Company: BIP-PB
Filing Date: 2025-03-24
Form Type: 20-F
Source: 0001628280-25-014380
Chunk: 253

Company: Brookfield Infrastructure Partners L.P.
Filing Date: 2025-03-24
Form: 20-F
Item: Item 5
Chunk 253
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 non-controlling interests - BIPC exchangeable shares and class A.2 exchangeable shares.

(2) Average number of limited partnership units outstanding on a time weighted average basis for the year ended December 31, 2024 were 461.6 million (2023: 459.4 million, 2022: 458.1 million).

(3) Refer to the “ Performance Measures Used by Management” section of this MD& A for a definition of FFO, AFFO and Adjusted EBITDA, and the “ Reconciliation of Non-IFRS Financial Measures” section of this MD& A for reconciliation from net income to FFO, AFFO and Adjusted EBITDA.

(4) Average units outstanding during the year ended December 31, 2024, were 792.1 million units outstanding (2023: 776.9 million, 2022: 771.2 million).

(5) Return on invested capital is calculated as AFFO, adjusted for an estimate of the portion of earnings that represent a return of capital on concession-based businesses, divided by average Invested Capital. The return of capital estimate for the year ended December 31, 2024 was $121 million (2023: $118 million, 2022: $137 million). Refer to the “ Reconciliation of Non-IFRS Financial Measures” section of this MD& A for reconciliation from partnership capital to Invested Capital.

(6) Distribution per unit is defined as the sum of partnership distributions less incentive distributions, divided by the total limited partner units, general partner units, Redeemable Partnership Units, Exchange LP Units, BIPC Exchangeable LP Units, BIPC exchangeable shares and class A.2 exchangeable shares outstanding as of the record date. During the year ended December 31, 2024, the partnership paid quarterly distributions of $0.41 per unit.

(7) FFO payout ratio is defined as distributions paid (inclusive of GP incentive and preferred unit distributions) divided by FFO.

(8) AFFO payout ratio is defined as distributions paid (inclusive of GP incentive and preferred unit distributions) divided by AFFO.

For the year ended December 31, 2024, FFO totaled$2.5 billion($3.12 per unit) compared to$2.3 billion($2.95 per unit) in 2023 and$2.1 billion($2.71 per unit) in 2022. FFO of $2.5