Ravelin Properties REIT Cash Flow Statement

Financials in millions CAD. Fiscal year is January - December.

Millions CAD. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar '26 Mar 31, 2026	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	-130.76	-98.4	-456.53	-119.78	-16.62	46.64
Depreciation & Amortization	0.11	0.21	1	0.97	0.97	1.02
Other Amortization	19.63	19.63	15.77	15.39	14.53	11.9
Gain (Loss) on Sale of Investments	-0.41	-0.41	1.27	12.93	-36.58	-
Asset Writedown	101.97	71.82	437.77	138.22	87.67	-8.71
Stock-Based Compensation	-0.19	-0.19	-0.07	-	-	-
Change in Accounts Receivable	-0.88	-0.88	-1.62	-	-	-
Change in Accounts Payable	2.45	2.45	21.45	-	-	-
Change in Other Net Operating Assets	11.36	12.91	-5.41	13.92	8.22	-1.61
Other Operating Activities	13.87	19.28	0.19	-20.44	-6.51	-8.9
Operating Cash Flow	17.16	26.43	13.82	41.19	51.68	40.34
Operating Cash Flow Growth	86.70%	91.26%	-66.45%	-20.28%	28.09%	-16.92%
Acquisition of Real Estate Assets	-18	-16.46	-7.06	-31.7	-258.77	-37.56
Sale of Real Estate Assets	15.53	15.53	105.02	-	85.49	35.09
Net Sale / Acq. of Real Estate Assets	-2.47	-0.93	97.97	-31.7	-173.27	-2.47
Other Investing Activities	-	-	-	-	81.04	-134.96
Investing Cash Flow	1.94	3.32	101.78	-26.36	-88.37	-134.27
Long-Term Debt Issued	-	5.27	2.2	62.05	130.86	115.94
Long-Term Debt Repaid	-	-31.16	-115.76	-58	-99.52	-38.73
Net Debt Issued (Repaid)	-16.77	-25.89	-113.56	4.05	31.34	77.22
Issuance of Common Stock	-	-	-	-	62.6	55
Repurchase of Common Stock	-	-	-	-	-0.71	-
Common Dividends Paid	-	-	-	-17.34	-33.32	-29.19
Other Financing Activities	0.69	0.69	-	-2.99	-12.28	-7.7
Foreign Exchange Rate Adjustments	-0.09	0.08	0.28	-7.19	-0.95	-0.02
Net Cash Flow	2.93	4.63	2.32	-8.64	10	1.39
Cash Interest Paid	45.21	45.21	58.61	59.54	46.46	40.14
Levered Free Cash Flow	12.24	28.79	101.1	-103.08	138.38	-38.67
Unlevered Free Cash Flow	66.88	77.99	149.29	-60.09	144.37	-44.7
Change in Working Capital	12.94	14.49	14.42	13.92	8.22	-1.61

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