In thousands of dollars, except per-unit amounts
Three Months Ended March 31,
2026
2025
Revenue from real estate properties
$60,045
$60,347
Net operating income
25,594
25,700
Fair value losses on real estate properties
(3,591)
(20,886)
Net income/(loss)
6,036
(11,665)
Funds from operations 1
9,552
9,162
Adjusted funds from operations 1,2
643
807
Amounts presented on a per unit basis
Net income/(loss), basic
$0.09
($0.18)
Net income/(loss), diluted
$0.09
($0.18)
Funds from operations, basic 1
$0.14
$0.14
Funds from operations, diluted 1
$0.13
$0.13
Adjusted funds from operations, basic 1,2
$0.01
$0.01
Adjusted funds from operations, diluted 1,2
$0.01
$0.01
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 INFORMATIONThe table below sets forth selected financial data relating to the Trust's fiscal three months ended March 31, 2026, and 2025. This financial data is derived from the Trust's condensed consolidated statements, which are prepared in accordance with IFRS.
For the three months ended March 31,
2026
2025
% Change
Revenue from real estate properties
$60,045
$60,347
(0.5 %)
Property operating expenses
(19,950)
(19,655)
1.5 %
Property taxes
(12,417)
(12,926)
(3.9 %)
Property management fees
(2,084)
(2,066)
0.9 %
Net operating income
25,594
25,700
(0.4 %)
Interest expense
(15,625)
(16,014)
(2.4 %)
General and administrative
(958)
(960)
(0.2 %)
Other items
1
12
(91.7 %)
Fair value losses on real estate properties
(3,591)
(20,886)
(82.8 %)
Net income from equity-accounted investment
615
483
27.3 %
Net income/(loss)
$6,036
($11,665)
(151.7 %)
CONSOLIDATED OPERATING HIGHLIGHTSThe following is an analysis of net operating income by asset type:
For the three months ended March 31,
2026
2025
% Change
