this is signifcantly higher than the estimate of CIBC
Net Asset Value
Net Asset Value ("NAV") represents total Unitholders' equity per the REIT's consolidated balance sheets, adjusted to include or exclude certain amounts in order to provide what management considers to be a key measure of the residual value of the REIT to its Unitholders as at the reporting date. NAV is therefore used by management on both an aggregate and per Unit basis to evaluate the net asset value attributable to Unitholders, and changes thereon based on the execution of the REIT's strategy. While NAV is calculated based on items included in the consolidated financial statements or supporting notes, NAV itself is not a standardized financial measure under IFRS and may not be comparable to similarly termed financial measures disclosed by other real estate investment trusts or companies in similar or different industries. Please refer to the "Basis of Presentation and Non-IFRS Measures" section within this press release for further information.
| A reconciliation of Unitholders' equity to NAV is as follows: |
| | | | | | | | | | |
| (€ Thousands, except per Unit amounts) | | |
| As at | | September 30, 2024 | | | December 31, 2023 | | | September 30, 2023 | |
| Unitholders' equity | € | 408,251 | | € | 427,247 | | € | 465,376 | |
| Class B LP Units | | 306,023 | | | 250,554 | | | 242,336 | |
| Unit-based compensation financial liabilities | | 311 | | | 187 | | | 146 | |
| Net deferred income tax liability1 | | 3,106 | | | 14,869 | | | 25,409 | |
| Net derivative financial asset2 | | (11,161 | ) | | (15,901 | ) | | (22,205 | ) |
| NAV | € | 706,530 | | € | 676,956 | | € | 711,062 | |
| NAV per Unit – diluted3 | € | 3.01 | | € | 2.90 | | € | 3.05 | |
| NAV per Unit – diluted (in C$)3,4 | C$ | 4.54 | | C$ | 4.24 | | C$ | 4.38 |
|