PMREF 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	648.47	501.93	410.97	380.06	247.89
Total Revenue	648.47	501.93	410.97	380.06	247.89
Revenue Growth (YoY	29.20%	22.13%	8.13%	53.32%	-8.27%
Property Expenses	280.74	212.57	177.35	168.28	106.29
Selling, General & Administrative	40.61	35.76	31.01	27.83	13.27
Total Operating Expenses	322.32	250.92	208.98	196.42	119.83
Operating Income	326.15	251.01	201.99	183.65	128.06
Interest Expense	-134.58	-99.17	-59.46	-33.71	-19.28
Interest & Investment Income	7.37	7.03	5.26	0.32	0.02
Other Non-Operating Income	17.49	-13.16	-2.98	3.41	-1.64
EBT Excluding Unusual Items	216.43	145.7	144.82	153.66	107.16
Merger & Restructuring Charges	-	-	-	-	-4.71
Asset Writedown	-33.25	-66.38	-42.55	-165.74	238.54
Other Unusual Items	-	0.15	-	-	-
Pretax Income	183.19	79.47	102.27	-12.08	340.99
Net Income	183.19	79.47	102.27	-12.08	340.99
Net Income to Common	183.19	79.47	102.27	-12.08	340.99
Net Income Growth	130.50%	-22.29%	-	-	-
Basic Shares Outstanding	-	108	100	100	102
Diluted Shares Outstanding	-	108	100	100	102
Shares Change (YoY)	-	8.61%	-0.33%	-1.52%	-
EPS (Basic)	-	0.73	1.03	-0.12	3.36
EPS (Diluted)	-	0.71	0.96	-0.12	3.36
EPS Growth	-	-26.14%	-	-	-
Dividend Per Share	-	0.842	0.822	0.802	-
Dividend Growth	-	2.39%	2.49%	-	-
Operating Margin	50.30%	50.01%	49.15%	48.32%	51.66%
Profit Margin	28.25%	15.83%	24.88%	-3.18%	137.56%
EBITDA	327.33	252.32	203.51	184.79	128.32
EBITDA Margin	50.48%	50.27%	49.52%	48.62%	51.77%
D&A For Ebitda	1.19	1.31	1.52	1.14	0.26
EBIT	326.15	251.01	201.99	183.65	128.06
EBIT Margin	50.30%	50.01%	49.15%	48.32%	51.66%
Funds From Operations (FFO)	-	183.07	158.33	158.94	-
FFO Per Share	-	1.69	1.59	1.58	-
Adjusted Funds From Operations (AFFO)	-	125.31	112.53	123.35	-
AFFO Per Share	-	1.16	1.13	1.23	-
FFO Payout Ratio	-	44.41%	50.06%	46.21%	-

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