TSX:SRU.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	251.82	236.76	413.7	516.05	827.98
Depreciation & Amortization	6.24	7.36	10.64	10.31	12.46
Other Amortization	4.18	4.01	3.75	3.61	3.83
Gain (Loss) on Sale of Assets	-0.01	0.12	-0.04	-0.32	-0.03
Gain (Loss) on Sale of Investments	-	-	-	-42.04	-0.91
Asset Writedown	44.7	69.23	-101.79	-201.83	-491.53
Stock-Based Compensation	23.13	24.61	21.98	9.23	27.47
Income (Loss) on Equity Investments	0.89	-13.21	-69	0.59	-207.35
Change in Accounts Receivable	-16.33	-2.83	-16.49	-7.58	9.1
Change in Accounts Payable	-0.49	4.24	8.77	8.07	1.18
Change in Other Net Operating Assets	25.89	22.85	13.81	-9.73	-2.35
Other Operating Activities	47.71	34.39	60.79	83.19	160.45
Operating Cash Flow	377.44	374.21	330.85	370.76	371.62
Operating Cash Flow Growth	0.86%	13.10%	-10.76%	-0.23%	25.56%
Acquisition of Real Estate Assets	-176.4	-158.89	-132.31	-261.04	-407.74
Sale of Real Estate Assets	5.74	16.61	48.69	41.82	81.4
Net Sale / Acq. of Real Estate Assets	-170.66	-142.28	-83.62	-219.21	-326.34
Investment in Marketable & Equity Securities	-11.18	-10.05	-39.37	-22.77	-25.87
Other Investing Activities	-	-	-	50.28	-50.28
Investing Cash Flow	-186.2	-155.53	1.53	-121.39	-413.17
Short-Term Debt Issued	-	-	-	-	300
Long-Term Debt Issued	1,337	574.46	582.72	1,092	68.53
Total Debt Issued	1,337	574.46	582.72	1,092	368.53
Long-Term Debt Repaid	-1,184	-460.16	-585.63	-1,049	-736.76
Total Debt Repaid	-1,184	-460.16	-585.63	-1,049	-736.76
Net Debt Issued (Repaid)	152.9	114.29	-2.91	43.22	-368.23
Common Dividends Paid	-267.68	-267.63	-267.56	-267.56	-267.55
Other Financing Activities	-62.6	-62.39	-62.41	-52.01	-55.03
Net Cash Flow	13.86	2.95	-0.51	-26.98	-732.36
Cash Interest Paid	157.05	152.95	151.2	139.69	150.55
Levered Free Cash Flow	252.37	296.32	535.96	194.81	376.13
Unlevered Free Cash Flow	366.39	406.74	634.55	257.87	462.08
Change in Working Capital	-1.23	10.93	-9.18	-8.02	39.24

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