Investor Presentaiton
Proportionate Income Statement (Year ended December 31) (1)
C$ Millions
2023
2022
($) Change
(%) Change
Net Operating Income
336.1
300.2
35.9
11.9%
Management Fee Income
48.6
59.7
(11.1)
(18.5%)
Other Income & Expenses
(42.4)
(31.8)
(10.6)
33.4%
EBITDA
342.3
328.1
14.2
4.3%
Increased EBITDA as a result of
3.1% SPNOI (2) growth and US
EBITDA
portfolio acquisition, partly
Growth offset by lower project-based
management and incentive fees
due to property revaluation loss.
Interest Expense
(225.5)
(140.5)
(85.0)
60.5%
Higher interest expense from
181bps 181bps increase in WAIR and
FFO Adjustments
24.6
(19.4)
44.0
(226.7%)
higher average debt drawn.
FFO
141.4
168.2
(26.8)
(15.9%)
Leasing & CAPEX
(13.4)
(11.9)
(1.5)
12.3%
AFFO Adjustments
9.8
16.4
(6.6)
(40.3%)
Straight line revenue and DUP adjustments
AFFO
137.8
172.7
(34.9)
(20.2%)
FFO Per Unit
0.58
0.71
0.13
(18.3%)
AFFO Per Unit
0.56
0.73
0.17
(22.5%)
AFFO Payout Ratio
115%
110%
5%
5%
Notes: C$ millions., unless otherwise stated. (1) Refer to "Proportionate Share Basis" (page 31) for an IFRS to Proportionate bridge (2) 3.7% on a consolidated basis.
Source: Q4 2023 Supplemental
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