The Becker Milk Company Limited

Three Month Financial Results and Regular Dividend - Seite 2

Non-GAAP financial measures

Net operating income

The non-GAAP financial measure Net Operating Income for the three months ended July 31, 2023 was $583,806, a $8,570 decrease compared with the previous year. Reduced revenue was partially offset by a reduction in operating expenses.

	Three months ended
	July 31
	2023	2022
Property revenue	$669,478	$678,652
Property operating expenses	(85,672)	(86,276)
Net operating income	$583,806	$592,376

Funds from operations and adjusted funds from operations

For the three months ended July 31, 2023 the Company recorded Adjusted funds from operations of $246,390 ($0.14 per share) compared to $162,697 ($0.09 per share) in 2022.

	Three months ended
	July 31
	2023	2022
Net income (loss)	$247,951	$32,763
Add (deduct) items not affecting cash:
Adjustment to fair value of investment properties	0	240,000
Loss (gain) on sale of investment properties	(2,122)	10,254
Tax on gains from sale of property	54,736	9,065
Deferred income taxes	(54,175)	(109,825)
Funds from operations	246,390	182,257
Add (deduct) non-operating items:
Expenses related to strategic review	0	14,440
Sustaining capital expenditures	0	(34,000)
Adjusted funds from operations	$246,390	$162,697
Adjusted funds from operations per share	$0.14	$0.09

STRATEGIC REVIEW