/NOT FOR DISTRIBUTION IN THE U.S. OR OVER
U.S. NEWSWIRES/
Positive leasing momentum and strong rent
collections continued at 99.5%
176,100 sq ft
leased/renewed with a WALT of 4.9 years
TORONTO, Aug. 3, 2022
/CNW/ - True North Commercial Real Estate Investment Trust (TSX:
TNT.UN) (the "REIT") today announced its financial results for the
three and six months ended June 30, 2022.
"The REIT continues to benefit from positive leasing momentum,
high rent collections and stable occupancy in the first half of
2022" stated Daniel Drimmer, the
REIT's Chief Executive Officer. "Management is optimistic that the
positive trends in leasing will continue in the second half of 2022
and beyond as employers continue the transition to return to
office".
Q2 Highlights
- Collected approximately 99.5% of contractual rent.
- Contractually leased and renewed approximately 176,100 square
feet with a weighted average lease term of 4.9 years and a 5.5%
increase over expiring base rents.
- Portfolio occupancy of 96% with an average remaining lease term
of 4.3 years.
- Revenue and net operating income ("NOI") increased 4% and 6%,
respectively, compared to Q2 2021 driven by higher same property
NOI ("Same Property NOI") and Q4 2021 acquisition.
- Same Property NOI experienced an overall increase of 7.2% due
to termination fees relating to a tenant in the REIT's GTA
portfolio that is downsizing a portion of their space effective
December 2022. Excluding termination
fees, Same Property NOI decreased 2.2%.
- Funds from operations ("FFO") and adjusted funds from
operations ("AFFO") per Unit on both a basic and diluted basis
increased to $0.16, an increase of
$0.01 and $0.02 respectively compared to Q2 2021.
- $58.5 million of Available Funds
at the end of Q2 2022.
YTD Highlights
- Collected approximately 99.5% of contractual rent.
- Contractually leased and renewed approximately 329,400 square
feet with a weighted average lease term of 5.2 years and a 4.7%
increase over expiring base rents.
Subsequent Events
- On July 14, 2022, the REIT
announced it had agreed to acquire a 174,000 square foot office
property located at 400 Cumberland Street, Ottawa Ontario for approximately $40.5 million, plus closing costs with the
redeployment of proceeds from the forward sale of 32071 South
Fraser Way, Abbotsford, British
Columbia. The purchase price will be satisfied by a
combination of mortgage financing of approximately $30.4 million and the REIT's secured credit
facility. Closing is expected to occur on or about August 15, 2022
The REIT's presentation currency is the Canadian dollar. Unless
otherwise stated, dollar amounts expressed in this press release
are in thousands of dollars.
Key Performance Indicators
|
|
Three months
ended
|
|
Six months
ended
|
|
|
June
30
|
|
June
30
|
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
Number of
properties
|
|
|
|
|
|
46
|
|
45
|
Portfolio
GLA
|
|
|
|
|
|
4,801,100 sf
|
|
4,744,700 sf
|
Occupancy
|
|
|
|
|
|
96 %
|
|
97 %
|
Remaining weighted
average lease term
|
|
|
|
|
|
4.3 years
|
|
4.7 years
|
Revenue from government
and credit rated tenants
|
|
|
|
|
|
76 %
|
|
76 %
|
Revenue
|
$
|
35,120
|
$
|
33,896
|
$
|
71,447
|
$
|
68,840
|
NOI(1)
|
|
21,685
|
|
20,531
|
|
43,879
|
|
41,621
|
Net income and
comprehensive income
|
|
15,482
|
|
6,521
|
|
30,391
|
|
16,241
|
Same Property
NOI(1)
|
|
23,574
|
|
21,997
|
|
47,435
|
|
44,084
|
FFO(1)
|
$
|
14,423
|
$
|
13,436
|
$
|
29,199
|
$
|
26,947
|
FFO per Unit -
basic(1)
|
|
0.16
|
|
0.15
|
|
0.32
|
|
0.30
|
FFO per Unit -
diluted(1)
|
|
0.16
|
|
0.15
|
|
0.32
|
|
0.29
|
AFFO(1)
|
$
|
14,341
|
$
|
12,816
|
$
|
28,958
|
$
|
25,602
|
AFFO per Unit -
basic(1)
|
|
0.16
|
|
0.14
|
|
0.31
|
|
0.28
|
AFFO per Unit -
diluted(1)
|
|
0.16
|
|
0.14
|
|
0.31
|
|
0.28
|
AFFO payout ratio -
diluted(1)
|
|
96 %
|
|
106 %
|
|
95 %
|
|
106 %
|
Distributions
declared
|
$
|
$ 13,720
|
$
|
$ 13,467
|
$
|
27,400
|
$
|
26,888
|
Operating Results
Q2 2022 revenue and NOI increased 4% (YTD 2022 - 4%) and 6% (YTD
2022 - 5%), respectively when compared to the same period in
2021. The main contributor was the increase in Same Property
NOI of 7.2% (YTD 2022 - 7.6%) and additional NOI from the Q4 2021
acquisition, partially offset by disposition activity in Q2 2021
and higher amortization of leasing costs and straight line rent
adjustments.
Q2 2022 FFO and AFFO increased $987 (YTD 2022 - $2,252), and $1,525
(YTD 2022 - $3,356), respectively
compared to the same period in 2021.
Q2 2022 FFO basic and diluted per Unit increased $0.01 to $0.16 and
AFFO basic and diluted per Unit increased $0.02 to $0.16 over
the comparable period. YTD 2022 FFO basic and diluted per Unit
increased $0.02 and $0.03, respectively, to $0.32 and AFFO basic and diluted per Unit
increased $0.03 to $0.31 compared to YTD 2021.
Excluding termination fees, Q2 2022 FFO and AFFO basic and
diluted per Unit would be $0.13 and
YTD 2022 FFO and AFFO basic and diluted per Unit would be
$0.27. Q2 2022 AFFO basic and diluted
payout ratio would be 112% and YTD 2022 AFFO basic and diluted
payout ratio would be 111%.
(1) This is
a non-IFRS financial measure. Refer to the Non-IFRS financial
measures section below.
|
Same Property NOI(1)
|
As at June
30
|
|
|
Occupancy
|
2022
|
|
2021
|
|
NOI
|
Q2
2022
|
Q2
2021
|
|
Variance
|
Variance
%
|
|
|
|
|
|
|
|
|
|
|
|
Alberta
|
95.7 %
|
|
96.6 %
|
|
Alberta
|
$
3,475
|
$
3,442
|
|
$
33
|
1.0 %
|
British
Columbia
|
98.7 %
|
|
100.0 %
|
|
British
Columbia
|
1,305
|
1,251
|
|
54
|
4.3 %
|
New
Brunswick
|
83.8 %
|
|
91.4 %
|
|
New
Brunswick
|
1,000
|
1,263
|
|
(263)
|
(20.8) %
|
Nova Scotia
|
96.9 %
|
|
97.5 %
|
|
Nova Scotia
|
1,719
|
1,611
|
|
108
|
6.7 %
|
Ontario
|
96.7 %
|
|
97.8 %
|
|
Ontario
|
16,075
|
14,430
|
|
1,645
|
11.4 %
|
Total
|
95.4 %
|
|
97.1 %
|
|
|
$ 23,574
|
$
21,997
|
|
$
1,577
|
7.2 %
|
Q2 2022 Same Property NOI increased 7.2% and 7.6% YTD
2022.
Despite a decrease in occupancy, Alberta Same Property NOI
increased by 1.0% due to a new lease that commenced in Q4
2021. Same property occupancy in British Columbia decreased due to a lease
expiry at the end of Q2 2022 while Same Property NOI was positively
impacted by contractual rent increases. New Brunswick Same
Property NOI decreased as a result of certain tenants downsizing,
however approximately 30% has been contractually re-leased with
revenue commencing in the latter half of 2022. Same Property
NOI in Nova Scotia increased due
to a new lease that commenced in Q3 2021 and contractual rent step
ups.
Ontario Same Property NOI increased by 11.4% mostly due to
termination fees related to a tenant in the REIT's GTA portfolio
that is downsizing a portion of their space effective December
2022. This increase was offset by higher vacancy in the GTA
portfolio, of which approximately 47% has been contractually
re-leased with commencement dates in the second half of 2022 and
throughout 2023.
Excluding termination fees, Q2 2022 Same Property NOI decreased
2.2% and 1.8% YTD 2022.
Debt and Liquidity
|
|
|
June 30,
2022
|
December 31,
2021
|
Indebtedness to GBV
ratio(1)
|
|
|
57.5 %
|
57.7 %
|
Interest coverage
ratio(1)
|
|
|
3.09
x
|
3.02
x
|
Indebtedness - weighted
average fixed interest rate
|
|
|
3.32 %
|
3.31 %
|
Indebtedness - weighted
average term to maturity
|
|
|
3.39 years
|
3.70 years
|
At the end of Q2 2022, the REIT had access to Available Funds of
approximately $58.5 million, and a
weighted average maturity of 3.39 years for its mortgage portfolio
with a weighted average fixed interest rate of 3.32%.
Subsequent to quarter end, the REIT refinanced an additional
$47 million of mortgages with a
weighted average fixed interest rate of 4.61% for one to five year
terms, providing additional liquidity of $10.8 million.
(1) This is
a non-IFRS financial measure. Refer to the Non-IFRS financial
measures section below.
|
COVID-19 Update
The Federal government announced the availability of the fourth
dose of the COVID-19 vaccine in Q2 2022 and more COVID-19
restrictions were lifted across the country. With over 80% of
Canada's population having
received two doses of the COVID-19 vaccine and over 48% of the
population having received their third dose at the end of
June 2022, many employers are
continuing with their return-to-office plans. Most employers
still maintain health and safety protocols to help reduce the
spread of COVID-19 such as mandating masks (in common areas),
vaccination requirements (based on employer), COVID-19 screening
before entering the office and other tools to keep the workplace
environment safe for employees.
The REIT continues to experience strong rent collections and
positive leasing activity despite the continuation of the COVID-19
pandemic. As of August 3, 2022, the REIT had collected,
approximately 99.5% of its Q2-2022 and YTD-2022 contractual
rent.
While management remains optimistic regarding a broader scale
return-to-office towards the end of the year, the movement and
timing will ultimately depend on the course of the pandemic.
It continues to be difficult to predict the duration and extent of
the impact of COVID-19 on the REIT's business and operations, both
in the short and long-term. Certain aspects of the REIT's business
and operations that could potentially be impacted include, without
limitation: rental income; occupancy; future demand for office
space and market rents, all of which ultimately may impact the
underlying valuation of the REIT's investment properties and its
ability to maintain its distributions. Further disruptions caused
by the imposition of future lockdowns and emergency measures may
negatively impact, among other things: the ability of the REIT to
collect rent and implement rent increases; economic activity in
regions where the REIT's investment properties are located; the
REIT's property operating costs and expenses as part of additional
subsidy programs; and the REIT's ability to raise capital (which,
in turn, could materially impact the REIT's business strategy) and
the ability to maintain the REIT's distributions. The uncertainty
created by variants of concern and potential future closures of
certain businesses could impact the REIT's business and operations
for a prolonged period.
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 46 commercial properties consisting of approximately
4.8 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.sedar.com 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 and Available Funds are not measures defined by International
Financial Reporting 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 and Available Funds 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 the three and six months ended June 30, 2022
("MD&A") and the Annual Information Form ("AIF") are available
on the REIT's profile at www.sedar.com.
Reconciliation of Non-IFRS financial measures
The following tables reconcile the non-IFRS financial measures
to the comparable IFRS measures for the three and six months ended
June 30, 2022 and 2021. 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 net operating income,
a non-IFRS financial measure:
|
|
Three months
ended
|
|
Six months
ended
|
|
|
June
30
|
|
June
30
|
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
Revenue
|
$
|
35,120
|
$
|
33,896
|
$
|
71,447
|
$
|
68,840
|
Expenses:
|
|
|
|
|
|
|
|
|
Property
operating
|
|
(8,451)
|
|
(8,387)
|
|
(17,522)
|
|
(16,912)
|
Realty taxes
|
|
(4,984)
|
|
(4,978)
|
|
(10,046)
|
|
(10,307)
|
NOI
|
$
|
21,685
|
$
|
20,531
|
$
|
43,879
|
$
|
41,621
|
Same Property NOI
Same Property NOI is measured as the net operating income 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:
|
|
Three months
ended
|
|
Six months
ended
|
|
|
June
30
|
|
June
30
|
|
|
2022
|
|
2021
|
|
2022
|
|
2020
|
Number of
properties
|
|
45
|
|
45
|
|
45
|
|
45
|
Revenue
|
$
|
34,648
|
$
|
33,605
|
$
|
70,486
|
$
|
68,175
|
Expenses:
|
|
|
|
|
|
|
|
|
Property
operating
|
|
(8,351)
|
|
(8,297)
|
|
(17,300)
|
|
(16,747)
|
Realty taxes
|
|
(4,913)
|
|
(4,944)
|
|
(9,901)
|
|
(10,206)
|
|
$
|
21,384
|
$
|
20,364
|
$
|
43,285
|
$
|
41,222
|
Add:
|
|
|
|
|
|
|
|
|
Amortization of leasing
costs and tenant inducements
|
|
1,610
|
|
1,516
|
|
3,188
|
|
2,716
|
Straight-line
rent
|
|
580
|
|
117
|
|
962
|
|
146
|
Same Property
NOI
|
$
|
23,574
|
$
|
21,997
|
$
|
47,435
|
$
|
44,084
|
Reconciliation to
financial statements:
|
|
|
|
|
|
|
|
|
Acquisitions and
dispositions
|
|
298
|
|
169
|
|
588
|
|
415
|
Amortization of leasing
costs and tenant inducements
|
|
(1,610)
|
|
(1,518)
|
|
(3,188)
|
|
(2,732)
|
Straight-line
rent
|
|
(577)
|
|
(117)
|
|
(956)
|
|
(146)
|
NOI
|
$
|
21,685
|
$
|
20,531
|
$
|
43,879
|
$
|
41,621
|
FFO and AFFO
The following table reconciles the REIT's FFO and AFFO to net
income and comprehensive income, for the three and six months ended
June 30, 2022 and 2021:
|
|
Three months
ended
|
|
Six months
ended
|
|
|
June
30
|
|
June
30
|
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
Net income and
comprehensive income
|
$
|
15,482
|
$
|
6,521
|
$
|
30,391
|
$
|
16,241
|
Add
(deduct):
|
|
|
|
|
|
|
|
|
Fair value adjustment of
Unit-based compensation
|
|
(358)
|
|
448
|
|
(482)
|
|
733
|
Fair value adjustment of
investment properties
|
|
1,610
|
|
2,166
|
|
3,280
|
|
4,514
|
Fair value adjustment of
Class B LP Units
|
|
(2,661)
|
|
1,706
|
|
(3,416)
|
|
3,601
|
Transaction costs on sale of
investment property
|
|
-
|
|
623
|
|
-
|
|
623
|
Distributions on Class B LP
Units
|
|
449
|
|
469
|
|
898
|
|
973
|
Unrealized loss on change in
fair value of derivative instruments
|
|
(1,709)
|
|
(15)
|
|
(4,660)
|
|
(2,470)
|
Amortization of leasing
costs and tenant inducements
|
|
1,610
|
|
1,518
|
|
3,188
|
|
2,732
|
FFO
|
$
|
14,423
|
$
|
13,436
|
$
|
29,199
|
$
|
26,947
|
Add
(deduct):
|
|
|
|
|
|
|
|
|
Unit-based compensation
expense
|
|
183
|
|
125
|
|
448
|
|
221
|
Amortization of financing
costs
|
|
352
|
|
315
|
|
728
|
|
634
|
Amortization of mortgage
discounts
|
|
(12)
|
|
(13)
|
|
(25)
|
|
(26)
|
Installment note
receipts
|
|
15
|
|
26
|
|
32
|
|
53
|
Straight-line
rent
|
|
577
|
|
117
|
|
956
|
|
146
|
Capital reserve
|
|
(1,197)
|
|
(1,190)
|
|
(2,380)
|
|
(2,373)
|
AFFO
|
$
|
14,341
|
$
|
12,816
|
$
|
28,958
|
$
|
25,602
|
|
|
|
|
|
|
|
|
|
FFO per
Unit:
|
|
|
|
|
|
|
|
|
Basic
|
$
|
0.16
|
$
|
0.15
|
$
|
0.32
|
$
|
0.30
|
Diluted
|
$
|
0.16
|
$
|
0.15
|
$
|
0.32
|
$
|
0.29
|
AFFO per
Unit:
|
|
|
|
|
|
|
|
|
Basic
|
$
|
0.16
|
$
|
0.14
|
$
|
0.31
|
$
|
0.28
|
Diluted
|
$
|
0.16
|
$
|
0.14
|
$
|
0.31
|
$
|
0.28
|
AFFO payout
ratio:
|
|
|
|
|
|
|
|
|
Basic
|
|
96 %
|
|
105 %
|
|
95 %
|
|
105 %
|
Diluted
|
|
96 %
|
|
106 %
|
|
95 %
|
|
106 %
|
Distributions
declared
|
$
|
13,720
|
$
|
13,467
|
$
|
27,400
|
$
|
26,888
|
Weighted average
Units outstanding (000s):
|
|
|
|
|
|
|
|
|
Basic
|
|
92,338
|
|
90,634
|
|
92,196
|
|
90,498
|
Add:
|
|
|
|
|
|
|
|
|
Unit options and Incentive
Units
|
|
126
|
|
809
|
|
130
|
|
898
|
Diluted
|
|
92,464
|
|
91,443
|
|
92,326
|
|
91,396
|
Indebtedness to GBV Ratio
The table below calculates the REIT's Indebtedness to GBV ratio
as at June 30, 2022 and December 31,
2021. The Indebtedness to GBV ratio is calculated by
dividing the indebtedness by GBV:
|
|
June
30,
|
|
December
31,
|
|
|
2022
|
|
2021
|
Total assets
|
$
|
1,432,342
|
$
|
1,421,177
|
Deferred financing
costs
|
|
7,132
|
|
7,171
|
GBV
|
$
|
1,439,474
|
$
|
1,428,348
|
Mortgages
payable
|
|
814,566
|
|
820,402
|
Credit
Facility
|
|
9,600
|
|
-
|
Unamortized financing
costs and mark to market mortgage adjustments
|
|
3,557
|
|
3,977
|
Indebtedness
|
$
|
827,723
|
$
|
824,379
|
Indebtedness to GBV
|
|
57.5 %
|
|
57.7 %
|
Adjusted EBITDA
The table below reconciles the REIT's adjusted EBITDA to net
income and comprehensive income for twelve months period ended
June 30, 2022 and 2021:
|
|
Twleve months
ended
June 30
|
|
|
2022
|
|
2021
|
Net income and
comprehensive income
|
$
|
65,154
|
$
|
33,921
|
Add
(deduct):
|
|
|
|
|
Interest
expense
|
|
27,444
|
|
27,563
|
Fair value adjustment
of Unit-based compensation
|
|
(414)
|
|
940
|
Transaction costs on
sale of investment property
|
|
-
|
|
856
|
Fair value adjustment
of investment properties
|
|
(7,453)
|
|
7,435
|
Fair value adjustment
of Class B LP Units
|
|
(3,416)
|
|
6,494
|
Distributions on Class
B LP Units
|
|
1,809
|
|
2,119
|
Unrealized loss on
change in fair value of derivative instruments
|
|
(6,027)
|
|
(3,208)
|
Amortization of leasing
costs, tenant inducements, mortgage premium and
financing costs
|
|
7,815
|
|
6,142
|
Adjusted
EBITDA
|
$
|
84,912
|
$
|
82,262
|
Interest Coverage Ratio
The table below calculates the REIT's interest coverage ratio
for the 12 month period ended June 30, 2022 and 2021. The
interest coverage ratio is calculated by dividing Adjusted EBITDA
by interest expense.
|
|
Twleve months
ended
June 30
|
|
|
2022
|
|
2021
|
Adjusted
EBITDA
|
$
|
84,912
|
$
|
82,262
|
Interest
expense
|
|
27,444
|
|
27,563
|
Interest coverage
ratio
|
|
3.09 x
|
|
2.98 x
|
Available Funds
The table below calculates the REIT's Available Funds as at
June 30, 2022 and December 31,
2021:
|
|
June
30,
|
|
December
31,
|
|
|
2022
|
|
2021
|
Cash
|
$
|
8,085
|
$
|
5,476
|
Undrawn Credit
Facility
|
|
50,400
|
|
60,000
|
Available
Funds
|
$
|
58,485
|
$
|
65,476
|
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, 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, plans 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 a number of risks and
uncertainties, including statements regarding the outlook for the
REIT's business and results of operations and the effect of the
COVID-19 pandemic on the REIT's business and operations.
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, risks
related to the REIT and its business, and any risks related to the
uncertainties surrounding the duration and the direct and indirect
impact of the COVID-19 pandemic on the business, operations and
financial condition of the REIT and its tenants, as well as on
consumer behavior and the economy in general, including the ability
to enforce leases, perform capital expenditure work, increase
rents, raise capital through the issuance of Units or other
securities of the REIT and obtain mortgage financing on the REIT's
properties. 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) the breadth of impact of COVID-19 on the REIT's
business, operations and performance, including the performance of
its Units; (b) the REIT's ability to mitigate any impacts related
to COVID-19; (c) credit, market, operational, and liquidity risks
generally; (d) 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; and (e)
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 in this
press release. 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