-288.66
Income (Loss) on Equity Investments	2.35	-12.38	-1.99	-2.03	-2.41
Change in Accounts Receivable	-	-2.49	2.69	-3.81	-1.56
Change in Accounts Payable	-	16.72	0.56	4.36	5.72
Change in Other Net Operating Assets	0.11	0.78	-1.24	-0.89	2.58
Other Operating Activities	-17.66	48.56	-11.03	61.79	101.58
Operating Cash Flow	87.76	97.5	88.97	75.17	63.7
Operating Cash Flow Growth	-9.99%	9.60%	18.35%	18.02%	27.07%
Acquisition of Real Estate Assets	-71.3	-59.4	-209.01	-261.92	-30.01
Sale of Real Estate Assets	-	-	-	250.86	-
Net Sale / Acq. of Real Estate Assets	-71.3	-59.4	-209.01	-11.06	-30.01
Investment in Marketable & Equity Securities	-	-	-	-	-1.29
Investing Cash Flow	-71.3	-59.4	-209.01	-11.06	-31.3
Long-Term Debt Issued	245.54	318.97	240.9	212.63	194.21
Total Debt Issued	245.54	318.97	240.9	212.63	194.21
Long-Term Debt Repaid	-217.74	-172.84	-224.8	-175.89	-113.69
Total Debt Repaid	-217.74	-172.84	-224.8	-175.89	-113.69
Net Debt Issued (Repaid)	27.8	146.13	16.1	36.74	80.52
Repurchase of Common Stock	-24.34	-26.29	-23.53	-	-
Common Dividends Paid	-26.32	-26.81	-26.95	-26.67	-26.56
Other Financing Activities	72	-99.77	155.22	-88.96	-87.01
Foreign Exchange Rate Adjustments	-2.23	2.08	2.4	2.84	-0.09
Net Cash Flow	63.38	33.43	3.19	-11.93	-0.74
Cash Interest Paid	-	64.24	58.36	49.01	44.94
Levered Free Cash Flow	116.92	-16.66	222.95	-36.28	-28.42
Unlevered Free Cash Flow	174.37	30.89	265.84	0.07	9.59
Change in Working Capital	0.11	15.01	2.01	-0.34	6.74

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