text: **PART V**
  
  **Funds from Operations (“FFO”)**
  
  FFO is recognized as an industry‑wide standard measure for real estate entities’ operating performance, and Management considers FFO per 
  share to be a key measure of operating performance. The calculation of FFO includes adjustments specific to the real estate industry applied 
  against net income to calculate a supplementary measure of performance that can be compared with other real estate companies and real 
  estate investment trusts. REALpac, Canada’s senior national industry association for owners and managers of investment real estate, has 
  recommended guidelines for a standard industry calculation of FFO based on IFRS. FFO does not have a standardized meaning under IFRS and 
  therefore may not be comparable to similarly titled measures presented by other public companies. Killam calculates FFO in accordance with the 
  REALpac definition as follows: 