DRETF Income Statement

Financials in millions CAD. Fiscal year is January - December.

Millions CAD. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Rental Revenue	188.52	196.11	190.45	196.27	195.93	206.59
Other Revenue	-27.24	10.76	-31.49	59.71	90.31	36.79
Total Revenue	162.45	208.44	161.85	258.17	287.84	245.69
Revenue Growth (YoY	-19.77%	28.79%	-37.31%	-10.31%	17.16%	-14.25%
Property Expenses	86.83	89.98	88.11	90.15	88.32	92.17
Selling, General & Administrative	10.32	10.55	10.69	9.98	9.81	9.76
Depreciation & Amortization	0	0.12	0.16	0.43	0.9	1.93
Total Operating Expenses	97.15	100.65	98.97	100.56	99.02	103.86
Operating Income	65.29	107.79	62.88	157.61	188.82	141.83
Interest Expense	-67.2	-67.89	-64.21	-57.07	-48.61	-48.32
Other Non-Operating Income	-8.97	-32.54	20.61	58.83	-32.58	65.91
EBT Excluding Unusual Items	-10.88	7.37	19.27	159.37	107.63	159.42
Gain (Loss) on Sale of Assets	-	-	-	0.42	-	-
Asset Writedown	-145.19	-114.59	-96.41	-95.17	47.93	18
Other Unusual Items	-0.52	-	-0.02	-0.3	-0.45	-1.47
Pretax Income	-156.58	-107.22	-77.15	64.31	155.11	175.94
Income Tax Expense	-1.74	-2.29	0.05	0.67	-0.2	-1.31
Earnings From Continuing Operations	-154.84	-104.93	-77.2	63.64	155.31	177.25
Earnings From Discontinued Operations	-	-	-	-	-1.11	0.03
Net Income	-154.84	-104.93	-77.2	63.64	154.21	177.28
Net Income to Common	-154.84	-104.93	-77.2	63.64	154.21	177.28
Net Income Growth	-	-	-	-58.73%	-13.01%	51.11%
Basic Shares Outstanding	16	16	16	23	24	25
Diluted Shares Outstanding	16	16	16	23	24	25
Shares Change (YoY)	0.20%	0.15%	-29.24%	-4.01%	-5.13%	-9.96%
EPS (Basic)	-9.46	-6.42	-4.73	2.76	6.42	7.00
EPS (Diluted)	-9.46	-6.42	-4.73	2.76	6.42	7.00
EPS Growth	-	-	-	-57.01%	-8.31%	67.83%
Dividend Per Share	0.920	1.000	2.000	2.000	2.000	2.000
Dividend Growth	-30.83%	-50.00%	-	-	-	-
Operating Margin	40.19%	51.71%	38.85%	61.05%	65.60%	57.73%
Profit Margin	-95.32%	-50.34%	-47.70%	24.65%	53.57%	72.16%
EBITDA	65.56	108.18	63.5	158.04	189.72	143.76
EBITDA Margin	40.36%	51.90%	39.23%	61.22%	65.91%	58.51%
D&A For Ebitda	0.27	0.39	0.62	0.43	0.9	1.93
EBIT	65.29	107.79	62.88	157.61	188.82	141.83
EBIT Margin	40.19%	51.71%	38.85%	61.05%	65.60%	57.73%
Funds From Operations (FFO)	51.35	58.06	64.52	80.59	87.62	93.03
FFO Per Share	2.62	2.98	2.88	3.04	3.12	3.08
Adjusted Funds From Operations (AFFO)	-	58.06	64.52	80.59	87.62	93.03
AFFO Per Share	-	2.98	2.88	3.03	3.12	3.08
FFO Payout Ratio	31.84%	32.81%	60.56%	58.29%	57.26%	58.70%
Effective Tax Rate	-	-	-	1.04%	-	-

Source: S&P Global Market Intelligence. Real Estate template. Financial Sources.