Ravelin Properties REIT 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	185.29	196.96	197.62	196.52	172.65
Total Revenue	185.29	196.96	197.62	196.52	172.65
Revenue Growth (YoY	-5.92%	-0.34%	0.56%	13.82%	-5.96%
Property Expenses	111.77	111.24	109.98	105.36	94.76
Selling, General & Administrative	4.88	12.93	14.25	11.19	32.98
Depreciation & Amortization	0.21	1	0.97	0.97	1.02
Total Operating Expenses	116.66	125.1	125.19	117.51	128.76
Operating Income	68.63	71.86	72.43	79	43.89
Interest Expense	-96.65	-87.2	-77.32	-17.69	4.28
Interest & Investment Income	3.3	2.99	3.4	3.54	3.75
Other Non-Operating Income	-4.25	-5.34	2.93	1.78	-6.71
EBT Excluding Unusual Items	-28.98	-17.69	1.44	66.63	45.21
Asset Writedown	-71.82	-437.77	-138.22	-87.67	8.71
Other Unusual Items	1.88	1.43	18.15	3.59	-4.55
Pretax Income	-98.92	-454.03	-118.63	-17.44	49.37
Income Tax Expense	-0.53	2.5	1.15	-0.82	2.73
Earnings From Continuing Operations	-98.4	-456.53	-119.78	-16.62	46.64
Net Income	-98.4	-456.53	-119.78	-16.62	46.64
Net Income to Common	-98.4	-456.53	-119.78	-16.62	46.64
Net Income Growth	-	-	-	-	241.73%
Basic Shares Outstanding	81	80	80	79	68
Diluted Shares Outstanding	81	80	80	79	73
Shares Change (YoY)	0.38%	0.29%	1.48%	7.65%	0.03%
EPS (Basic)	-1.22	-5.69	-1.50	-0.21	0.69
EPS (Diluted)	-1.22	-5.69	-1.50	-0.21	0.64
EPS Growth	-	-	-	-	241.65%
Dividend Per Share	-	-	0.170	0.400	0.400
Dividend Growth	-	-	-57.48%	-	-
Operating Margin	37.04%	36.48%	36.65%	40.20%	25.42%
Profit Margin	-53.11%	-231.79%	-60.61%	-8.46%	27.01%
EBITDA	68.84	72.86	73.4	79.97	44.91
EBITDA Margin	37.15%	36.99%	37.14%	40.69%	26.01%
D&A For Ebitda	0.21	1	0.97	0.97	1.02
EBIT	68.63	71.86	72.43	79	43.89
EBIT Margin	37.04%	36.48%	36.65%	40.20%	25.42%
Funds From Operations (FFO)	-6.25	9.11	20.67	40.06	39.46
FFO Per Share	-0.07	0.11	0.24	0.48	0.54
Adjusted Funds From Operations (AFFO)	0.67	8.42	22.09	39.94	38.35
AFFO Per Share	0.01	0.10	0.26	0.47	0.52
FFO Payout Ratio	-	-	83.89%	83.17%	73.97%
Effective Tax Rate	-	-	-	-	5.53%

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