Ravelin Properties REIT Income Statement

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

Millions CAD. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar '26 Mar 31, 2026	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	184.31	185.29	196.96	197.62	196.52	172.65
Total Revenue	184.31	185.29	196.96	197.62	196.52	172.65
Revenue Growth (YoY	-4.73%	-5.92%	-0.34%	0.56%	13.82%	-5.96%
Property Expenses	109.74	111.77	111.24	109.98	105.36	94.76
Selling, General & Administrative	6.77	4.88	12.93	14.25	11.19	32.98
Depreciation & Amortization	0.11	0.21	1	0.97	0.97	1.02
Total Operating Expenses	116.43	116.66	125.1	125.19	117.51	128.76
Operating Income	67.89	68.63	71.86	72.43	79	43.89
Interest Expense	-105.35	-96.65	-87.2	-77.32	-17.69	4.28
Interest & Investment Income	3.26	3.3	2.99	3.4	3.54	3.75
Other Non-Operating Income	2.26	-4.25	-5.34	2.93	1.78	-6.71
EBT Excluding Unusual Items	-31.95	-28.98	-17.69	1.44	66.63	45.21
Asset Writedown	-101.97	-71.82	-437.77	-138.22	-87.67	8.71
Other Unusual Items	2.85	1.88	1.43	18.15	3.59	-4.55
Pretax Income	-131.07	-98.92	-454.03	-118.63	-17.44	49.37
Income Tax Expense	-0.31	-0.53	2.5	1.15	-0.82	2.73
Earnings From Continuing Operations	-130.76	-98.4	-456.53	-119.78	-16.62	46.64
Net Income	-130.76	-98.4	-456.53	-119.78	-16.62	46.64
Net Income to Common	-130.76	-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	36.83%	37.04%	36.48%	36.65%	40.20%	25.42%
Profit Margin	-70.95%	-53.11%	-231.79%	-60.61%	-8.46%	27.01%
EBITDA	68.05	68.84	72.86	73.4	79.97	44.91
EBITDA Margin	36.92%	37.15%	36.99%	37.14%	40.69%	26.01%
D&A For Ebitda	0.16	0.21	1	0.97	0.97	1.02
EBIT	67.89	68.63	71.86	72.43	79	43.89
EBIT Margin	36.83%	37.04%	36.48%	36.65%	40.20%	25.42%
Funds From Operations (FFO)	-6.25	-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.