RENTAL REVENUE, RECOVERIES, COSTS AND EXPENSES (Tables)

12 Months Ended

Dec. 31, 2023

RENTAL REVENUE, RECOVERIES, COSTS AND EXPENSES

Schedule of rental revenue

Rental revenue consists of:

Years ended December 31,	2023		2022
Base rent	$	427,354	$	376,296
Straight-line rent amortization	16,690		10,596
Tenant incentive amortization	(4,403)		(4,149)
Property tax recoveries	52,862		48,147
Property insurance recoveries	6,386		4,947
Operating cost recoveries	22,361		19,742
	$	521,250	$	455,579

Schedule of property operating costs

Property operating costs consist of:

Years ended December 31,	2023		2022
Non-recoverable from tenants:
Property taxes and utilities	$	1,230	$	910
Property insurance	694		776
Repairs and maintenance	427		420
Property management fees	378		339
Other	459		733
	$	3,188	$	3,178
Recoverable from tenants:
Property taxes and utilities	$	58,752	$	52,456
Property insurance	7,396		5,538
Repairs and maintenance	10,441		10,079
Property management fees	5,038		3,818
Other	1,197		152
	$	82,824	$	72,043
Property operating costs	$	86,012	$	75,221

Schedule of general and administrative expenses

General and administrative expenses consist of:

Years ended December 31,	2023		2022
Salaries, incentives and benefits	$	17,907	$	18,225
Audit, legal and consulting	4,341		3,205
Trustee/director fees including distributions, revaluations and expenses(1)	2,825		(1,777)
RSU and PSU compensation expense including distributions and revaluations(1)	7,782		1,835
Other public entity costs	2,629		2,615
Office rents including property taxes and common area maintenance costs	623		491
Capital tax	995		867
Information technology costs	2,524		2,213
Other	2,332		2,779
	$	41,958	$	30,453
Less: capitalized general and administrative expenses	(518)		(988)
	$	41,440	$	29,465

(1)For fair value remeasurement expense (recovery) amounts see note 13(b).

Schedule of interest expense and other financing costs

Interest expense and other financing costs consist of:

Years ended December 31,	2023		2022
Interest and amortized issuance costs relating to debentures and term loans	$	73,322	$	47,304
Amortization of deferred financing costs and other interest expense and charges	5,853		5,784
Interest expense related to lease obligations (note 10)	1,593		1,549
	$	80,768	$	54,637
Less: capitalized interest	(2,051)		(3,670)
	$	78,717	$	50,967

Schedule of fair value losses on financial instruments

Fair value losses (gains) on financial instruments, net, consist of:

Years ended December 31,	2023		2022
Foreign exchange collar contracts, net (note 18(a))	$	(3,076)	$	2,426
Derivatives, net (note 8(c))	20,372		(13,809)
	$	17,296	$	(11,383)