IVREF 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	18.3	18.64	24.66	25.38	28.19	28.86
Other Revenue	0.59	-0.44	-5.07	2.18	4.2	0.39
Total Revenue	18.88	18.2	19.58	27.56	32.4	29.24
Revenue Growth (YoY	78.78%	-7.06%	-28.94%	-14.93%	10.78%	-36.04%
Property Expenses	10.98	10.33	10.35	9.51	10.27	9.17
Selling, General & Administrative	5.19	5.99	6.41	6.97	6.86	7.86
Other Operating Expenses	-	-	-	0.36	3.35	-
Total Operating Expenses	16.17	16.32	16.76	16.85	20.47	17.03
Operating Income	2.71	1.88	2.83	10.71	11.92	12.21
Interest Expense	-8.23	-9.41	-7.37	-6.17	-7.59	-10.47
Interest & Investment Income	2.97	2.83	2.72	2.75	3.35	5.68
Currency Exchange Gain (Loss)	0.07	-	0.02	0.25	-1.13	2.46
Other Non-Operating Income	-0.43	-0.5	-2.31	6.56	1.42	1.78
EBT Excluding Unusual Items	-2.9	-5.2	-4.11	14.1	7.98	11.66
Gain (Loss) on Sale of Investments	0.25	0.74	1.94	5.48	-0.99	1.36
Gain (Loss) on Sale of Assets	-0.17	-	-	-0.95	-3.99	-
Asset Writedown	-33.27	-66.77	-28.12	-58.39	29.42	-7.43
Other Unusual Items	-	-	-	-	-1.53	12.73
Pretax Income	-36.09	-71.24	-30.28	-39.76	30.89	18.32
Income Tax Expense	-0.35	-1.21	-0.33	-2.78	0.59	0.11
Earnings From Continuing Operations	-35.75	-70.03	-29.95	-36.98	30.3	18.21
Minority Interest in Earnings	0.61	0.9	0.26	0.12	0.03	-0.02
Net Income	-35.14	-69.13	-29.69	-36.85	30.33	18.2
Net Income to Common	-35.14	-69.13	-29.69	-36.85	30.33	18.2
Net Income Growth	-	-	-	-	66.70%	-50.08%
Basic Shares Outstanding	33	33	33	33	32	29
Diluted Shares Outstanding	33	33	33	33	32	29
Shares Change (YoY)	1.57%	-0.13%	0.04%	0.75%	11.14%	1.51%
EPS (Basic)	-1.06	-2.12	-0.91	-1.13	0.94	0.62
EPS (Diluted)	-1.06	-2.12	-0.91	-1.13	0.94	0.62
EPS Growth	-	-	-	-	49.98%	-50.82%
Dividend Per Share	-	-	0.378	0.688	0.825	0.825
Dividend Growth	-	-	-45.00%	-16.67%	-	-
Operating Margin	14.36%	10.30%	14.44%	38.87%	36.80%	41.76%
Profit Margin	-186.08%	-379.87%	-151.62%	-133.73%	93.63%	62.22%
EBIT	2.71	1.88	2.83	10.71	11.92	12.21
EBIT Margin	14.36%	10.30%	14.44%	38.87%	36.80%	41.76%
Funds From Operations (FFO)	0.17	0.37	2.26	17.01	15.82	22.93
FFO Per Share	-	-	-	0.51	0.47	0.68
Adjusted Funds From Operations (AFFO)	-	-0.03	2.02	17.59	14.13	20.29
AFFO Per Share	-	-	-	0.52	0.42	0.60
FFO Payout Ratio	-	-	596.64%	131.50%	231.99%	98.52%
Effective Tax Rate	-	-	-	-	1.91%	0.59%

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