True North Commercial REIT Reports Q2-2026 Results
/NOT FOR DISTRIBUTION IN THE U.S. OR OVER U.S. NEWSWIRES/
REIT reports strong leasing activity across portfolio, driving 7.1% growth in Q2-2026 Same Property NOI while maintaining above market occupancy levels.
TORONTO, Aug. 13, 2026 /CNW/ -- True North Commercial Real Estate Investment Trust (TSX: TNT.UN) (the "REIT") today announced its financial results for the three months ended June 30, 2026 ("Q2-2026") and six months ended June 30, 2026 ("YTD-2026").
"The REIT delivered strong same property NOI growth during the quarter, supported by robust leasing activity and high occupancy across the portfolio," said Daniel Drimmer, the REIT's Chief Executive Officer. "During the quarter, we completed approximately 70,000 square feet of leasing activity, with new leases achieved at an average term of approximately 11 years. These results reflect the strength of our tenant relationships and the quality of our 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."
Q2-2026 highlights
- The REIT's core portfolio occupancy(1) at the end of Q2-2026 was approximately 96% with a weighted average lease term ("WALT")(1) of 4.2 years.
- The REIT contractually leased or renewed approximately 69,900 square feet with a WALT of 8.4 years achieving positive leasing spreads on renewals of 1.3% for Q2-2026.
- Revenue decreased from $28,116 in three months ended June 30, 2025 ("Q2-2025") to $27,850 in Q2-2026 representing a 0.9% decrease primarily due to a reduction in the REIT's Ottawa market occupancy in Q2-2026 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 since being classified as held for sale. Excluding the Ottawa property, revenue would have increased by 5.3% in Q2-2026 relative to Q2-2025 primarily as a result of strong leasing activity in 2025 and early 2026 and the impact of contractual rent increases.
- Q2-2026 same property net operating income ("Same Property NOI")(1) excluding assets held for sale increased by approximately 7.1% compared to the same period in 2025, 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 Q2-2026 would have increased by approximately 5.8%. The REIT continues to focus on leasing activity and continues to maintain above market occupancy levels across its portfolio.
- Q2-2026 net loss and comprehensive loss improved by $8,829 or 74.0% compared to same period in 2025, primarily due to lower fair value loss on investment properties and investment properties held for sale.
- The REIT's Q2-2026 funds from operations ("FFO")(1) and adjusted funds from operations ("AFFO")(1) increased by $873 and $1,028, respectively when compared to the same period in 2025 primarily due to increase in Same Property NOI as well as the impact of dispositions in late 2025 of primarily vacant buildings which had a negative impact on FFO and AFFO during Q2-2025. These increases were partially offset by an increase in interest costs related to increases in the REIT's weighted average interest rate from the refinancing activity completed throughout 2025.
- FFO basic and diluted per trust units ("Unit")(1) increased from $0.45 in Q2-2025 to $0.51 in Q2-2026 and AFFO basic and diluted per Unit(1) increased from $0.42 in Q2-2025 to $0.49 in Q2-2026, respectively, due to the reasons outlined above for the changes in FFO and AFFO.
- 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.
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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 179,900 square feet with a WALT of 7.5 years and a 3.5% increase over expiring base rents.
- Revenue decreased from $59,202 in six months ended June 30, 2025 ("YTD-2025") to $57,680 in YTD-2026 representing a 2.6% decrease primarily attributable to termination income recognized in Q1-2025 related to a Greater Toronto Area ("GTA") vacancy that has since been re-leased, commencing in 2027. Excluding the $1,314 of termination income included in YTD-2025 and the impact of the Ottawa property noted above for Q2-2026, YTD-2026 revenue would have increased by 6.8% in YTD-2026 relative to YTD-2025 primarily as a result of strong leasing activity in 2025 and early 2026 and the impact of contractual rent increases.
- YTD-2026 Same Property NOI decreased by 0.6% compared to the same period in 2025 primarily attributable to the $1,314 of early termination income recognized in YTD-2025. Excluding the termination income and the held for sale assets, Same Property NOI would have increased by 2.9%. 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 improved by $8,803 or 77.5% compared to same period in 2025, primarily due to lower fair value loss on investment properties and investment properties held for sale.
- The changes in YTD-2026 FFO relative to YTD-2025 were relatively consistent with those noted above for Q2-2026 changes in FFO. YTD-2026 AFFO declined relative to YTD-2025 as a result of a reduction in the non-cash straight line rent adjustment 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 $1.01 and $1.00 in YTD-2025 to $1.02 and $1.01 in YTD-2026 while AFFO basic and diluted per Unit decreased from $0.99 and $0.98 in YTD-2025 to $0.94 and $0.93 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 4.3% or $0.04 per Unit relative to YTD-2025.
- During YTD-2026, the REIT successfully completed the refinancing of $47,025 for debt maturing in 2026 at a weighted average interest rate of 4.74% and weighted average term of 5.00 years. The REIT has commenced the process of renewing the remaining 2026 debt maturities and is in the final stages of extending a majority of these loans with most being 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.
Key performance indicators
Q2-2026 | Q2-2025 | YTD-2026 | YTD-2025 | ||
Number of properties(1) | 37 | 39 | |||
Portfolio gross leasable area ("GLA")(1) | 4,407,100 sf | 4,470,800 sf | |||
Occupancy(1)(2) | 96 % | 93 % | |||
WALT(1) | 4.2 years | 4.2 years | |||
Revenue from government and credit rated tenants(1) | 73 % | 74 % | |||
Revenue | $ 27,850 | $ 28,116 | $ 57,680 | $ 59,202 | |
Net operating income ("NOI")(3) | 13,480 | 13,803 | 27,041 | 28,468 | |
Net loss and comprehensive loss | (3,098) | (11,927) | (2,561) | (11,364) | |
Same Property NOI(4) | 17,566 | 17,490 | 34,475 | 36,846 | |
FFO | $ 7,372 | $ 6,499 | $ 14,728 | $ 14,581 | |
FFO per Unit - basic | 0.51 | 0.45 | 1.02 | 1.01 | |
FFO per Unit - diluted | 0.51 | 0.45 | 1.01 | 1.00 | |
AFFO | $ 7,063 | $ 6,035 | $ 13,570 | $ 14,264 | |
AFFO per Unit - basic | 0.49 | 0.42 | 0.94 | 0.99 | |
AFFO per Unit - diluted | 0.49 | 0.42 | 0.93 | 0.98 | |
AFFO payout ratio - diluted(3) | 36 % | 41 % | 37 % | 23 % | |
Distributions declared | $ 2,486 | $ 2,483 | $ 4,970 | $ 3,311 |
(1) This is presented as at the end of the applicable reporting period, rather than for the quarter. |
Operating results
Revenue decreased from $28,116 in Q2-2025 to $27,850 in Q2-2026 representing a 0.9% decrease (YTD-2026 - decreased by 2.6%) primarily due to a reduction in the REIT's Ottawa market occupancy in Q2-2026 relative to same period last year as a result of a strategically executed early lease termination completed in Q4-2025 with the property since being classified as held for sale. Excluding the Ottawa property, revenue would have increased by 5.3% in Q2-2026 relative to Q2-2025 primarily as a result of strong leasing activity in 2025 and early 2026 and the impact of contractual rent increases. The YTD-2026 decrease of 2.6% was primarily attributable to termination income recognized in Q1-2025 related to a GTA vacancy that has since been re-leased, commencing in 2027. Excluding the $1,343 of termination income included in YTD-2025 and the impact of the Ottawa property noted above, YTD-2026 revenue would have increased by 6.8% for the same reasons noted above.
Q2-2026 Same Property NOI excluding assets held for sale increased by approximately 7.1% compared to the same period in 2025 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 Q2-2026 would have increased by approximately 5.8%. YTD-2026 Same Property NOI decreased by 0.6% compared to the same period in 2025 primarily attributable to the $1,343 of early termination income recognized in YTD-2025. Excluding the termination income and the held for sale assets, same property NOI would have increased by 2.9%. The REIT continues to focus on leasing activity and continues to maintain above market occupancy levels across its portfolio.
The REIT's Q2-2026 FFO and AFFO increased by $873 and $1,028, respectively when compared to the same period in 2025 primarily due to increase in Same Property NOI partially as well as the impact of dispositions in late 2025 of primarily vacant buildings which had a negative impact on FFO and AFFO during Q2-2025. These increases were partially offset by an increase in interest costs related to increases in the REIT's weighted average interest rate from the refinancing activity completed throughout 2025.
The changes in YTD-2026 FFO relative to YTD-2025 were relatively consistent with those noted above for Q2-2026 changes in FFO. YTD-2026 AFFO declined relative to YTD-2025 as a result of a reduction in the non-cash straight line rent adjustment 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 $0.45 in Q2-2025 (YTD-2025 - $1.01 and $1.00) to $0.51 in Q2-2026 (YTD-2026 - $1.02 and $1.01) and AFFO basic and diluted per Unit increased from $0.42 in Q2-2025 to $0.49 in Q2-2026 while decreased from $0.99 and $0.98 in YTD-2025 to $0.94 and $0.93 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 4.3% or $0.04 per Unit relative to YTD-2025.
Same Property NOI
Occupancy(1) | As at June 30 | Same Property NOI(1) | ||||||||
2026 | 2025 | Q2-2026 | Q2-2025 | Variance | Variance % | |||||
Alberta | 94.4 % | 87.8 % | Alberta | $ 2,826 | $ 2,675 | $ 151 | 5.6 % | |||
British Columbia | 74.8 % | 74.8 % | British Columbia | 387 | 541 | (154) | (28.5) % | |||
New Brunswick | 91.6 % | 91.8 % | New Brunswick | 1,353 | 1,333 | 20 | 1.5 % | |||
Nova Scotia | 93.7 % | 89.5 % | Nova Scotia | 1,662 | 1,283 | 379 | 29.5 % | |||
Ontario | 97.9 % | 94.6 % | Ontario | 11,903 | 11,093 | 810 | 7.3 % | |||
Total | 95.5 % | 92.3 % | $ 18,131 | $ 16,925 | $ 1,206 | 7.1 % | ||||
(1) Excluding assets held for sale. |
Q2-2026 Same Property NOI excluding assets held for sale increased by approximately 7.1% compared to the same period in 2025 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 Q2-2026 would have increased by approximately 5.8%. YTD-2026 Same Property NOI decreased by 0.6% compared to the same period in 2025 primarily attributable to the $1,343 of early termination income recognized in YTD-2025. Excluding the termination income and the held for sale assets, same property NOI would have increased by 2.9% between those two periods. 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 lease for a ten year term, with rent commencing by the end of 2026. Q2-2026 Alberta Same Property NOI increased by 5.6% relative to Q2-2025 primarily due to expiry of rent incentives provided in the prior year.
Q2-2026 British Columbia Same Property NOI decreased by 28.5% primarily due to lower rental revenue resulting from rent incentives provided to a renewing tenant.
Q2-2026 New Brunswick Same Property NOI remained relatively consistent with Q2-2025. Q2-2026 Nova Scotia Same Property NOI increased by 29.5% as a result of the increase in occupancy between the two periods as well as contractual rent increases.
Q2-2026 Ontario Same Property NOI increased by 7.3% relative to Q2-2025 primarily attributable to increased occupancy between the two periods as well as contractual rent increases.
Debt and liquidity
June 30, | December 31, | ||
Indebtedness to GBV ratio(1) | 62.8 % | 62.5 % | |
Interest coverage ratio(1) | 2.28 x | 2.27 x | |
Indebtedness(1) - weighted average fixed interest rate | 4.44 % | 4.41 % | |
Indebtedness - weighted average term to maturity | 2.05 years | 2.21 years |
(1) This is a non-IFRS financial measure, refer to "Non-IFRS measures". |
As at June 30, 2026, the REIT had access to available funds ("Available Funds")(1) of approximately $30,233 with its mortgage portfolio carrying a weighted average term to maturity of 2.05 years and weighted average fixed interest rate of 4.44%.
During YTD-2026, the REIT successfully completed the refinancing of $47,025 for debt maturing in 2026 at a weighted average interest rate of 4.74% and weighted average term of 5.00 years. The REIT has commenced the process of renewing the remaining 2026 debt maturities and is in the final stages of extending a majority of these loans with most being 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.
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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 Q2-2026 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 Q2-2026, Q2-2025, 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:
Q2-2026 | Q2-2025 | YTD-2026 | YTD-2025 | ||
Revenue | $ 27,850 | $ 28,116 | $ 57,680 | $ 59,202 | |
Expenses: | |||||
Property operating | (9,477) | (9,387) | (20,831) | (20,875) | |
Property taxes | (4,893) | (4,926) | (9,808) | (9,859) | |
NOI | $ 13,480 | $ 13,803 | $ 27,041 | $ 28,468 |
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:
Q2-2026 | Q2-2025 | YTD-2026 | YTD-2025 | ||
Number of properties | 37 | 37 | 37 | 37 | |
Revenue | $ 27,850 | $ 28,019 | $ 57,680 | $ 59,007 | |
Expenses: | |||||
Property operating | (9,477) | (9,209) | (20,831) | (20,378) | |
Property taxes | (4,893) | (4,792) | (9,808) | (9,590) | |
$ 13,480 | $ 14,018 | $ 27,041 | $ 29,039 | ||
Add: | |||||
Amortization of leasing costs and tenant inducements | 3,647 | 3,175 | 7,088 | 6,684 | |
Straight-line rent | 439 | 297 | 346 | 1,123 | |
Same Property NOI | $ 17,566 | $ 17,490 | $ 34,475 | $ 36,846 | |
Less: NOI related to properties held for sale included in the above | (565) | 565 | (1,189) | 951 | |
Same Property NOI excluding investment properties held for sale | $ 18,131 | $ 16,925 | $ 35,664 | $ 35,895 | |
Reconciliation to condensed consolidated interim financial statements: | |||||
Acquisition, dispositions and investment properties held for sale | (565) | 350 | (1,189) | 380 | |
Amortization of leasing costs and tenant inducements | (3,647) | (3,175) | (7,088) | (6,684) | |
Straight-line rent | (439) | (297) | (346) | (1,123) | |
NOI | $ 13,480 | $ 13,803 | $ 27,041 | $ 28,468 |
FFO and AFFO
The following table reconciles the REIT's FFO and AFFO to net loss and comprehensive loss, for Q2-2026, Q2-2025, YTD-2026 and YTD-2025:
Q2-2026 | Q2-2025 | YTD-2026 | YTD-2025 | ||
Net loss and comprehensive loss | $ (3,098) | $ (11,927) | $ (2,561) | $ (11,364) | |
Add / (deduct): | |||||
Transaction costs on sale of investment properties | -- | 539 | -- | 539 | |
Distributions on Class B LP Units | 59 | 72 | 118 | 96 | |
Fair value adjustment on Class B LP Units | 197 | (264) | (75) | (570) | |
Fair value adjustment of investment properties and investment properties held for sale | 6,352 | 14,780 | 10,044 | 18,612 | |
Unrealized loss on change in fair value of derivative instruments | 110 | 93 | 92 | 618 | |
Fair value adjustment of Unit-based compensation | 106 | 30 | 22 | (36) | |
Amortization of leasing costs and tenant inducements | 3,646 | 3,176 | 7,088 | 6,686 | |
FFO | $ 7,372 | $ 6,499 | $ 14,728 | $ 14,581 | |
Add / (deduct): | |||||
Unit-based compensation expense | 110 | 38 | 218 | 160 | |
Straight-line rent | 439 | 297 | 346 | 1,123 | |
Instalment note receipts | 17 | 10 | 17 | 21 | |
Amortization of mortgage premiums | (11) | (15) | (23) | (18) | |
Amortization of financing costs | 233 | 358 | 466 | 688 | |
Capital reserve | (1,097) | (1,152) | (2,182) | (2,291) | |
AFFO | $ 7,063 | $ 6,035 | $ 13,570 | $ 14,264 | |
FFO per Unit: | |||||
Basic | $0.51 | $0.45 | $1.02 | $1.01 | |
Diluted | 0.51 | 0.45 | 1.01 | 1.00 | |
AFFO per Unit: | |||||
Basic | $ 0.49 | $ 0.42 | $ 0.94 | $ 0.99 | |
Diluted | 0.49 | 0.42 | 0.93 | 0.98 | |
AFFO payout ratio: | |||||
Basic | 35 % | 41 % | 37 % | 23 % | |
Diluted | 36 % | 41 % | 37 % | 23 % | |
Distributions declared | $ 2,486 | $ 2,483 | $ 4,970 | $ 3,311 | |
Weighted average Units outstanding (000s): | |||||
Basic | 14,406 | 14,398 | 14,402 | 14,428 | |
Add: | |||||
Unit options and Incentive Units | 133 | 96 | 122 | 87 | |
Diluted | 14,539 | 14,494 | 14,524 | 14,515 |
Indebtedness to GBV ratio
The table below calculates the REIT's Indebtedness to GBV ratio as at June 30, 2026 and December 31, 2025. The Indebtedness to GBV ratio is calculated by dividing the Indebtedness by GBV:
June 30, | December 31, | ||
Total assets | $ 1,169,252 | $ 1,169,296 | |
Deferred financing costs | 5,185 | 5,264 | |
GBV(1) | $ 1,174,437 | $ 1,174,560 | |
Mortgages payable | $ 681,871 | $ 692,289 | |
Credit facility ("Credit Facility") | 54,037 | 40,682 | |
Unamortized financing costs and mark to market mortgage adjustments | 1,188 | 1,639 | |
Indebtedness | $ 737,096 | $ 734,610 | |
Indebtedness to GBV ratio | 62.8 % | 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 loss and comprehensive loss for the twelve months period ended June 30, 2026 and 2025:
Twelve months ended June 30 | |||
2026 | 2025 | ||
Net loss and comprehensive loss | $ (23,769) | $ (29,907) | |
Add (deduct): | |||
Interest expense | 32,990 | 32,117 | |
Amortization of leasing costs, tenant inducements, mortgage premium and financing costs | 14,366 | 13,310 | |
Fair value adjustment of Unit-based compensation | (29) | 53 | |
Transaction costs on sale of investment properties | 1,492 | 539 | |
Distributions on Class B LP Units | 254 | 96 | |
Fair value adjustment on Class B LP Units | (215) | 292 | |
Fair value adjustment of investment properties and investment properties held for sale | 49,871 | 47,219 | |
Unrealized loss on change in fair value of derivative instruments | 308 | 2,447 | |
Adjusted EBITDA(1) | $ 75,268 | $ 66,166 | |
(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 June 30, 2026 and 2025. The interest coverage ratio is calculated by dividing Adjusted EBITDA by interest expense.
Twelve months ended June 30 | |||
2026 | 2025 | ||
Adjusted EBITDA | $ 75,268 | $ 66,166 | |
Interest expense | 32,990 | 32,117 | |
Interest coverage ratio | 2.28 x | 2.06 x | |
Available Funds
The table below calculates the REIT's Available Funds as at June 30, 2026 and December 31, 2025:
June 30, | December 31, | ||
Cash and cash equivalents | $ 9,270 | $ 7,638 | |
Undrawn Credit Facility | 20,963 | 34,318 | |
Available Funds | $ 30,233 | $ 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 uncertainly 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's 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.
SOURCE True North Commercial Real Estate Investment Trust
For further information: Daniel Drimmer, Chief Executive Officer, (416) 234-8444 or Martin Liddell, Chief Financial Officer, (416) 234-8444
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