With appreciation,
Ed
We currently see P/E at 4.1x and P/FCF at 5.0x, both trailing measures. Recent fourth quarter results displayed rental revenue of $18.8M, an increase of 19.5% year-over-year. MHC.UN did swing to a net loss in the quarter of $1.5M which was more than the prior year's net loss for the period at $0.7M. FFO per unit for was $0.294 an increase of $0.046 per unit or 18.5% from the prior year. Adjusted Funds From Operations per unit was $0.258 compared to $0.209 in the prior period which was an increase of 23.4%. Prior to year-end, MHC.UN refinanced four mortgages payable at a lower fixed interest rate with a longer term. The cash proceeds were used to pay off one of its existing Bridge Notes; MHC.UN now has no substantial debt maturities until 2030. Debt is high, but MHC.UN has been displaying some growth in the fourth quarter as well as throughout 2023. We think it's a decent REIT but we have concerns over debt and occupancy levels which were 83.6% for the total portfolio at year end.