Parker Institute Showcases Breakthroughs in Immunotherapy at ASCO 2025 as CEO Dr. Karen Knudsen Receives Prestigious Honor
CHICAGO, May 29, 2025--(BUSINESS WIRE)--As the global oncology community gathers for the 2025 American Society of Clinical Oncology (ASCO) Annual Meeting (May 30–June 3), the Parker Institute for Cancer Immunotherapy (PICI) is demonstrating how bold science, accelerated through collaborative networks, can drive meaningful progress where patients need it most. At a pivotal moment when scientific breakthroughs in immunotherapy are arriving alongside heightened pressure for faster, smarter impact, PICI's integrated model shows how to compress timelines from discovery to patient care.
PICI's presence spans more than 50 presentations including 16 oral sessions, 30+ poster sessions, 10 e-papers and a featured clinical science symposium. This volume reflects not only the strength of the PICI network but also a unique ability to support promising work early and help carry it across the finish line, from foundational discoveries to practice-changing trials.
Glioblastoma Breakthroughs: New Hope for Cancer's Most Formidable Challenge
After decades of limited progress in glioblastoma, where median survival has hovered around one year, multiple PICI-supported teams are reporting clinical responses that suggest the field may be turning a corner. These advances demonstrate how collaboration, persistence and innovation can converge on even the most intractable problems:
Stanford Medicine researchers achieved median overall survival of 14.6 months in recurrent glioblastoma patients using B7H3 CAR T cells delivered directly to the brain via dual Ommaya reservoirs. The Phase 1 study established a recommended Phase 2 dose and demonstrated manageable inflammation using IL-1 blockade, offering a tangible advance in a cancer where meaningful clinical progress has long remained elusive. (Crystal Mackall, MD, Director of the PICI Center at Stanford; Michelle Monje, MD, PhD — Abstract #2018)
University of Pennsylvania investigators reported tumor shrinkage in 85% of evaluable patients using bivalent CAR T-cell therapy targeting EGFR and IL13Rα2 in recurrent glioblastoma. Delivered into the cerebroventricular space without lymphodepletion, the engineered T cells persisted in cerebrospinal fluid and blood for up to one year, marking an encouraging step toward sustained response and long-term disease management. (Carl June, MD, Director of the PICI Center at Penn; Donald O'Rourke, MD — Abstract #102)
UCSF and Memorial Sloan Kettering researchers identified more than 700 glioma-specific, splice-derived neoantigens using the SNIPP antigen discovery platform. These targets elicited CD8+ T-cell responses in vitro and many were conserved across tumors, opening the door to scalable, potentially off-the-shelf TCR-based therapies. (Hideho Okada, MD, PhD, UCSF — Abstract #2519)
Leadership Recognition: PICI CEO Receives ASCO's Highest Honor
Dr. Karen Knudsen, PICI's CEO, will receive the Allen S. Lichter Visionary Leader Award during ASCO's opening session, recognizing a career spent building bridges from bench to patient and helping reshape how academic institutions, nonprofits and companies move from insight to implementation. Saturday, May 31, 9:45 AM–12:00 PM CDT, Room N - Hall B1
Dr. Knudsen will also join Endpoints News for a live discussion on research acceleration, regulatory pace and how PICI's model aligns research, policy and investment with the realities facing patients today. Wednesday, June 4, 10:35 AM CDT, Endpoints Stage
Network-Wide Impact: Where Discovery Meets Delivery
PICI-supported science appears across the ASCO agenda, tackling critical questions in high-burden cancers through studies connected by a framework that enables speed, coordination and clinical relevance. These presentations reflect a hallmark of the PICI approach: compressing the distance between new insight and patient impact, often turning early-stage ideas into clinical action within just a few years.
Melanoma Advances
DREAMseq Final Results: Optimal treatment sequencing in BRAF-mutant metastatic melanoma (Jedd Wolchok, MD, PhD, Weill Cornell; Antoni Ribas, MD, PhD, UCLA — Abstract #9506)
Quadruple Immunotherapy: IL-6 blockade combined with checkpoint inhibitors in advanced melanoma (F. Stephen Hodi, MD, Dana-Farber — Abstract #9510)
Neoadjuvant Strategy: Pembrolizumab in clinical stage IIB/C melanoma (Alexander Huang, MD, University of Pennsylvania — Abstract #9502)
Prostate Cancer Innovation
COMRADE Trial: Olaparib plus radium-223 in castration-resistant prostate cancer with bone metastases (Eliezer Van Allen, MD, Dana-Farber — Abstract #5007)
C3NIRA Trial: Triplet chemo-immunotherapy induction followed by PARP inhibitor maintenance (Padmanee Sharma, MD, PhD, MD Anderson — Abstract #5008)
Breast and Lung Cancer Precision Strategies
NeoSTAR Trial: Response-guided neoadjuvant sacituzumab govitecan plus pembrolizumab in early triple-negative breast cancer (Elizabeth Mittendorf, MD, PhD, Dana-Farber — Abstract #511)
ADRIATIC Correlatives: Genomic analysis of long-term responders in limited-stage small cell lung cancer (David Barbie, MD, Dana-Farber — Abstract #8014)
Translational Platforms
INCIPIENT Trial: CARv3-TEAM-E immunological correlates in recurrent glioblastoma (Marcela Maus, MD, PhD, Massachusetts General Hospital — Abstract #2008)
BRCA1/2 DNA Vaccines: Plasmid-based immunotherapy platform with and without IL-12 (Robert Vonderheide, MD, DPhil, University of Pennsylvania — Abstract #10505)
About the Parker Institute for Cancer Immunotherapy
The Parker Institute for Cancer Immunotherapy (PICI) accelerates breakthrough immune therapies from discovery to patient impact through a collaborative network of the nation's top cancer centers. Founded in 2016 through the vision of Sean Parker, PICI unites leading institutions in a translational engine built for speed, coordination and clinical relevance. Unlike traditional research models, PICI goes beyond discovery by actively advancing promising innovations through clinical testing, company formation, incubation and commercialization.
PICI supports high-risk, high-reward science with shared goals, data and infrastructure, helping compress timelines from laboratory discovery to patient access. The institute has supported more than 1,000 investigators across its network and created a portfolio of 17 biotech ventures with over $4 billion in raised capital. By integrating scientific excellence with entrepreneurial execution, PICI is reimagining how cures are made and accelerating their path to the people who need them most.
Learn more at parkerici.org. Follow #PICIatASCO for updates throughout the meeting.
View source version on businesswire.com: https://www.businesswire.com/news/home/20250529893428/en/
Contacts
Media Contact:
Eric McKeebyHead of Communications & MarketingParker Institute for Cancer Immunotherapy(646) 522-4605emckeeby@parkerici.org
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The Trust's net total debt-to-normalized adjusted EBITDAFV ratio was 8.2x and net total debt-to-total assets (net of cash and cash equivalents) ratio was 38.0% as at June 30, 2025. Subsequent to the quarter, the Trust closed on its issuance of $200 million of Series G unsecured debentures at an all-in interest rate of 4.287% per annum. The Trust has entered into forward cross-currency interest rate swap arrangements to swap the proceeds to euros to lower the effective fixed interest rate to 3.726% per annum starting December 22, 2025. The net proceeds were utilized to repay existing indebtedness, including to pre-fund the repayment of indebtedness that will mature in December 2025, and for general Trust purposes. 'Consistent with our strategy to enhance our balance sheet strength, we have now effectively addressed over 70% of our 2025 debt maturities at rates in line or better than our expectations at the beginning of the year,' said Lenis Quan, Chief Financial Officer of Dream Industrial REIT. 'Pro forma this bond offering, our total available liquidity of over $900 million increases our financial flexibility and positions us well to execute on our strategic initiatives.' CONFERENCE CALL Senior management will host a conference call to discuss the financial results on Wednesday, August 6, 2025, at 11:00 a.m. (ET). To access the conference call, please dial 1-833-752-4413 in Canada or 647-849-3202 elsewhere. To access the conference call via webcast, please go to Dream Industrial REIT's website at and click on the link for News, then click on Events. A taped replay of the conference call and the webcast will be available for ninety (90) days following the call. Other information Information appearing in this press release is a select summary of financial results. The condensed consolidated financial statements and management's discussion and analysis for the Trust will be available at and on Dream Industrial REIT is an owner, manager and operator of a global portfolio of well-located, diversified industrial properties. As at June 30, 2025, the REIT has an interest in and manages a portfolio which comprises 338 industrial assets (550 buildings) totalling approximately 72.9 million square feet of gross leasable area in key markets across Canada, Europe, and the U.S. The REIT's objective is to deliver strong total returns to its unitholders through secure distributions as well as growth in net asset value and cash flow per unit underpinned by its high-quality portfolio and an investment grade balance sheet. Dream Industrial REIT is an unincorporated, open-ended real estate investment trust. For more information, please visit FOOTNOTES 1. CP NOI (constant currency basis) is a non-GAAP financial measure. The most directly comparable financial measure to CP NOI (constant currency basis) is net rental income. The table included in the Appendices section of this press release reconcile CP NOI (constant currency basis) for the three and six months ended June 30, 2025 and June 30, 2024 to net rental income. For further information on this non-GAAP measure, please refer to the statements under the heading 'Non-GAAP financial measures, ratios and supplementary financial measures' in this press release. 2. FFO is a non-GAAP financial measure. The most directly comparable financial measure to FFO is net income. The tables included in the Appendices section of this press release reconcile FFO for the three and six months ended June 30, 2025 and June 30, 2024 to net income. For further information on this non-GAAP measure, please refer to the statements under the heading 'Non-GAAP financial measures, ratios and supplementary financial measures' in this press release. 3. Diluted FFO per Unit and FFO payout ratio are non-GAAP ratios. Diluted FFO per Unit is comprised of FFO (a non-GAAP financial measure) divided by the weighted average number of Units. FFO payout ratio is calculated as total distributions divided by FFO (both non-GAAP financial measures) for the period. For further information on non-GAAP ratios, please refer to the statements under the heading 'Non-GAAP financial measures, ratios and supplementary financial measures' in this press release. 4. A description of the determination of diluted amounts per Unit can be found in the Trust's Management's Discussion and Analysis for the three and six months ended June 30, 2025 and June 30, 2024, in the section 'Supplementary financial measures and ratios and other disclosures', under the heading 'Weighted average number of Units'. 5. 'Number of assets' comprise a building, or a cluster of buildings in close proximity to one another attracting similar tenants. 6. Includes the Trust's owned and managed properties as at June 30, 2025, December 31, 2024 and June 30, 2024. 7. Includes the Trust's share of equity accounted investments as at June 30, 2025, December 31, 2024 and June 30, 2024. 8 Net total debt-to-total assets (net of cash and cash equivalents) ratio is a non-GAAP ratio. Net total debt-to-total assets (net of cash and cash equivalents) ratio is comprised of net total debt (a non-GAAP financial measure) divided by total assets (net of cash and cash equivalents) (a non-GAAP financial measure). The most directly comparable IFRS financial measure to net total debt is non-current debt, and the most directly comparable IFRS financial measure to total assets (net of cash and cash equivalents) is total assets. The tables included in the Appendices section of this press release reconcile net total debt to non-current debt and total assets (net of cash and cash equivalents) to total assets as at June 30, 2025, December 31, 2024 and June 30, 2024. For further information on this non-GAAP ratio and these non-GAAP financial measures, please refer to the statements under the heading 'Non-GAAP financial measures, ratios and supplementary financial measures' in this press release. 9. Net total debt-to-normalized adjusted EBITDAFV is a non-GAAP ratio. Net total debt-to-normalized adjusted EBITDAFV is comprised of net total debt (a non-GAAP financial measure) divided by normalized adjusted EBITDAFV (a non-GAAP financial measure). The most directly comparable IFRS financial measure to normalized adjusted EBITDAFV is net income. The tables included in the Appendices section of this press release reconcile adjusted EBITDAFV to net income (loss) for the three months ended June 30, 2025, December 31, 2024 and June 30, 2024; for the six months ended June 30, 2025, June 30, 2024 and June 30, 2023; and for the years ended December 31, 2024 and December 31, 2023. For further information on this non-GAAP ratio and this non-GAAP financial measure, please refer to the statements under the heading 'Non-GAAP financial measures and ratios and supplementary financial measures' in this press release. 10. Interest coverage ratio is a non-GAAP ratio. Interest coverage ratio is comprised of trailing 12-month period adjusted EBITDAFV (a non-GAAP financial measure) divided by trailing 12-month period interest expense on debt and other financing costs. The most directly comparable IFRS financial measure to adjusted EBITDAFV is net income. For further information on this non-GAAP ratio and non-GAAP financial measure, please refer to the statements under the heading 'Non-GAAP financial measures and ratios and supplementary financial measures' in this press release. 11. Unencumbered investment properties and unencumbered investment properties as a percentage of total investment properties are supplementary financial measures. For further information on these supplementary financial measures, please refer to the statements under the heading 'Non-GAAP financial measures, ratios and supplementary financial measures' in this press release. 12. Available liquidity is a non-GAAP financial measure. The most directly comparable financial measure to available liquidity is cash and cash equivalents. The tables included in the Appendices section of this press release reconcile available liquidity to cash and cash equivalents as at June 30, 2025, December 31, 2024 and June 30, 2024. For further information on this non-GAAP financial measure, please refer to the statements under the heading 'Non-GAAP financial measures, ratios and supplementary financial measures' in this press release. 13. Total equity (including LP B Units or subsidiary redeemable units) is a non-GAAP financial measure. The most directly comparable financial measure to total equity (including LP B Units) is total equity (per condensed consolidated financial statements). The tables included in the Appendices section of this press release reconcile total equity (including LP B Units) to total equity (per condensed consolidated financial statements) as at June 30, 2025, December 31, 2024 and June 30, 2024. For further information on this non-GAAP measure, please refer to the statements under the heading 'Non-GAAP financial measures, ratios and supplementary financial measures' in this press release. 14. Total number of Units includes 7.5 million LP B Units that are classified as a liability under IFRS Accounting Standards. 15. NAV per Unit is a non-GAAP ratio. NAV per Unit is comprised of total equity (including LP B Units) (a non-GAAP financial measure) divided by the total number of Units. For further information on this non-GAAP ratio, please refer to the statements under the heading 'Non-GAAP financial measures, ratios and supplementary financial measures' in this press release. 16. Secured debt is a supplementary financial measure and secured debt as a percentage of total assets is a supplementary financial ratio. Please refer to the statements under the heading 'Non-GAAP financial measures, ratios and supplementary financial measures' in this press release. 17. Total debt is a non-GAAP financial measure. The most directly comparable financial measure to total debt is non-current debt. The tables included in the Appendices section of this press release reconcile total debt to non-current debt as at June 30, 2025, December 31, 2024 and June 30, 2024. For further information on this non-GAAP financial measure, please refer to the statements under the heading 'Non-GAAP financial measures, ratios and supplementary financial measures' in this press release. Expand Non-GAAP financial measures and ratios and supplementary financial measures The Trust's condensed consolidated financial statements are prepared in accordance with International Financial Reporting Standards ('IFRS'). In this press release, as a complement to results provided in accordance with IFRS, the Trust discloses and discusses certain non- GAAP financial measures and ratios, including FFO, diluted FFO per Unit, FFO payout ratio, CP NOI (constant currency basis), total debt, net total debt-to-total assets (net of cash and cash equivalents) ratio, net total debt, total assets (net of cash and cash equivalents), net total debt-to-normalized adjusted EBITDAFV ratio, adjusted EBITDAFV, normalized adjusted EBITDAFV – annualized, interest coverage ratio, available liquidity, total equity (including LP B Units) and NAV per Unit as well as other measures discussed elsewhere in this press release. These non-GAAP financial measures and ratios are not defined by IFRS and do not have a standardized meaning under IFRS. The Trust's method of calculating these non-GAAP financial measures and ratios may differ from other issuers and may not be comparable with similar measures presented by other issuers. The Trust has presented such non-GAAP financial measures and ratios as Management believes they are relevant measures of the Trust's underlying operating and financial performance. Certain additional disclosures such as the composition, usefulness and changes, as applicable, of the non-GAAP financial measures and ratios included in this press release have been incorporated by reference from the management's discussion and analysis of the financial condition and results from operations of the Trust for the three and six months ended June 30, 2025, dated August 5, 2025 (the 'Q2 2025 MD&A') and can be found under the sections 'Non-GAAP Financial Measures" and "Non-GAAP Ratios' and respective sub-headings labelled 'Funds from operations ('FFO')', "Diluted FFO per Unit", 'FFO payout ratio', "Comparative properties net operating income ('CP NOI') (constant currency basis)', 'Net total debt-to-total assets (net of cash and cash equivalents) ratio', 'Net total debt-to- normalized adjusted EBITDAFV ratio (years)', and 'Interest coverage ratio', 'Available Liquidity', "Total equity (including LP B Units or subsidiary redeemable units"), 'Total debt', 'Net asset value ('NAV') per Unit', 'Net total debt and total assets (net of cash and cash equivalents)', 'Adjusted earnings before interest, taxes, depreciation, amortization and fair value adjustments ('Adjusted EBITDAFV') and Normalized adjusted EBITDAFV – Annualized'. The composition of supplementary financial measures and ratios included in this press release have been incorporated by reference from the Q2 2025 MD&A and can be found under the section 'Supplementary financial measures and ratios and other disclosures'. The Q2 2025 MD&A is available on SEDAR+ at under the Trust's profile and on the Trust's website at under the Investors section. Non-GAAP financial measures and ratios should not be considered as alternatives to net income, net rental income, cash flows generated from (utilized in) operating activities, cash and cash equivalents, total assets, non-current debt, total equity, or comparable metrics determined in accordance with IFRS as indicators of the Trust's performance, liquidity, cash flow, and profitability. Forward looking information This press release may contain forward-looking information within the meaning of applicable securities legislation, including statements regarding the Trust's objectives and strategies to achieve those objectives; the Trust's solar program, expected investment, yield and benefit therefrom; the Trust's expectations regarding tenant prospects and opportunities to capture income growth as spaces are leased; the Trust's ability to achieve strong rental growth over time through inclusion of contractual annual rate escalators to its leases and the expected increase in comparative properties NOI as a result thereof; the Trust's capital allocation priorities and commitments; management's confidence in the ongoing resilience of the business; the Trust's acquisition pipeline, the expected incremental revenue from the new acquisitions and anticipated benefits therefrom; the Trust's pursuit of disposition opportunities as part of its ongoing capital recycling program; the status of leasing discussions; debt maturities, refinancings and repayments, swap arrangements and resulting liquidity profile; the Trust's maintenance of significant financial flexibility; the Trust's goal of delivering strong total returns to its unitholders through secure distributions as well as growth in net asset value and cash flow per unit underpinned by its high-quality portfolio and an investment grade balance sheet; the performance and quality of its portfolio; the Trust's development pipeline and its expectations with respect to the opportunity provided by such development pipeline; the Trust's development, expansion, reposition and redevelopment plans, including the timing of construction and expansion, costs, square footage, unlevered yields and anticipated yields; the Trust's position to execute on value-add initiatives that improve the growth profile of the business; the Trust's position to leverage property management and leasing synergies and the expected increase in compounded annual NOI growth; the NCIB program; and similar statements concerning anticipated future events, financials, estimated market rents, future leasing activity, the ability to lease vacant space, results of operations, performance, business prospects and opportunities, and the real estate industry in general. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond the Trust's control, which could cause actual results to differ materially from those that are disclosed in or implied by such forward-looking information. These risks and uncertainties include, but are not limited to, general and local economic and business conditions; employment levels; mortgage and interest rates and regulations; inflation; risks related to a potential economic slowdown in certain of the jurisdictions in which we operate and the effect inflation and any such economic slowdown may have on market conditions and lease rates; risks that the Trust's operations may be affected by adverse global market, economic and political conditions and other events beyond our control, including risks related to the imposition of duties, tariffs and other trade restrictions and their impacts; uncertainties around the timing and amount of future financings; uncertainties surrounding public health crises and epidemics; geopolitical events, including disputes between nations, war and international sanctions; the financial condition of tenants; leasing risks, including those associated with the ability to lease vacant space; rental rates and the strength of rental rate growth on future leasing; and interest and currency rate fluctuations. The Trust's objectives and forward-looking statements are based on certain assumptions, including that the general economy remains stable, including that future market and economic conditions will occur as expected and that geopolitical events, including disputes between nations or the imposition of duties, tariffs, quotas, embargoes or other trade restrictions (including any retaliation to such measures), will not disrupt global economies; inflation and interest rates will not materially increase beyond current market expectations; conditions within the real estate market remain consistent; competition for acquisitions remains consistent with the current climate; and the capital markets continue to provide ready access to equity and/or debt. All forward-looking information in this press release speaks as of the date of this press release. The Trust does not undertake to update any such forward-looking information whether as a result of new information, future events or otherwise except as required by law. Additional information about these assumptions and risks and uncertainties is contained in the Trust's filings with securities regulators, including its latest annual information form and MD&A. These filings are also available at the Trust's website at Appendices All dollar amounts in the Appendices are presented in thousands of Canadian dollars, except for per square foot amounts, per Unit amounts, or unless otherwise stated. The tables below reconcile CP NOI (constant currency basis) for the three and six months ended June 30, 2025 and June 30, 2024 to net rental income. Three months ended June 30, June 30, 2025 2024 Ontario $ 27,708 $ 24,842 Québec 14,459 13,811 Western Canada 12,021 11,521 Canadian portfolio 54,188 50,174 European portfolio (constant currency basis) 35,802 35,256 Dream Summit JV portfolio 5,433 5,439 U.S. portfolio (constant currency basis) 4,837 4,584 CP NOI (constant currency basis) 100,260 95,453 Impact of foreign currency translation on CP NOI — (2,250) NOI from acquired and disposed properties – Dream Summit JV portfolio 763 153 NOI from acquired and disposed properties – U.S. portfolio 16 239 Net property management and other income 3,109 2,564 Straight-line rent 2,071 2,644 Amortization of lease incentives (1,179) (866) Lease termination fees and other (292) (47) Bad debt provisions (1,102) (649) NOI from properties transferred from/to properties held for development (1) 2,822 (251) NOI from disposed properties — 1,368 Less: NOI from equity accounted investments (11,769) (10,704) Net rental income $ 94,699 $ 87,654 (1) 100% of the 0.2 million square foot complete project in Mississauga, Ontario is occupied with rent having commenced in Q3 2024, approximately 45% of the 0.7 million square foot substantially complete project in Balzac, Alberta, is occupied with rent having commenced in Q1 2025, approximately 52% of the 0.3 million square foot substantially complete project in Balzac, Alberta, is occupied with rent having commenced in Q2 2024. In addition, approximately 15% of the substantially complete project in Cambridge, Ontario, held within the Development JV is occupied with rent having commenced in Q4 2024. Expand Six months ended June 30, June 30, 2025 2024 Ontario $ 54,951 $ 49,357 Québec 27,795 27,765 Western Canada 23,626 23,129 Canadian portfolio 106,372 100,251 European portfolio (constant currency basis) 69,878 68,792 Dream Summit JV portfolio 10,571 10,475 U.S. portfolio (constant currency basis) 9,805 9,307 CP NOI (constant currency basis) 196,626 188,825 Impact of foreign currency translation on CP NOI — (3,476) NOI from acquired and disposed properties – U.S. portfolio 77 475 NOI from acquired and disposed properties – Dream Summit JV portfolio 1,464 388 Net property management and other income 6,105 5,082 Straight-line rent 5,096 4,464 Amortization of lease incentives (2,267) (1,665.00) Lease termination fees and other (247) (28) Bad debt provisions (2,365) (1,941) NOI from properties transferred from/to properties held for development (1) 4,910 (613) NOI from disposed properties 36 2,987 Less: NOI from equity accounted investments (23,026) (20,983) Net rental income $ 186,409 $ 173,515 (1) 100% of the 0.2 million square foot complete project in Mississauga, Ontario is occupied with rent having commenced in Q3 2024; approximately 45% of the 0.7 million square foot substantially complete project in Balzac, Alberta, is occupied with rent having commenced in Q1 2025; approximately 52% of the 0.3 million square foot substantially complete project in Balzac, Alberta, is occupied with rent having commenced in Q2 2024. In addition, approximately 15% of the substantially complete project in Cambridge, Ontario, held within the Development JV is occupied with rent having commenced in Q4 2024. Expand Reconciliation of FFO to net income The table below reconciles FFO for the three and six months ended June 30, 2025 and June 30, 2024 to net income. Reconciliation of available liquidity to cash and cash equivalents The table below reconciles available liquidity to cash and cash equivalents as at June 30, 2025, December 31, 2024 and June 30, 2024. Reconciliation of total equity (including LP B Units) to total equity (excluding LP B Units) The table below reconciles total equity (including LP B Units) to total equity (excluding LP B Units) as at June 30, 2025, December 31, 2024 and June 30, 2024. Reconciliation of total debt to non-current debt The table below reconciles total debt to non-current debt as at June 30, 2025, December 31, 2024 and June 30, 2024. Amounts per condensed consolidated financial statements June 30, 2025 December 31, 2024 June 30, 2024 Non-current debt $ 2,345,300 $ 2,098,543 $ 2,870,312 Current debt 651,201 870,407 80,545 Fair value of CCIRS (1)(2) 160,108 (12,932) (25,712) Total debt $ 3,156,609 $ 2,956,018 $ 2,925,145 (1) As at June 30, 2025, the CCIRS were in a liability position and $(107,195) was included in 'Derivatives and other non-current liabilities' and $(52,913) was included in 'Amounts payable and accrued liabilities' in the condensed consolidated financial statements (as at December 31, 2024 – the CCIRS were in a net asset position and $8,181 was included in 'Derivatives and other non-current assets', $41,221 was included in 'Prepaid expenses and other assets', $(14,181) was included in 'Derivatives and other non-current liabilities', and $(22,289) was included in 'Amounts payable and accrued liabilities' in the consolidated financial statements). (2) As at June 30, 2024, the CCIRS were in a net asset position and $33,388 was included in 'Derivatives and other non-current assets' and $(7,676) was included in 'Derivatives and other non-current liabilities' in the condensed consolidated financial statements. Expand Reconciliation of net total debt to non-current debt and total assets (net of cash and cash equivalents) to total assets The table below reconciles net total debt to non-current debt and total assets (net of cash and cash equivalent) to total assets as at June 30, 2025, December 31, 2024 and June 30, 2024. Reconciliation of adjusted EBITDAFV to net income (loss) and normalized adjusted EBITDAFV The table below reconciles adjusted EBITDAFV to net income (loss) for the three months ended June 30, 2025, December 31, 2024 and June 30, 2024; for the six months ended June 30, 2025, June 30, 2024 and June 30, 2023; and for the years ended December 31, 2024 and December 31, 2023: For the three months ended For the six months ended For the year ended June 30, 2025 December 31, 2024 June 30, 2024 June 30, 2025 June 30, 2024 June 30, 2023 December 31, 2024 December 31, 2023 Net income (loss) for the period $ 46,608 $ 109,635 $ 61,572 $ 94,096 $ 136,147 $ 62,622 $ 259,611 $ 104,299 Add (deduct): Fair value adjustments to investment properties 6,526 9,076 7,043 25,471 5,534 (10,777) 24,765 66,689 Fair value adjustments to financial instruments 6,955 (38,417) (5,115) 2,449 (15,752) 55,458 (13,338) 68,059 Share of net (income) loss from equity accounted investments 1,775 (22,431) (6,629) (1,612) (15,514) 6,654 (42,982) (4,941) Interest expense on debt and other financing costs 20,578 17,804 17,387 39,075 34,389 24,494 70,130 54,379 Interest expense on subsidiary redeemable units 1,304 2,336 2,336 3,296 4,672 5,885 9,344 10,557 Other items included in investment properties revenue (1) (978) (2,432) (1,328) (3,127) (1,981) (3,305) (7,017) (3,655) Distributions from equity accounted investments 8,748 20,361 9,202 17,610 13,856 5,150 42,007 25,519 Deferred and current income tax expense (recovery), net (1,152) 3,081 5 245 4,782 1,814 9,764 (1,200) Net loss on transactions and other activities 4,246 3,428 3,946 8,588 5,690 2,772 11,668 4,762 Adjusted EBITDAFV for the period $ 94,610 $ 102,441 $ 88,419 $ 186,091 $ 171,823 $ 150,767 $ 363,952 $ 324,468 (1) Includes lease termination fees and other items, straight-line rent and amortization of lease incentives. Expand December 31, 2024 June 30, 2024 Adjusted EBITDAFV – quarterly (1) $ 94,610 $ 102,441 $ 88,419 Add (deduct): Normalized NOI of acquisitions, dispositions and developments in the quarter (2) 98 (52) (784) Normalized adjusted EBITDAFV – quarterly 94,708 102,389 87,635 Normalized adjusted EBITDAFV – annualized $ 378,832 $ 409,556 $ 350,540 (1) Adjusted EBITDAFV (a non-GAAP financial measure) for the three months ended June 30, 2025, December 31, 2024 and June 30, 2024 is reconciled to net income (loss) for the respective periods in the table above. (2) Represents the NOI had the acquisitions, dispositions and developments in the respective periods occurred for the full quarter. Expand
