text: **FFO per Share ($)**
  
  $0.25 
  
  2011 
  2012 
  2013 
  $0.20 
  
  $0.15 
  
  $0.10 
  
  $0.05 
  
  $0.00 
  Q1  Q2 
  
  **Adjusted Funds From Operations (“AFFO”)**
  
  AFFO is a supplemental measure used by real estate analysts and some investors to represent FFO after taking into consideration the capital 
  spend related to maintaining the earning capacity of a portfolio versus NOI enhancing capital investments. AFFO is a non‑IFRS measure and 
  Management believes that significant judgment is required to determine the annual capital expenditures that relate to maintaining earning 
  capacity of an asset compared to the capital expenditures that will lead to higher rents or more efficient operations. 
  
  In order to provide investors with information to assist in assessing the Company’s payout ratio, Management has calculated AFFO using 
  the industry standard of $450 per apartment unit. the mHc industry does not have a standard amount for “maintenance” related capital 
  expenditures. Management has assumed $100 per MHC site as a reasonable estimate of non‑NOI enhancing capital expenditures per MHC site. 
  The weighted average number of rental units owned during the year was used to determine the capital adjustment applied to FFO to calculate 
  aFFo. 