For Q4, net operating income (NOI) is was $110M compared to $102.4M in the prior year period, an increase of $7.6M. Funds from operations (FFO) was $81.2M ($1.27 per unit) compared to $77.2M ($1.20 per unit) in the prior year. FFO for the full year 2023 $317.6M ($4.97 per unit) compared to $289.3 million ($4.43 per unit) in 2022. Adjusted funds from operations (AFFO) was $73.2M ($1.15 per unit) in the Q4 compared to $67.0M ($1.05 per unit) in the year prior. AFFO was $287.4M ($4.50 per unit) for the full year 2023 as compared to $264.2M ($4.05 per unit) in 2022. Both full year and Q4 results look solid to us while AFFO payout ratio also came down 5% in Q4 year-over-year to 70%. 2024 outlook calls for FFO per unit within a range of $5.30 to $5.45, representing a 7%-10% increase over 2023. We think GRT.UN did well in Q4 as well as for the full year 2023, despite what has been a tough operating environment for REITs.
5i Research Answer: