Ann: Quarterly Report - Q3 2022, page-2

These guys don't help themselves by their lousy reporting.

- Why are they using a mix of AUD and USD? This is purely a USD company. The AUD only serves to confuse and hide trends.
- The use of YTD numbers on the 'Fund Cash Flow Profile' page doesn't show anything meaningful trends

Here are my transposed numbers in USD on a per quarter basis. You can see
- Revenue going up Q on Q (due to rent increases)
- Property Expenses going up (due to taxes and maintenance)
- G&A coming down heaps in Q3 (due to reduction of staff numbers)
- Funds from Operations nearly break even (although they have guided that they won't be breaking even this year now)

Much easier to understand in this table isn't it?

	USD per Q	Q1	Q2	Q3
1	Revenue	7.5	7.7	7.7
2	One-off Grant	0.0	0.0	0.2
3	Property Expenses	-2.5	-2.3	-2.8
4	One-off Disposal Expenses	-1.1	0.0	0.0
5	G&A	-1.9	-2.9	-1.7
6	One-off GA	-0.3	-1.0	0.0
7	EBITDA	1.8	1.5	3.4
8	EBITDA ex One-Offs	3.2	2.5	3.2
9	Net Interest	-3.6	-3.5	-3.5
10	FFO	-1.8	-2.0	-0.1
11	FFO ex One-Offs	-0.4	-1.0	-0.3