Investor Presentaiton
Proportionate Income Statement (three months ended December 31)
C$ Millions
2023
2022
($) Change
(%) Change
Net Operating Income
86.0
80.4
5.5
6.9%
Management Fee Income
12.3
14.4
(2.1)
(14.6%)
Other Income & Expenses
(13.0)
(9.0)
(4.0)
44.3%
EBITDA
Stable
Stable EBITDA as a result of 3.7%
SPNOI (1) growth and US
portfolio acquisition offset by
lower project-based
management and incentive fees
due to property revaluation loss.
EBITDA
85.3
85.8
(0.5)
(0.6%)
Interest Expense
(57.8)
(48.8)
(9.0)
18.4%
FFO Adjustments
9.3
0.6
8.7
1475.0%
Higher interest expense from
102bps 102bps increase in WAIR
FFO
36.8
37.6
(0.8)
(2.2%)
Leasing & CAPEX
(3.3)
(3.0)
(0.3)
10.2%
AFFO Adjustments
(0.6)
6.9
(7.5)
(108.9%)
Straight line revenue and DUP adjustments
AFFO
32.8
41.4
(8.6)
(20.8%)
FFO Per Unit
0.15
0.16
(0.01)
(3.4%)
AFFO Per Unit
0.13
0.17
(0.04)
(21.7%)
$0.13/unit (2023) includes adjustments in
respect of premiums on interest rate caps
($0.04/unit) that expire in the first quarter of
2024.
AFFO Payout Ratio
67%
117%
(50%)
(43%)
Notes: C$ millions., unless otherwise stated. (1) 4.0% on a consolidated basis.
Source: Q4 2023 Supplemental
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