Ravelin Properties REIT 9 00 Convertible Unsecured Subordinated Debentures Exp 28 Feb 2026 T.RPR.DB

What a Disaster absolute reckoning SLAM said they buy under

[MARKOPOLIS]

under replacementr cost. Obviously that was BS

• The REIT revalued its property portfolio as at June 30, which resulted in a $154.4 million negative fair value adjustment in the second quarter as a result of third-party appraisals received, the REIT's own estimates, and property sales

• Funds from operations ("FFO")		$	4,388			$	5,770			(24.0)%
  FFO per unit		$	0.05			$	0.07			(28.6)%
  FFO payout ratio			—%				44.4%			(44.4)%
  Core-FFO		$	5,334			$	6,658			(19.9)%
  Core-FFO per unit		$	0.06			$	0.08			(25.0)%
  Core-FFO payout ratio			—%				38.4%			(38.4)%
  Adjusted FFO ("AFFO")		$	4,211			$	6,166			(31.7)%
  AFFO per unit		$	0.05			$	0.07			(28.6)%
  AFFO payout ratio			—%				41.5%			(41.5)%

[Tree2tree]

This was not unexpected.  In a weak market, sale prices will be less than replacement cost.  The write-downs were fully or more than priced into the share price.