Morguard Real Estate Investment 5 25 convertible unsecured subordinated debentures T.MRT.DB.A

Income statements

[deisman]

I'm thinking about taking a position in MRT.UN as the P/E an P/B looks attractive.  Unfortunately Im accounting challanged.  Checking out the TSX website at https://web.tmxmoney.com/financials.php?qm_page=75771&qm_symbol=MRT.UN I can't figure out why EBITDA and operating income has dropped considerably and if this should affect my decision. (per  QT ending 09/13)

EBITDA (Operating Income Before Depreciation)

46,384

65,939

91,048

98,304

64,425

I'm probably safer looking at

Net Income from Total Operations

31,680

51,290

75,851

84,566

53,014

or

Diluted EPS from Total Operations

0.43

0.70

1.04

1.41

0.85

which has deteriated.  Also what happens if interest rates go up ?  DO they have a lot of mortgages coming due?  I appreciate and response from those of you much wiser than me.    Thank you