MNARF Income Statement

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

Millions CAD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Rental Revenue	354.65	344.19	331.62	278.49	245.57
Other Revenue	-	4.96	5.14	5.85	2.69
Total Revenue	354.65	349.15	336.76	284.34	248.26
Revenue Growth (YoY	1.58%	3.68%	18.44%	14.53%	3.95%
Property Expenses	164.91	162.77	151.38	127.28	116.07
Selling, General & Administrative	23.24	22.18	21.98	19.36	14.39
Total Operating Expenses	188.15	184.95	173.36	146.63	130.46
Operating Income	166.49	164.2	163.41	137.71	117.79
Interest Expense	-91.92	-83	-75.19	-63.68	-65.72
Interest & Investment Income	-	0.44	-	2.98	-
Income (Loss) on Equity Investments	7.61	-	-	-	-
Currency Exchange Gain (Loss)	-0.01	-0.57	-0.02	0.07	-0.02
Other Non-Operating Income	2.37	-38.92	23.94	26.6	-30.23
EBT Excluding Unusual Items	84.54	42.15	112.14	103.67	21.83
Gain (Loss) on Sale of Investments	-	10.16	0.23	-2.03	-
Asset Writedown	37.83	60.37	81	208.25	288.66
Pretax Income	122.38	112.68	193.36	309.9	310.49
Income Tax Expense	10.84	13.28	8.08	70.34	65.52
Earnings From Continuing Operations	111.54	99.4	185.28	239.56	244.97
Minority Interest in Earnings	-8.57	2.46	-8.95	-20.28	-2.89
Net Income	102.97	101.86	176.34	219.28	242.09
Net Income to Common	102.97	101.86	176.34	219.28	242.09
Net Income Growth	1.09%	-42.24%	-19.59%	-9.42%	38.16%
Basic Shares Outstanding	-	36	38	39	39
Diluted Shares Outstanding	-	36	38	39	39
Shares Change (YoY)	-	-3.85%	-3.52%	0.12%	0.11%
EPS (Basic)	-	2.81	4.67	5.61	6.20
EPS (Diluted)	-	2.81	4.67	5.61	6.20
EPS Growth	-	-39.92%	-16.65%	-9.53%	38.01%
Dividend Per Share	-	0.743	0.723	0.703	0.700
Dividend Growth	-	2.77%	2.89%	0.49%	-
Operating Margin	46.95%	47.03%	48.52%	48.43%	47.45%
Profit Margin	29.03%	29.17%	52.36%	77.12%	97.52%
EBIT	166.49	164.2	163.41	137.71	117.79
EBIT Margin	46.95%	47.03%	48.52%	48.43%	47.45%
Funds From Operations (FFO)	-	89.86	91.94	82.8	-
FFO Per Share	-	1.64	1.63	1.43	-
Adjusted Funds From Operations (AFFO)	-	89.86	91.94	82.8	-
AFFO Per Share	-	1.58	1.57	1.37	-
FFO Payout Ratio	-	29.84%	29.32%	32.20%	-
Effective Tax Rate	8.86%	11.79%	4.18%	22.70%	21.10%

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Real Estate template. Financial Sources.