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Ravelin Properties (RPR.UN) investor relations material
Ravelin Properties Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Achieved highest quarterly gross rental revenue and net operating income since Q3 2024, despite prior asset sales.
Signed 235,163 sq. ft. of new leases and renewals in Q3 2025 at a weighted average net rental rate of $18.29 per sq. ft., with new deals 20.5% above prior rates (excluding previously vacant space).
Leasing pipeline exceeds 895,000 sq. ft. globally, with over 100,000 sq. ft. of rent reviews in Ireland.
Occupancy declined to 74.5% from 75.8% sequentially, mainly due to a known 75,000 sq. ft. vacancy at 280 Broadway, Winnipeg.
Management is considering redevelopment and alternative uses for high vacancy properties.
Financial highlights
Rental revenue for Q3 2025 was $47.5 million, down 5.2% year-over-year.
Net operating income (NOI) for Q3 2025 was $21.3 million, down 12.2% year-over-year.
Net loss for Q3 2025 was $17.4 million, a significant improvement from a $182.1 million loss in Q3 2024.
Funds from operations (FFO) for Q3 2025 was $1.3 million ($0.02 per unit), down 90.5% year-over-year.
Adjusted EBITDA (trailing twelve months) was $76.4 million; annualized Q3 2025 Adjusted EBITDA was $83.1 million.
Outlook and guidance
Management expects further reduction in net debt to Adjusted EBITDA ratio following the full impact of a recent acquisition.
Active discussions are ongoing with senior lenders to extend forbearance agreements, with no extension reached as of the report date.
Forward-looking statements highlight expectations for leasing activity and property management improvements, but caution significant risks and uncertainties.
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