True North Commercial REIT Reports Q3-2026 Results

REIT reports 4.5%  growth in Q3-2026 Same Property NOI and completes approximately 107,000 square feet of new and renewed leases.

/NOT FOR DISTRIBUTION IN THE U.S. OR OVER U.S. NEWSWIRES/

TORONTO, Nov. 10, 2026 /CNW/ -- True North Commercial Real Estate Investment Trust (TSX: TNT.UN) (the "REIT") today announced its financial results for the three months ended September 30, 2026 ("Q3-2026") and nine months ended September 30, 2026 ("YTD-2026").

"We are pleased with the REIT's strong Same Property NOI growth and continued leasing momentum," said Daniel Drimmer, the REIT's Chief Executive Officer. "During the quarter, we completed approximately 107,000 square feet of leasing activity, including 66,000 square feet of government renewals, demonstrating the strength of our tenant relationships and our continued focus on maintaining a stable, high quality portfolio. Management remains focused on building on this momentum through continued tenant engagement, disciplined capital allocation and initiatives that support long-term value creation for our unitholders."

Q3-2026 highlights

• The REIT's core portfolio occupancy^([1]) at the end of Q3-2026 was approximately 93% with a weighted average lease term ("WALT")⁽¹⁾ of 4.1 years.
• The REIT contractually leased or renewed approximately 107,000 square feet with a WALT of 6.9 years achieving positive leasing spreads on renewals of 7.3% for Q3-2026.
• Revenue decreased from $30,586 in three months ended September 30, 2025 ("Q3-2025") to $29,653 in Q3-2026 representing a 3.1% decrease primarily due to a reduction in the REIT's Ottawa market occupancy in Q3-2026 relative to same period last year as a result of a strategically executed early lease termination completed in three months ended December 31, 2025 ("Q4-2025") with the property being classified as held for sale since that time. Excluding the impact of the Ottawa property noted above, Q3-2026 revenue would have increased by 1.0% relative to Q3-2025 as a result of strong leasing activity in 2025 and YTD-2026 as well as the impact of contractual rent increases.
• Q3-2026 same property net operating income ("Same Property NOI")⁽¹⁾ excluding an asset held for sale increased by approximately 4.5% compared to the same period in 2025 with the increase primarily attributable to strong leasing activity throughout the portfolio. Excluding the impact of termination income and free rent in both periods, Same Property NOI in Q3-2026 would have increased by approximately 6.0%. The REIT continues to focus on leasing activity and continues to maintain above market occupancy levels across its portfolio.
• Q3-2026 net income and comprehensive income of $2,331 improved by $7,544 or 144.7% compared to same period in 2025, primarily due to lower fair value loss on investment properties during Q3-2026 relative to Q3-2025.
• The REIT's Q3-2026 funds from operations ("FFO")⁽¹⁾ and adjusted funds from operations ("AFFO")⁽¹⁾  increased by $317 or 3.9% and $205 or 2.6%, respectively when compared to the same period in 2025 primarily due to increase in Same Property NOI, lower financing costs resulting from lower outstanding debt as well as the impact of dispositions in late 2025 of primarily vacant buildings which had a negative impact on FFO and AFFO during Q3-2025.
• FFO basic and diluted per trust units ("Unit")⁽¹⁾ increased from $0.56 in Q3-2025 to $0.58 in Q3-2026 and AFFO basic and diluted per Unit⁽¹⁾ increased from $0.54 in Q3-2025 to $0.55 in Q3-2026, respectively, due to the reasons outlined above for the changes in FFO and AFFO.

_______________________________

¹  This is a non-IFRS financial measure, refer to "Non-IFRS measures". Represents occupancy, excluding assets held for sale and WALT.

YTD highlights

• The REIT contractually leased and renewed approximately 285,900 square feet with a WALT of 7.3 years and a 5.5% increase over expiring base rents.
• Revenue decreased from $89,788 in nine months ended September 30, 2025 ("YTD-2025") to $87,333 in YTD-2026 representing a 2.7% decrease primarily attributable to the same reasons noted above for Q3-2026 revenue. Excluding the impact of the Ottawa property noted above, YTD-2026 revenue would have increased by 1.1% relative to YTD-2025 as a result of the same reasons noted above for Q3-2026.
• YTD-2026 Same Property NOI excluding an asset held for sale increased by 1.2% compared to the same period in 2025 due to the same reasons noted above for Q3-2026 Same Property NOI. Excluding the impact of termination income and free rent in both periods, Same Property NOI in YTD-2026 would have increased by approximately 4.0%. The REIT continues to focus on leasing activity and continues to maintain above market occupancy levels across its portfolio.
• YTD-2026 net loss and comprehensive loss of $230 improved by $16,347 or 98.6% compared to same period in 2025, primarily due to the same reasons noted above for Q3-2026 net income and comprehensive income.
• The REIT's YTD-2026 FFO increased by $464 or 2.0% relative to YTD-2025 due to the same reasons noted above for Q3-2026 FFO. YTD-2026 AFFO decreased by $489 or 2.2% when compared to the same period in 2025 as a result of a reduction in the non-cash straight line rent adjustment being added back to AFFO between the two periods, partially offset by the items noted above for FFO changes between the two periods.
• FFO basic and diluted per Unit increased from $1.57 and $1.56 in YTD-2025 to $1.61 and $1.59 in YTD-2026 while AFFO basic and diluted per Unit decreased from $1.53 and $1.52 in YTD-2025 to $1.50 and $1.48 in YTD-2026, respectively, due to the reasons outlined above for the changes in FFO and AFFO. Excluding the termination income amounts recorded in YTD-2025, YTD-2026 diluted AFFO would have increased by approximately 3.1% or $0.04 per Unit relative to YTD-2025.
• On April 23, 2026, the REIT renewed the 2025 normal course issuer bid ("2026 NCIB"), as approved by the TSX. Under the 2026 NCIB, the REIT has the ability to purchase for cancellation up to a maximum of 1,235,415 of its Units, representing 10% of the REIT's public float of 12,354,156 Units as of April 9, 2026 through the facilities of the TSX or through a Canadian alternative trading system and in accordance with applicable regulatory requirements at a price per Unit equal to the market price at the time of acquisition.
• During YTD-2026, the REIT successfully completed $113,828 of refinancings for debt maturing in 2026 at a weighted average interest rate of 4.83% and weighted average term of 2.90 years. The REIT is finalizing the renewal of the remaining debt maturing in 2026 which includes three mortgages each secured by single assets owned by the REIT totalling $126,000 as well as the REIT's credit facility ("Credit Facility"). The REIT is in final stages of renewing or refinancing these loans, all of which are with lenders that the REIT has strong and longstanding relationships with. The REIT continues to focus on proactively managing its debt maturity profile to strengthen the REIT's financial position.

Subsequent event

On October 30, 2026, the REIT entered into an agreement of purchase and sale to dispose of 3699 63rd Avenue NE, Calgary, Alberta totaling 209,400 square feet for a sale price of $57,000, with closing expected on or about December 14, 2026.

Key performance indicators

		Q3-2026	Q3-2025	YTD-2026	YTD-2025
Number of properties^(1)				37	38
Portfolio gross leasable area ("GLA")^(1)				4,406,400 sf	4,460,100 sf
Occupancy^(1)(2)				93 %	94 %
WALT^(1)				4.1 years	4.3 years
Revenue from government and credit rated tenants^(1)				73 %	72 %
Revenue		$    29,653	$    30,586	$     87,333	$    89,788
Net operating income ("NOI")^(3)		14,217	15,369	41,258	43,837
Net income (loss) and comprehensive income (loss)		2,331	(5,213)	(230)	(16,577)
Same Property NOI^(4)		18,538	18,841	53,013	55,689
FFO		$      8,422	$      8,105	$     23,150	$    22,686
FFO per Unit - basic		0.58	0.56	1.61	1.57
FFO per Unit - diluted		0.58	0.56	1.59	1.56
AFFO		$     8,005	$      7,800	$     21,575	$    22,064
AFFO per Unit - basic		0.56	0.54	1.50	1.53
AFFO per Unit - diluted		0.55	0.54	1.48	1.52
AFFO payout ratio - diluted^(3)		31 %	32 %	35 %	26 %
Distributions declared		$      2,485	$      2,485	$      7,455	$      5,796
^(1)This is presented as at the end of the applicable reporting period, rather than for the quarter.
^(2)Represents same property occupancy excluding assets classified as held for sale as at September 30, 2026. The REIT's occupancy for all assets owned as at the end of each reporting period (including any held for sale asset) was 90% as at the end of Q3-2026 (Q3-2025 - 90%).
^(3)This is a non-IFRS financial measure, refer to "Non-IFRS measures".
^(4)Represents Same Property NOI including assets classified as held for sale during Q3-2026 and Q3-2025. Same Property NOI excluding assets classified as held for sale have been presented separately in this press release.

Operating results

Revenue decreased from $30,586 in Q3-2025 to $29,653 in Q3-2026 representing a 3.1% decrease (YTD-2026 - decreased by 2.7%) primarily due to a reduction in the REIT's Ottawa market occupancy in Q3-2026 relative to same period last year as a result of a strategically executed early lease termination completed in Q4-2025 with the property being classified as held for sale since that time. Excluding the impact of the Ottawa property noted above, Q3-2026 revenue would have increased by 1.0% relative to Q3-2025 (YTD-2026 - increased by 1.1% relative to YTD-2025) as a result of strong leasing activity in 2025 and YTD-2026 as well as the impact of contractual rent increases.

Q3-2026 Same Property NOI excluding an asset held for sale increased by approximately 4.5% (YTD-2026 - 1.2%) compared to the same period in 2025 with the increase primarily attributable to strong leasing activity throughout the portfolio. Excluding the impact of termination income and free rent in both periods, Same Property NOI in Q3-2026 would have increased by approximately 6.0% (YTD-2026 - 4.0%). The REIT continues to focus on leasing activity and continues to maintain above market occupancy levels across its portfolio.

Q3-2026 net income and comprehensive income of $2,331 improved by $7,544 or 144.7% compared to same period in 2025 (YTD-2026 - loss of $230 improved by $16,347 or 98.6%), primarily due to lower fair value loss on investment properties during Q3-2026 relative to Q3-2025.

The REIT's Q3-2026 FFO and AFFO increased by $317 or 3.9% (YTD-2026 - $464 or 2.0%) and $205 or 2.6% (YTD-2026 - decreased by $489 or 2.2%), respectively when compared to the same period in 2025 primarily due to increase in Same Property NOI, lower financing costs resulting from lower outstanding debt as well as the impact of dispositions in late 2025 of primarily vacant buildings which had a negative impact on FFO and AFFO during Q3-2025. The decrease of YTD-2026 AFFO relative to YTD-2025 was due to a reduction in the non-cash straight line rent adjustment being added back to AFFO between the two periods, partially offset by the items noted above for FFO changes between the two periods.

FFO basic and diluted per Unit increased from $0.56 in Q3-2025 to $0.58 in Q3-2026 (YTD-2025 - $1.57 and $1.56 to YTD-2026 - $1.61 and $1.59, respectively) and AFFO basic and diluted per Unit increased from $0.54 in Q3-2025 to $0.56 and $0.55 in Q3-2026 while decreased from $1.53 and $1.52 in YTD-2025 to $1.50 and $1.48 in YTD-2026, respectively, due to the reasons outlined above for the changes in FFO and AFFO. Excluding the termination income amounts recorded in YTD-2025, YTD-2026 diluted AFFO would have increased by approximately 3.1% or $0.04 per Unit relative to YTD-2025.

Same Property NOI

Occupancy^(1)		As at September 30			Same Property NOI^(1)
		2026	2025				Q3-2026	Q3-2025	Variance	Variance %
Alberta		96.0 %	87.8 %		Alberta		$     2,785	$     2,854	$        (69)	(2.4) %
British Columbia		74.8 %	74.8 %		British Columbia		330	515	(185)	(35.9) %
New Brunswick		92.2 %	91.3 %		New Brunswick		1,374	1,335	39	2.9 %
Nova Scotia		93.7 %	88.6 %		Nova Scotia		1,484	1,446	38	2.6 %
Ontario		93.7 %	92.3 %		Ontario		12,998	12,010	988	8.2 %
Total		93.2 %	90.7 %				$     18,971	$     18,160	$         811	4.5 %
^(1)Excluding assets held for sale.

Q3-2026 Same Property NOI excluding an asset held for sale increased by approximately 4.5% (YTD-2026 - 1.2%) compared to the same period in 2025 with the increase primarily attributable to strong leasing activity throughout the portfolio. Excluding the impact of termination income and free rent in both periods, Same Property NOI in Q3-2026 would have increased by approximately 6.0% (YTD-2026 - 4.0%). The REIT continues to focus on leasing activity and continues to maintain above market occupancy levels across its portfolio.

Occupancy in the Alberta portfolio increased as a result of successful leasing activity, including the execution of 34,000 square foot, ten year lease with rent commencing by the end of 2026. Q3-2026 Alberta Same Property NOI decreased by 2.4% compared to Q3-2025 with the decrease primarily due to the early termination of an existing lease in Q3-2026 to accommodate the new lease entered into during the period described above.

Q3-2026 British Columbia Same Property NOI decreased by 35.9% primarily due to lower rental revenue resulting from rent incentives provided to a renewing tenant during Q3-2026 which no comparable amounts in Q3-2025.

Q3-2026 Same Property NOI increased by 2.9% and 2.6% in New Brunswick and Nova Scotia, respectively, compared to Q3-2025, primarily due to higher occupancy as well as contractual rent increases.

Q3-2026 Ontario Same Property NOI increased by 8.2% relative to Q3-2025 primarily attributable to increased occupancy between the two periods as well as contractual rent increases. Q3-2026 included $1,520 of termination income (Q3-2025 - $1,394) and as a result, the Ontario Same Property NOI change between Q3-2026 and Q3-2025 excluding termination income would have been relatively consistent with the figures described above.

Debt and liquidity

		September 30, 2026	December 31, 2025
Indebtedness to GBV ratio^(1)		62.6 %	62.5 %
Interest coverage ratio^(1)		2.30 x	2.27 x
Indebtedness^(1) - weighted average fixed interest rate		4.57 %	4.41 %
Indebtedness - weighted average term to maturity		1.95 years	2.21 years
^(1)This is a non-IFRS financial measure, refer to "Non-IFRS measures".

As at September 30, 2026, the REIT had access to available funds ("Available Funds")^([2]) of approximately $25,002 with its mortgage portfolio carrying a weighted average term to maturity of 1.95 years and weighted average fixed interest rate of 4.57%.

During YTD-2026, the REIT successfully completed $113,828 of refinancings for debt maturing in 2026 at a weighted average interest rate of 4.83% and weighted average term of 2.90 years. The REIT is finalizing the renewal of the remaining debt maturing in 2026 which includes three mortgages each secured by single assets owned by the REIT totalling $126,000 as well as the REIT's Credit Facility. The REIT is in final stages of completing extensions or refinancing these loans, all of which are with lenders who the REIT has strong and longstanding relationships with. The REIT continues to focus on proactively managing its debt maturity profile to strengthen the REIT's financial position.

_____________________________

¹  This is a non-IFRS financial measure, refer to "Non-IFRS measures".

About the REIT

The REIT is an unincorporated, open-ended real estate investment trust established under the laws of the Province of Ontario. The REIT currently owns and operates a portfolio of 37 commercial properties consisting of approximately 4.4 million square feet in urban and select strategic secondary markets across Canada focusing on long term leases with government and credit rated tenants.

The REIT is focused on growing its portfolio principally through acquisitions across Canada and such other jurisdictions where opportunities exist. Additional information concerning the REIT is available at www.sedarplus.ca or the REIT's website at www.truenorthreit.com.

Non-IFRS measures

Certain terms used in this press release such as FFO, AFFO, FFO and AFFO payout ratios, NOI, Same Property NOI, indebtedness ("Indebtedness"), gross book value ("GBV"), Indebtedness to GBV ratio, net earnings before interest, tax, depreciation and amortization and fair value gain (loss) on financial instruments and investment properties ("Adjusted EBITDA"), interest coverage ratio, net asset value ("NAV") per Unit, Available Funds, occupancy and WALT are not measures defined by IFRS Accounting Standards ("IFRS") as prescribed by the International Accounting Standards Board, do not have standardized meanings prescribed by IFRS and should not be compared to or construed as alternatives to profit/loss, cash flow from operating activities or other measures of financial performance calculated in accordance with IFRS. FFO, AFFO, FFO and AFFO payout ratios, NOI, Same Property NOI, Indebtedness, GBV, Indebtedness to GBV ratio, Adjusted EBITDA, interest coverage ratio, adjusted cash provided by operating activities, NAV per Unit, Available Funds, occupancy and WALT as computed by the REIT may not be comparable to similar measures presented by other issuers. The REIT uses these measures to better assess the REIT's underlying performance and provides these additional measures so that investors may do the same. Details on non-IFRS measures are set out in the REIT's Management's Discussion and Analysis for Q3-2026 and the Annual Information Form are available on the REIT's profile at www.sedarplus.ca.

Reconciliation of non-IFRS financial measures

The following tables reconcile the non-IFRS financial measures to the comparable IFRS measures for Q3-2026, Q3-2025, YTD-2026 and YTD-2025. These non-IFRS financial measures do not have any standardized meanings prescribed by IFRS and may not be comparable to similar measures presented by other issuers.

NOI

The following table calculates the REIT's NOI, a non-IFRS financial measure:

		Q3-2026	Q3-2025	YTD-2026	YTD-2025
Revenue		$      29,653	$      30,586	$      87,333	$      89,788
Expenses:
Property operating		(10,554)	(10,294)	(31,385)	(31,169)
Property taxes		(4,882)	(4,923)	(14,690)	(14,782)
NOI		$        14,217	$       15,369	$       41,258	$      43,837

Same Property NOI

Same Property NOI is measured as the NOI for the properties owned and operated by the REIT for the current and comparative period. The following table reconciles the REIT's Same Property NOI to NOI:

		Q3-2026	Q3-2025	YTD-2026	YTD-2025
Number of properties		37	37	37	37
Revenue		$      29,653	$      30,569	$      87,333	$      89,576
Expenses:
Property operating		(10,554)	(10,251)	(31,385)	(30,628)
Property taxes		(4,882)	(4,884)	(14,690)	(14,474)
		$        14,217	$       15,434	$       41,258	$       44,474
Add:
Amortization of leasing costs and tenant inducements		3,979	3,054	11,067	9,740
Straight-line rent		342	353	688	1,475
Same Property NOI		$       18,538	$        18,841	$       53,013	$      55,689
Less: NOI related to properties held for sale included in the above		(433)	681	(1,193)	2,107
Same Property NOI excluding investment properties held for sale		$        18,971	$       18,160	$      54,206	$      53,582
Reconciliation to condensed consolidated interim financial statements:
Acquisition, dispositions and investment properties held for sale		(433)	615	(1,193)	1,470
Amortization of leasing costs and tenant inducements		(3,979)	(3,054)	(11,067)	(9,740)
Straight-line rent		(342)	(352)	(688)	(1,475)
NOI		$        14,217	$       15,369	$       41,258	$      43,837

FFO and AFFO

The following table reconciles the REIT's FFO and AFFO to net income (loss) and comprehensive income (loss), for Q3-2026, Q3-2025, YTD-2026 and YTD-2025:

		Q3-2026	Q3-2025	YTD-2026	YTD-2025
Net income (loss) and comprehensive income (loss)		$      2,331	$      (5,213)	$       (230)	$    (16,577)
Add / (deduct):
Transaction costs on sale of investment properties		--	185	--	724
Distributions on Class B LP Units		59	73	177	169
Fair value adjustment on Class B LP Units		(282)	(4)	(357)	(574)
Fair value adjustment of investment properties and investment properties held for sale		2,542	9,800	12,586	28,412
Unrealized gain (loss) on change in fair value of derivative instruments		(117)	220	(25)	838
Fair value adjustment of Unit-based compensation		(90)	(10)	(68)	(46)
Amortization of leasing costs and tenant inducements		3,979	3,054	11,067	9,740
FFO		$      8,422	$      8,105	$     23,150	$    22,686
Add / (deduct):
Unit-based compensation expense		132	115	350	275
Straight-line rent		342	352	688	1,475
Instalment note receipts		8	9	25	30
Amortization of mortgage premiums		(11)	(12)	(34)	(30)
Amortization of financing costs		221	362	687	1,050
Capital reserve		(1,109)	(1,131)	(3,291)	(3,422)
AFFO		$     8,005	$      7,800	$     21,575	$    22,064
FFO per Unit:
Basic		$0.58	$0.56	$1.61	$1.57
Diluted		0.58	0.56	1.59	1.56
AFFO per Unit:
Basic		$       0.56	$       0.54	$        1.50	$        1.53
Diluted		0.55	0.54	1.48	1.52
AFFO payout ratio:
Basic		31 %	32 %	35 %	26 %
Diluted		31 %	32 %	35 %	26 %
Distributions declared		$      2,485	$      2,485	$      7,455	$      5,796
Weighted average Units outstanding (000s):
Basic		14,406	14,398	14,404	14,418
Add:
Unit options and Incentive Units		144	100	129	91
Diluted		14,550	14,498	14,533	14,509

Indebtedness to GBV ratio

The table below calculates the REIT's Indebtedness to GBV ratio as at September 30, 2026 and December 31, 2025. The Indebtedness to GBV ratio is calculated by dividing the Indebtedness by GBV:

		September 30, 2026	December 31, 2025
Total assets		$      1,166,752	$      1,169,296
Deferred financing costs		5,351	5,264
GBV^(1)		$       1,172,103	$      1,174,560
Mortgages payable		$       674,893	$       692,289
Credit Facility		57,197	40,682
Unamortized financing costs and mark to market mortgage adjustments		1,162	1,639
Indebtedness		$       733,252	$        734,610
Indebtedness to GBV ratio		62.6 %	62.5 %
^(1) This is a non-IFRS financial measure, refer to "Non-IFRS measures".

Adjusted EBITDA

The table below reconciles the REIT's Adjusted EBITDA to net income (loss) and comprehensive income (loss) for the twelve months period ended September 30, 2026 and 2025:

		Twelve months ended September 30
		2026	2025
Net loss and comprehensive loss		$          (16,225)	$           (31,737)
Add (deduct):
Interest expense		32,737	32,833
Amortization of leasing costs, tenant inducements, mortgage premium and financing costs		15,151	13,757
Fair value adjustment of Unit-based compensation		(109)	(149)
Transaction costs on sale of investment properties		1,307	724
Distributions on Class B LP Units		240	169
Fair value adjustment on Class B LP Units		(493)	(1,718)
Fair value adjustment of investment properties and investment properties held for sale		42,613	50,783
Unrealized (gain) loss on change in fair value of derivative instruments		(29)	1,125
Adjusted EBITDA^(1)		$           75,192	$           65,787
^(1) This is a non-IFRS financial measure, refer to "Non-IFRS measures".

Interest coverage ratio

The table below calculates the REIT's interest coverage ratio for the twelve months period ended September 30, 2026 and 2025. The interest coverage ratio is calculated by dividing Adjusted EBITDA by interest expense.

		Twelve months ended September 30
		2026	2025
Adjusted EBITDA		$          75,192	$         65,787
Interest expense		32,737	32,833
Interest coverage ratio		2.30 x	2.00 x

Available Funds

The table below calculates the REIT's Available Funds as at September 30, 2026 and December 31, 2025:

		September 30, 2026	December 31, 2025
Cash and cash equivalents		$             7,199	$            7,638
Undrawn Credit Facility		17,803	34,318
Available Funds		$          25,002	$           41,956

Forward-looking statements

Certain statements contained in this press release constitute forward-looking information within the meaning of Canadian securities laws. Forward-looking statements are provided for the purposes of assisting the reader in understanding the REIT's financial performance, financial position and cash flows as at and for the periods ended on certain dates and to present information about management's current expectations and plans relating to the future. Readers are cautioned that such statements may not be appropriate for other purposes. Forward-looking information may relate to future results, performance, debt financing, achievements, events, prospects or opportunities for the REIT or the real estate industry and may include statements regarding the financial position, business strategy, budgets, projected costs, capital expenditures, financial results, taxes, distributions, plans, the benefits and renewal of the NCIB, or through other capital programs and objectives of or involving the REIT. In some cases, forward-looking information can be identified by such terms as "may", "might", "will", "could", "should", "would", "expect", "plan", "anticipate", "believe", "intend", "seek", "aim", "estimate", "target", "goal", "project", "predict", "forecast", "potential", "continue", "likely", or the negative thereof or other similar expressions suggesting future outcomes or events.

Forward-looking statements involve known and unknown risks and uncertainties, which may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, assumptions may not be correct and objectives, strategic goals and priorities may not be achieved. A variety of factors, many of which are beyond the REIT's control, affect the operations, performance and results of the REIT and its business, and could cause actual results to differ materially from current expectations of estimated or anticipated events or results. These factors include, but are not limited to: risks and uncertainties related to the Units and trading value of Units; risks related to the REIT and its business; fluctuating interest rates and general economic conditions, including potential higher levels of inflation; the impact of any tariffs and retaliatory tariffs on the economy, the effects of global economic uncertainty and geopolitical instability on financial markets and borrowing costs, credit, market, operational and liquidity risks generally; occupancy levels and defaults, including the failure to fulfill contractual obligations by tenants; lease renewals and rental increases; the ability to re-lease and secure new tenants for vacant space; the timing and ability of the REIT to acquire or sell certain properties; work-from-home flexibility initiatives on the business, operations and financial condition of the REIT and its tenants, as well as on consumer behavior and the economy in general; the ability to enforce leases, perform capital expenditure work, increase rents, raise capital through the issuance of Units or other securities of the REIT; the benefits of any NCIB program, or through other capital programs, the ability of the REIT to continue to pay distributions in future periods; and obtain mortgage financing on the REIT's properties and for potential acquisitions or to refinance debt at maturity on similar terms. The foregoing is not an exhaustive list of factors that may affect the REIT's forward-looking statements. Other risks and uncertainties not presently known to the REIT could also cause actual results or events to differ materially from those expressed in its forward-looking statements. The reader is cautioned to consider these and other factors, uncertainties and potential events carefully and not to put undue reliance on forward-looking statements as there can be no assurance actual results will be consistent with such forward-looking statements.

Information contained in forward-looking statements is based upon certain material assumptions applied in drawing a conclusion or making a forecast or projection, including management's perception of historical trends, current conditions and expected future developments, as well as other considerations believed to be appropriate in the circumstances. There can be no assurance regarding: (a) work-from-home initiatives on the REIT's business, operations and performance, including the performance of its Units; (b) the its ability to mitigate any impacts related to fluctuating interest rates, potential higher levels of inflation, the impact of any current or future tariffs and the shift to hybrid working; (c) the factors, risks and uncertainties expressed above in regards to the hybrid work environment on the commercial real estate industry and property occupancy levels; (d) credit, market, operational, and liquidity risks generally; (e) the availability of investment opportunities for growth in Canada and the timing and ability of the REIT to acquire or sell certain properties; (f) repurchasing Units under the NCIB; (g) Starlight Group Property Holdings Inc., or any of its affiliates, continuing as asset manager of the REIT in accordance with its current asset management agreement; (h) the benefits of the NCIB, or through other capital programs; (i) the availability of debt financing for potential acquisitions or refinancing loans at maturity on similar terms; (j) the ability of the REIT to continue to pay distributions in future periods and (k) other risks inherent to the REIT's business and/or factors beyond its control which could have a material adverse effect on the REIT.

The forward-looking statements made relate only to events or information as of the date on which the statements are made. Except as specifically required by applicable Canadian law, the REIT undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.

  This is a non-IFRS financial measure, refer to "Non-IFRS measures". Represents occupancy, excluding assets held for sale and WALT.

SOURCE True North Commercial Real Estate Investment Trust

For further information: Daniel Drimmer, Chief Executive Officer, [phone]; or Martin Liddell, Chief Financial Officer, [phone]