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2024-07-05 15:12 sec.gov/Archives/edgar/data/16859/000110465921154300/tm2136392d1_6k.htm SCULLY ROYALTY LTD . Report for the Six Months Ended June 30 , 2021 ( December 29 , 2021 ) All references in this document to " $ " and " dollars " are to Canadian dollars , all references to " US $ " are to United States dollars and all references to " Euro " or " € " are to the European Union Euro , unless otherwise indicated . Unless the context otherwise indicates , references herein to " we " , " us " , " our " , the " Company " or " SRL " are to Scully Royalty Ltd. and its consolidated subsidiaries . Unless otherwise indicated , references herein to numbers of our common shares of US $ 0.001 par value each , referred to as the " Common Shares " . The following report and the discussion and analysis of our financial condition and results of operations for the six months ended June 30 , 2021 should be read in conjunction with our unaudited interim financial statements and notes thereto for the six months ended June 30 , 2021 and the annual audited financial statements and notes thereto of SRL for the year ended December 31 , 2020 filed with the United States Securities and Exchange Commission ( the " SEC " ) and applicable Canadian securities regulators . Our financial statements for such periods have been prepared in accordance with International Financial Reporting Standards ( " IFRS " ) , as issued by the International Accounting Standards Board ( " IASB " ) . Disclaimer for Forward - Looking Information Certain statements in this document are forward - looking statements or forward - looking information , within the meaning of applicable securities laws , which reflect our expectations regarding our future growth , results of operations , performance and business prospects and opportunities . Forward - looking statements consist of statements that are not purely historical , including statements regarding our business plans , anticipated future gains and recoveries , our strategy to reduce trade receivables and inventories , future business prospects and any statements regarding beliefs , expectations or intentions regarding the future . Generally , these forward - looking statements can be identified by the use of forward - looking terminology such as " plans " , " expects " , " is expected " , " budget " , " scheduled " , " estimates " , " forecasts " , " intends " , " anticipates " , " believes " , variations or comparable language of such words and phrases or statements that certain actions , events or results " may " , " could " , " would " , " should " , " might " or " will be taken " , " occur " or " be achieved " or the negative connotation thereof . While these forward - looking statements , and any assumptions upon which they are based , are made in good faith and reflect our current judgment regarding the direction of our business , actual results will almost always vary , sometimes materially , from any estimates , predictions , projections , assumptions or other future performance suggested herein . No assurance can be given that any of the events anticipated by the forward - looking statements will occur or , if they do occur , what benefits we will obtain from them . These forward - looking statements reflect our current views and are based on certain assumptions and speak only as of the date hereof . These assumptions , which include our current expectations , estimates and assumptions about our business and the markets we operate in , the global economic environment , interest rates , commodities prices , exchange rates and our ability to expand our business . No forward- looking statement is a guarantee of future results . A number of risks and uncertainties could cause our actual results to differ materially from those expressed or implied by the forward - looking statements . Additional information about these and other assumptions , risks and uncertainties is set out in the " Risk Factors " section of this report and in SRL's annual report on Form 20 - F for the year ended December 31 , 2020. Such forward - looking statements should therefore be construed in light of such factors . Although we have attempted to identify important factors that could cause actual results to differ materially from those contained in forward- looking statements , there may be other factors that cause results not to be as anticipated , estimated or intended . Investors are cautioned not to place undue reliance on these forward - looking statements . Other than in accordance with our legal or regulatory obligations , we are not under any obligation and we expressly disclaim any intention or obligation to update or revise any forward - looking statements , whether as a result of new information , future events or otherwise . https://www.sec.gov/Archives/edgar/data/16859/000110465921154300/tm2136392d1_6k.htm 2/58