True North Commercial REIT
TSX:TNT.UN
Income Statement
Earnings Waterfall
True North Commercial REIT
Revenue
|
132.2m
CAD
|
Cost of Revenue
|
-59.7m
CAD
|
Gross Profit
|
72.5m
CAD
|
Operating Expenses
|
2.3m
CAD
|
Operating Income
|
74.8m
CAD
|
Other Expenses
|
-115.5m
CAD
|
Net Income
|
-40.6m
CAD
|
Income Statement
True North Commercial REIT
Dec-2013 | Mar-2014 | Jun-2014 | Sep-2014 | Dec-2014 | Mar-2015 | Jun-2015 | Sep-2015 | Dec-2015 | Mar-2016 | Jun-2016 | Sep-2016 | Dec-2016 | Mar-2017 | Jun-2017 | Sep-2017 | Dec-2017 | Mar-2018 | Jun-2018 | Sep-2018 | Dec-2018 | Mar-2019 | Jun-2019 | Sep-2019 | Dec-2019 | Mar-2020 | Jun-2020 | Sep-2020 | Dec-2020 | Mar-2021 | Jun-2021 | Sep-2021 | Dec-2021 | Mar-2022 | Jun-2022 | Sep-2022 | Dec-2022 | Mar-2023 | Jun-2023 | Sep-2023 | Dec-2023 | ||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Revenue | ||||||||||||||||||||||||||||||||||||||||||
Revenue |
17
N/A
|
20
+18%
|
21
+3%
|
22
+3%
|
23
+8%
|
27
+14%
|
30
+14%
|
34
+13%
|
37
+9%
|
38
+3%
|
39
+2%
|
39
+1%
|
41
+5%
|
44
+7%
|
47
+7%
|
51
+8%
|
56
+9%
|
63
+12%
|
70
+12%
|
78
+12%
|
87
+11%
|
93
+7%
|
99
+6%
|
102
+3%
|
107
+5%
|
116
+9%
|
125
+7%
|
133
+7%
|
139
+5%
|
139
0%
|
139
0%
|
139
+0%
|
139
-1%
|
140
+1%
|
141
+1%
|
144
+2%
|
144
+0%
|
141
-2%
|
139
-2%
|
135
-3%
|
132
-2%
|
|
Gross Profit | ||||||||||||||||||||||||||||||||||||||||||
Cost of Revenue |
(6)
|
(8)
|
(8)
|
(9)
|
(9)
|
(10)
|
(12)
|
(13)
|
(14)
|
(15)
|
(15)
|
(15)
|
(16)
|
(18)
|
(19)
|
(20)
|
(22)
|
(24)
|
(28)
|
(32)
|
(36)
|
(39)
|
(41)
|
(43)
|
(44)
|
(48)
|
(50)
|
(53)
|
(56)
|
(55)
|
(56)
|
(56)
|
(56)
|
(56)
|
(56)
|
(57)
|
(57)
|
(58)
|
(59)
|
(59)
|
(60)
|
|
Gross Profit |
11
N/A
|
12
+14%
|
13
+2%
|
13
+3%
|
14
+7%
|
16
+16%
|
19
+14%
|
21
+13%
|
23
+9%
|
23
+2%
|
24
+2%
|
24
+1%
|
25
+3%
|
27
+8%
|
29
+8%
|
32
+9%
|
35
+9%
|
38
+11%
|
42
+10%
|
47
+11%
|
51
+10%
|
55
+6%
|
58
+6%
|
59
+3%
|
62
+5%
|
68
+10%
|
74
+9%
|
80
+8%
|
84
+4%
|
84
N/A
|
83
-1%
|
83
0%
|
83
0%
|
84
+1%
|
85
+1%
|
86
+2%
|
87
+0%
|
83
-4%
|
80
-4%
|
76
-5%
|
73
-4%
|
|
Operating Income | ||||||||||||||||||||||||||||||||||||||||||
Operating Expenses |
0
|
0
|
(5)
|
(4)
|
(3)
|
(3)
|
0
|
(0)
|
(1)
|
(3)
|
(4)
|
(7)
|
(9)
|
(6)
|
(6)
|
(5)
|
(8)
|
(7)
|
(8)
|
(7)
|
(1)
|
(8)
|
(7)
|
(9)
|
(16)
|
(2)
|
(5)
|
(4)
|
(4)
|
(16)
|
(16)
|
(15)
|
(13)
|
(10)
|
(5)
|
(3)
|
(4)
|
2
|
1
|
0
|
2
|
|
Selling, General & Administrative |
(2)
|
(2)
|
(2)
|
(2)
|
(2)
|
(2)
|
(2)
|
(2)
|
(2)
|
(2)
|
(2)
|
(2)
|
(2)
|
(2)
|
(2)
|
(2)
|
(3)
|
(3)
|
(3)
|
(3)
|
(3)
|
(4)
|
(4)
|
(5)
|
(6)
|
(5)
|
(6)
|
(6)
|
(6)
|
(6)
|
(7)
|
(7)
|
(7)
|
(7)
|
(6)
|
(6)
|
(6)
|
(6)
|
(6)
|
(6)
|
(6)
|
|
Other Operating Expenses |
2
|
2
|
(3)
|
(3)
|
(1)
|
(2)
|
2
|
1
|
1
|
(0)
|
(2)
|
(5)
|
(7)
|
(4)
|
(4)
|
(3)
|
(5)
|
(4)
|
(5)
|
(3)
|
2
|
(4)
|
(3)
|
(4)
|
(10)
|
4
|
1
|
2
|
1
|
(10)
|
(9)
|
(8)
|
(6)
|
(3)
|
1
|
2
|
2
|
7
|
8
|
6
|
8
|
|
Operating Income |
11
N/A
|
12
+12%
|
8
-39%
|
9
+13%
|
11
+31%
|
13
+16%
|
19
+42%
|
21
+11%
|
22
+9%
|
21
-8%
|
20
-3%
|
17
-16%
|
16
-7%
|
20
+30%
|
23
+12%
|
26
+15%
|
27
+1%
|
31
+18%
|
35
+10%
|
40
+17%
|
50
+24%
|
46
-7%
|
50
+8%
|
50
0%
|
47
-8%
|
66
+43%
|
69
+4%
|
77
+11%
|
79
+4%
|
67
-15%
|
68
+0%
|
68
+1%
|
70
+2%
|
74
+6%
|
80
+8%
|
83
+3%
|
83
0%
|
84
+2%
|
81
-4%
|
76
-6%
|
75
-2%
|
|
Pre-Tax Income | ||||||||||||||||||||||||||||||||||||||||||
Interest Income Expense |
7
|
10
|
(4)
|
(3)
|
2
|
(2)
|
(10)
|
(9)
|
(6)
|
(6)
|
(5)
|
(12)
|
(16)
|
(8)
|
(8)
|
1
|
2
|
4
|
(1)
|
(7)
|
0
|
(14)
|
(7)
|
(7)
|
(22)
|
(26)
|
(37)
|
(44)
|
(39)
|
(35)
|
(33)
|
(27)
|
(18)
|
(17)
|
(15)
|
(26)
|
(66)
|
(76)
|
(87)
|
(131)
|
(114)
|
|
Non-Reccuring Items |
0
|
0
|
0
|
0
|
0
|
0
|
(0)
|
(0)
|
(0)
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
(0)
|
0
|
0
|
(1)
|
(1)
|
0
|
0
|
(0)
|
(0)
|
(0)
|
(1)
|
(1)
|
(1)
|
(1)
|
0
|
0
|
0
|
(0)
|
(0)
|
(1)
|
(1)
|
|
Total Other Income |
(5)
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
(1)
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
|
Pre-Tax Income |
13
N/A
|
22
+65%
|
3
-84%
|
5
+55%
|
13
+143%
|
11
-17%
|
9
-20%
|
11
+33%
|
17
+44%
|
13
-22%
|
14
+7%
|
4
-72%
|
(0)
N/A
|
13
N/A
|
15
+17%
|
27
+86%
|
29
+5%
|
35
+22%
|
33
-5%
|
33
-1%
|
50
+50%
|
33
-34%
|
43
+33%
|
42
-2%
|
24
-43%
|
40
+67%
|
33
-19%
|
33
+1%
|
40
+21%
|
32
-20%
|
34
+6%
|
40
+19%
|
51
+26%
|
56
+10%
|
65
+16%
|
57
-12%
|
17
-71%
|
9
-48%
|
(6)
N/A
|
(57)
-832%
|
(41)
+28%
|
|
Net Income | ||||||||||||||||||||||||||||||||||||||||||
Tax Provision |
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
|
Income from Continuing Operations |
13
|
22
|
3
|
5
|
13
|
11
|
9
|
11
|
17
|
13
|
14
|
4
|
(0)
|
13
|
15
|
27
|
29
|
35
|
33
|
33
|
50
|
33
|
43
|
42
|
24
|
40
|
33
|
33
|
40
|
32
|
34
|
40
|
51
|
56
|
65
|
57
|
17
|
9
|
(6)
|
(57)
|
(41)
|
|
Net Income (Common) |
13
N/A
|
22
+65%
|
3
-84%
|
5
+55%
|
13
+143%
|
11
-17%
|
9
-20%
|
11
+33%
|
17
+44%
|
13
-22%
|
14
+7%
|
4
-72%
|
(0)
N/A
|
13
N/A
|
15
+17%
|
27
+86%
|
29
+5%
|
35
+22%
|
33
-5%
|
33
-1%
|
50
+50%
|
33
-34%
|
43
+33%
|
42
-2%
|
24
-43%
|
40
+67%
|
33
-19%
|
33
+1%
|
40
+21%
|
32
-20%
|
34
+6%
|
40
+19%
|
51
+26%
|
56
+10%
|
65
+16%
|
57
-12%
|
17
-71%
|
9
-48%
|
(6)
N/A
|
(57)
-832%
|
(41)
+28%
|
|
EPS (Diluted) |
6.8
N/A
|
12.91
+90%
|
2.02
-84%
|
2.51
+24%
|
4.48
+78%
|
3.67
-18%
|
2.92
-20%
|
3.84
+32%
|
5.5
+43%
|
4.28
-22%
|
4.52
+6%
|
0.91
-80%
|
-0.02
N/A
|
2.47
N/A
|
2.87
+16%
|
4.53
+58%
|
4
-12%
|
4.22
+5%
|
4
-5%
|
3.32
-17%
|
4.96
+49%
|
3.25
-34%
|
4.33
+33%
|
3.47
-20%
|
1.64
-53%
|
2.73
+66%
|
2.19
-20%
|
2.18
0%
|
2.65
+22%
|
2.09
-21%
|
2.22
+6%
|
2.63
+18%
|
3.31
+26%
|
3.63
+10%
|
4.19
+15%
|
3.6
-14%
|
1.04
-71%
|
0.53
-49%
|
-0.36
N/A
|
-3.52
-878%
|
-2.59
+26%
|