TSX:AP.UN 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	592.38	592.04	563.98	519.47	472.8
Other Revenue	-	2.23	4.05	2.94	1.41
Total Revenue	592.38	594.27	568.04	522.41	474.21
Revenue Growth (YoY	-0.32%	4.62%	8.73%	10.16%	-15.56%
Property Expenses	299.34	301.83	262.33	239.99	204.79
Selling, General & Administrative	24.71	24.47	24.12	23.2	26.41
Depreciation & Amortization	1.88	1.54	1.5	1.33	1.17
Provision for Loan Losses	-128	-	-	-	-
Total Operating Expenses	453.92	327.83	287.94	264.51	232.37
Operating Income	138.46	266.44	280.1	257.9	241.85
Interest Expense	-138.45	-130.14	-115.61	-35.46	-97.85
Interest & Investment Income	41.4	45.07	53.61	32.08	28.02
Other Non-Operating Income	39.29	34.06	28.53	-	-
EBT Excluding Unusual Items	80.7	215.43	246.62	254.52	172.02
Gain (Loss) on Sale of Investments	-	-0.39	-19.68	-6.1	-1.86
Asset Writedown	-1,408	-557.57	-772.65	-73.75	161.22
Pretax Income	-1,328	-342.53	-545.71	174.67	331.38
Earnings From Continuing Operations	-1,328	-342.53	-545.71	174.67	331.38
Earnings From Discontinued Operations	-	-	124.99	200.69	111.77
Net Income to Company	-1,328	-342.53	-420.72	375.36	443.15
Minority Interest in Earnings	-	-	-5	-6.51	-
Net Income	-1,328	-342.53	-425.71	368.86	443.15
Net Income to Common	-1,328	-342.53	-425.71	368.86	443.15
Net Income Growth	-	-	-	-16.77%	-11.50%
Basic Shares Outstanding	140	140	140	137	127
Diluted Shares Outstanding	140	140	140	137	127
Shares Change (YoY)	-	-	2.09%	7.41%	2.34%
EPS (Basic)	-9.50	-2.45	-3.05	2.69	3.48
EPS (Diluted)	-9.50	-2.45	-3.05	2.69	3.48
EPS Growth	-	-	-	-22.60%	-13.41%
Dividend Per Share	1.710	1.800	1.800	1.750	1.700
Dividend Growth	-5.00%	-	2.88%	2.92%	3.03%
Operating Margin	23.37%	44.84%	49.31%	49.37%	51.00%
Profit Margin	-224.10%	-57.64%	-74.94%	70.61%	93.45%
EBITDA	178.1	304.96	313.05	291.53	275.32
EBITDA Margin	30.06%	51.32%	55.11%	55.80%	58.06%
D&A For Ebitda	39.64	38.51	32.96	33.63	33.47
EBIT	138.46	266.44	280.1	257.9	241.85
EBIT Margin	23.37%	44.84%	49.31%	49.37%	51.00%
Funds From Operations (FFO)	265.03	303.81	332.62	334.48	253.38
FFO Per Share	1.90	2.17	2.38	2.44	1.99
Adjusted Funds From Operations (AFFO)	240.57	273.43	304.23	297.58	266.52
AFFO Per Share	1.72	1.96	2.18	2.17	2.09
FFO Payout Ratio	86.91%	96.03%	69.08%	66.76%	85.22%

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