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Combined Statements of Cash Flows - CAD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
OPERATING ACTIVITIES    
Net income $ 155,822 $ 1,310,272
Items not involving operating cash flows 135,088 (1,051,650)
Current income tax expense 7,380 11,619
Income taxes paid (18,090) (7,039)
Interest expense 49,892 41,591
Interest paid (52,494) (40,483)
Changes in working capital balances (102) (2,046)
Cash provided by operating activities 277,496 262,264
Investment properties:    
Property acquisitions (492,717) (925,447)
Proceeds from disposals, net 63,943 35,428
Leasing costs paid (8,739) (6,244)
Tenant allowances paid (558) (821)
Additions to income-producing properties (54,933) (28,003)
Additions to properties under development (212,245) (71,168)
Construction funds (in) released from escrow (4,720) 8,341
Loan receivable advances (55,780) (10,455)
Acquisition deposits paid 0 (26,466)
Fixed asset additions (807) (589)
Cash used in investing activities (766,556) (1,025,424)
FINANCING ACTIVITIES    
Monthly distributions paid (202,284) (191,082)
Proceeds from secured debt 48,439  
Proceeds from secured debt   774
Proceeds from unsecured credit facility draws 254,804 0
Repayment of unsecured credit facility draws (264,060) 0
Proceeds from unsecured term loan, net of financing costs 527,441 0
Proceeds from unsecured debenture, net of financing costs 0 497,289
Repayment of unsecured debenture, including early redemption premium 0 (253,963)
Settlement of cross currency interest rate swap (6,563) (18,787)
Repayment of lease obligations (767) (748)
Financing costs paid 0 (2,914)
Distributions to non-controlling interests (41) (154)
Proceeds from stapled unit offerings, net of issuance costs 13,115 303,060
Repurchase of stapled units (155,525) 0
Cash provided by financing activities 214,559 333,475
Effect of exchange rate changes on cash and cash equivalents 7,069 918
Net decrease in cash and cash equivalents during the year (267,432) (428,767)
Cash and cash equivalents, beginning of year 402,513 831,280
Cash and cash equivalents, end of year $ 135,081 $ 402,513