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Exempt Issuer

A listed issuer that has satisfied listing requirements as outlined in Section 502 of the Listing Requirements Manual. An exempt issuer is not subject to special reporting rules. This status is generally reserved for senior listed issuers.

Funds From Operations (FFO)

Used instead of earnings to evaluate real estate investment trusts (REITs). Depreciation of real estate that was deducted from earnings is added back in to calculate FFO. Any gains or losses from the sale of real estate is also removed. 

Dutch Auction

A method of allocating shares in an IPO where you specify how much you’re willing to pay for how many shares.

Delisted Issue

The status of a security that is no longer listed on the Exchange. The security could trade on another market.

Energy or Royalty Trust

Investment vehicles that may engage in the development, acquisition, and/or production of oil and gas reserves. The trust receives royalty income from producing properties (essentially, net cash flow) and then sells interests in the trust (called trust units) to investors. Conventional oil and gas royalty trusts are actively managed portfolios holding assets of mature producing properties. Substantially all of the cash flow generated by the oil and gas assets, net of certain deductions, such as administrative expenses and management fees, is passed on to the unit holders as royalty income. Capital expenses may also be deducted, but are usually subject to restrictions on the amount. The distributions are highly dependent upon the cash flow generated by the trust. In general, the largest variable in determining the level of cash flow is the price of crude oil and natural gas. Royalty trusts provide an alternative (from owning the shares of individual companies) for investors to participate in the oil and gas sector.