In thousands of dollars, except per-unit amounts
Three Months Ended December 31,
Year Ended December 31,
2025
2024
2025
2024
Revenue from real estate properties
$63,003
$67,437
$239,339
$259,174
Net operating income
29,197
33,476
111,821
128,461
Fair value losses on real estate properties
(19,642)
(48,851)
(61,556)
(114,448)
Net loss
(7,862)
(35,393)
(16,561)
(58,823)
Funds from operations 1
13,109
16,530
46,520
58,974
Adjusted funds from operations 1,2
4,220
10,478
11,444
34,670
Amounts presented on a per unit basis
Net loss, basic
($0.12)
($0.55)
($0.25)
($0.92)
Net loss, diluted
($0.12)
($0.55)
($0.25)
($0.92)
Funds from operations, basic 1
$0.20
$0.26
$0.71
$0.92
Funds from operations, diluted 1
$0.18
$0.22
$0.64
$0.80
Adjusted funds from operations, basic 1,2
$0.06
$0.16
$0.18
$0.54
Adjusted funds from operations, diluted 1,2
$0.06
$0.15
$0.18
$0.51
1.
The following represents a non-GAAP financial measure/ratio that does not have any standardized meaning prescribed by IFRS and is not necessarily comparable to similar measures presented by other reporting issuers in similar or different industries. This measure should be considered as supplemental in nature and not as substitutes for related financial information prepared in accordance with IFRS. Additional information on this non-GAAP financial measure/ratio can be found under the MD&A section Part I, "Specified Financial Measures".
2.
The Trust uses normalized productive capacity maintenance expenditures to calculate adjusted funds from operations.
SELECTED FINANCIAL INFORMATION
The table below sets forth selected financial data relating to the Trust's fiscal three months and years ended December 31, 2025, and 2024. This financial data is derived from the Trust's consolidated statements, which are prepared in accordance with IFRS.
Three Months Ended December 31,
Year Ended December 31,
For the year ended December 31,
2025
2024
% Change
2025
2024
% Change
Revenue from real estate properties
$63,003
$67,437
(6.6 %)
$239,339
$259,174
(7.7 %)
Property operating expenses
(19,704)
(19,757)
(0.3 %)
(75,870)
(72,698)
4.4 %
Property taxes
(11,838)
(11,918)
(0.7 %)
(43,354)
(49,173)
(11.8 %)
Property management fees
(2,264)
(2,286)
(1.0 %)
(8,294)
(8,842)
(6.2 %)
Net operating income
29,197
33,476
(12.8 %)
111,821
128,461
(13.0 %)
Interest expense
(15,626)
(16,420)
(4.8 %)
(63,461)
(67,378)
(5.8 %)
General and administrative
(980)
(927)
5.7 %
(3,904)
(3,748)
4.2 %
Other items
(17)
2
(950.0 %)
19
(58)
(132.8 %)
Fair value losses on real estate properties
(19,642)
(48,851)
(59.8 %)
(61,556)
(114,448)
(46.2 %)
Net (loss)/income from equity-accounted investment
(794)
(2,673)
(70.3 %)
520
(1,652)
(131.5 %)
Net loss
($7,862)
($35,393)
(77.8 %)
($16,561)
($58,823)
(71.8 %)
CONSOLIDATED OPERATING HIGHLIGHTS
The following is an analysis of net operating income by asset type:
Three Months Ended December 31,
Year Ended December 31,
For the year ended December 31,
2025
2024
% Change
2025
2024
% Change
Enclosed regional centres
$12,972
$12,476
4.0 %
$46,848
$44,943
4.2 %
Community strip centres
5,569
5,624
(1.0 %)
21,516
22,041
(2.4 %)
Subtotal, ...
