Urbanfund 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	2020 - 2016
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	2020 - 2016
Net Income	4.78	9.62	6.38	7.34	10.3	Upgrade
Asset Writedown	1.06	-0.96	-2.09	-1.69	-5.63	Upgrade
Income (Loss) on Equity Investments	-3.92	-4.11	-3.09	-1.01	-5.63	Upgrade
Change in Accounts Receivable	-	4.9	0.54	0.41	-0.37	Upgrade
Change in Accounts Payable	-	-0.19	-0.13	-0.27	-2.63	Upgrade
Change in Other Net Operating Assets	-0.12	0.44	0.46	0.09	0.29	Upgrade
Other Operating Activities	3	1.77	1.34	1.57	2.47	Upgrade
Operating Cash Flow	4.79	12.94	2.48	8.05	-2.24	Upgrade
Operating Cash Flow Growth	-62.98%	421.20%	-69.16%	-	-	Upgrade
Acquisition of Real Estate Assets	-1.83	-1.52	-1.26	-2.8	-4.75	Upgrade
Net Sale / Acq. of Real Estate Assets	-1.83	-1.52	-1.26	-2.8	-4.75	Upgrade
Investment in Marketable & Equity Securities	1.84	1.29	-3.17	0.4	0.5	Upgrade
Investing Cash Flow	0.01	-0.24	-4.43	-2.4	-4.25	Upgrade
Long-Term Debt Issued	8.27	-	1.29	0.72	36.57	Upgrade
Total Debt Issued	8.27	-	1.29	0.72	36.57	Upgrade
Short-Term Debt Repaid	-	-	-5	-	-	Upgrade
Long-Term Debt Repaid	-2.07	-1.57	-1.56	-1.6	-25.34	Upgrade
Total Debt Repaid	-2.07	-1.57	-6.56	-1.6	-25.34	Upgrade
Net Debt Issued (Repaid)	6.2	-1.57	-5.28	-0.88	11.23	Upgrade
Common Dividends Paid	-2.9	-2.38	-2.14	-2.14	-0.9	Upgrade
Total Dividends Paid	-2.9	-2.38	-2.14	-2.14	-0.9	Upgrade
Other Financing Activities	-	-0.04	-0.07	-	-	Upgrade
Net Cash Flow	8.1	8.71	-9.42	2.63	3.84	Upgrade
Cash Interest Paid	-	1.99	2.35	2.37	1.66	Upgrade
Levered Free Cash Flow	3.6	21.03	-2.57	5.47	-0.49	Upgrade
Unlevered Free Cash Flow	4.82	22.31	-1.06	6.99	0.58	Upgrade
Change in Working Capital	-0.12	6.62	-0.06	1.84	-3.76	Upgrade

Source: S&P Capital IQ. Real Estate template. Financial Sources.