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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 ☑northwest NWH REIT | Q4 2023 FINANCIAL RESULTS PRESENTATION | 13
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