TSX:HR.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	815.13	816.99	847.15	834.64	1,065
Other Revenue	64.38	59.37	56.49	51.78	32.05
Total Revenue	879.51	876.36	903.63	886.42	1,097
Revenue Growth (YoY	0.36%	-3.02%	1.94%	-19.23%	-3.63%
Property Expenses	306.05	297.07	300.54	299.69	403.8
Selling, General & Administrative	19.38	20.58	24.39	22.12	27.94
Total Operating Expenses	325.43	317.65	324.93	321.81	431.73
Operating Income	554.08	558.71	578.71	564.61	665.69
Interest Expense	-208.68	-227.09	-229.05	-171.19	-205.81
Interest & Investment Income	14.5	11.58	13.85	14.79	17.23
Currency Exchange Gain (Loss)	4.26	-1.73	1.73	-	-
Other Non-Operating Income	-31.37	-26.46	70.29	-10.73	12.79
EBT Excluding Unusual Items	332.79	315.01	435.53	397.49	489.9
Gain (Loss) on Sale of Investments	-335.44	-56.9	88.97	-4.64	93.6
Gain (Loss) on Sale of Assets	-2.25	-11.15	-7.25	7.33	6.96
Asset Writedown	-969.28	-425.88	-486.1	546.08	12.98
Pretax Income	-974.18	-178.93	31.15	946.26	603.45
Income Tax Expense	-182.62	-59.21	-30.54	101.44	5.54
Net Income	-791.56	-119.71	61.69	844.82	597.91
Net Income to Common	-791.56	-119.71	61.69	844.82	597.91
Net Income Growth	-	-	-92.70%	41.30%	-
Basic Shares Outstanding	263	262	264	273	288
Diluted Shares Outstanding	263	262	264	273	288
Shares Change (YoY)	0.23%	-0.71%	-3.24%	-5.21%	0.30%
EPS (Basic)	-3.01	-0.46	0.23	3.10	2.08
EPS (Diluted)	-3.01	-0.46	0.23	3.10	2.08
EPS Growth	-	-	-92.45%	49.06%	-
Dividend Per Share	0.600	0.600	0.600	0.540	0.690
Dividend Growth	-	-	11.11%	-21.74%	-25.00%
Operating Margin	63.00%	63.75%	64.04%	63.70%	60.66%
Profit Margin	-90.00%	-13.66%	6.83%	95.31%	54.48%
EBIT	554.08	558.71	578.71	564.61	665.69
EBIT Margin	63.00%	63.75%	64.04%	63.70%	60.66%
Funds From Operations (FFO)	339.28	334.43	373.35	341.18	461.37
FFO Per Share	-	-	-	-	1.52
Adjusted Funds From Operations (AFFO)	278.59	266.96	313.17	287.34	365.83
AFFO Per Share	-	-	-	-	1.21
FFO Payout Ratio	55.69%	54.83%	45.68%	52.68%	49.27%
Effective Tax Rate	-	-	-	10.72%	0.92%

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